央行沟通能否有效防范企业过度金融化

Can Central Bank’s Communication Effectively Prevent Over-Financialization in Enterprises?

随着金融市场和金融衍生品的不断发展,企业金融化问题越来越严重。已有文献大多研究企业金融化带来的经济后果,少有文献研究企业金融化的成因及解决措施。基于企业"金融-实物"资产投资决策的理论基础,通过实证考察央行沟通对企业金融化的作用机制,研究发现央行宽松倾向的言辞沟通能够显著降低企业金融化水平;其传导机制在于央行宽松倾向的言辞沟通能够抑制企业风险规避行为,进而影响企业金融化水平。进一步,从政策非对称性以及企业异质性两个角度,研究发现央行沟通在"言行一致"和"紧缩区制"时期的作用效果更明显,而融资约束严重的企业对央行沟通行为的变动更敏感。因此,央行可以通过打好预期管理和其他宏观政策的"组合拳",引导资金"脱虚向实",推动实体经济健康发展。

With the continuous devel opment of financial markets and financial derivatives,the problem of corporate financialization is becoming more and more serious.Most of the existing literatures only study the economic consequences brought by corporate financialization,only few study the causes and solutions of corporate financialization.On the theoretical basis of corporate"finance-material object"asset investment decision-making,this paper empirically examines the mechanism of central bank communication on enterprise financialization.It is found that the level of corporate financialization can be significantly reduced by loose words of central bank’s communication,and its transmission mechanism lies in that the center bank’s loose communication can inhibit the behavior of enterprise risk aversion,then further affect the level of corporate financialization.Furthermore,from the two perspectives of policy asymmetry and enterprise heterogeneity,it is found that the effect of central bank’s communication is more significant during the periods of"action suiting to the words"and"austerity borough system",while the enterprises with severe financing constraints are more sensitive to the changes of central bank’s communication behavior.Therefore,the central bank can make a good boxing combination of expected management and other macro policies,guide the capital flowing from virtual economy to real economy,and promote the healthy development of the real economy.