中国非金融企业金融化对资本积累影响的研究

Research on the Impact of Financialization of China’s Non-financial Enterprises on Capital Accumulation

文章建立了包含金融资产和房地产持有、债务水平以及股东价值导向在内的非金融企业金融化资本积累效应模型,并利用2009-2017年我国上市公司数据,实证检验了各变量对企业资本积累的影响。结果表明:非金融企业金融资产持有水平和股东价值导向对资本积累没有显著影响,但企业房地产持有水平和负债比重对资本积累的影响显著为负。据此,应继续着力破解房地产虚拟资本化难题,扭转企业投资房地产对资本积累的负面作用,同时深入推进企业去杠杆攻坚战,实现企业债务融资对资本积累的促进作用。

This paper establishes a financial capital accumulation effect model of non-financial enterprises including financial assets and real estate holdings,debt levels and shareholder value orientation,and empirically tests the capital accumulation impact of various variables by using the data of listed companies in China from 2009 to 2017.The results show that the impact of non-financial corporate financial asset holding level and shareholder value orientation on capital accumulation is not significant,and the impact of corporate real estate holding level and debt ratio on capital accumulation is significantly negative.We should continue to focus on solving the problem of virtual capitalization of real estate and reverse the negative effects of corporate investment in real estate on capital accumulation.At the same time,we will further promote the de-leveraging of enterprises and realize the promotion of corporate debt financing for capital accumulation.