企业金融化内涵、影响因素与经济后果

The Connotation,Influencing Factors and Economic Consequences of Corporate Financialization

伴随着我国产能过剩局面的形成,实体企业的投资意愿也呈现出消极态势,越来越多的企业在生产经营之余将金融化作为企业的投资策略之一。但是,实体经济是经济增长的源动力,更是社会获得长远发展的保证。实体企业适度的金融化有助于缓解融资约束、促进业绩提升,但是过度金融化对企业、社会来讲都具有严重的危害性。基于企业金融化对整体金融环境以及实体行业发展的重要意义,本文综合国内外专家学者的研究成果,对企业金融化的内涵、影响因素与动机以及企业金融化产生的经济后果做一个较为系统的梳理。

with the formation of overcapacity in China, the investment willingness of real enterprises also shows a negative trend. More and more enterprises take financialization as one of their investment strategies in addition to production and operation. However, the real economy is not only the source of economic growth,but also the guarantee of social long-term development. The proper financing of the real enterprises is help-ful to alleviate the financing constraints and promote the performance improvement, but the over financing is harmful to the enterprises and the society. Based on the significance of corporate finance to the overall fi-nancial environment and the development of the real industry, this paper, based on the research results of ex-perts and scholars at home and abroad, makes a systematic analysis of the connotation, influencing factors and motives of corporate finance as well as the economic consequences of corporate finance.