政府补贴、地方经济波动与实体企业金融化

Government subsidies,local economic fluctuation and financialization of real enterprises

基于如何防范和化解系统性金融风险视角,以2008—2015年A股非金融类上市公司为样本,文章考察了作为一项政策工具的政府补贴对企业金融化的影响,同时还考虑了地方经济波动对政府补贴与企业金融化间关系的影响。研究发现:政府补贴降低了企业的金融化参与程度,且相对于市场化高地区的企业,这种影响在市场化低地区的企业中显得更强。同时还发现,随着地方经济波动增加,地方政绩诉求实现难度加大,此时政府补贴对企业金融化的负向影响被削弱,但这种现象仅在市场化低的地区企业中存在,在市场化高的地区企业中不存在。此外,文章基于工具变量法、聚类分析和变量替换等一系列检验进一步说明研究结论的稳健性。文章在拓展和丰富政府补贴和企业金融化研究视角的同时,不仅以政府补贴为载体成功地将政府主体纳入实业金融化的理论分析框架中,而且对当前政府出台防范化解系统性金融风险、经济“高质量发展”和实体企业“虚转实”的政策有重要参考意义。

Taking the A-share non-financial listed companies from 2008 to 2015 as a sample,the paper examines the impact of government subsidies on the financialization of enterprises based on the perspective of financing constraints,then analyzes the impact of local economic fluctuations on the relationship between government subsidies and corporate financialization.The paper finds that government subsidy reduces the degree of financialization of enterprises,and this effect is stronger in enterprises in low-marketization areas than in high-marketization areas.At the same time,it is also found that with the increase of local economic fluctuations,the difficulty of achieving local government appeals is more serious,then the negative influence of government subsidy on the financialization of enterprises is weakened.However,this phenomenon exists only in enterprises in low-marketization areas,but not in the high-marketization areas.In addition,the paper further illustrates the robustness of the research conclusions based on a series of tests such as instrumental variable method,cluster analysis and variable substitution.While expanding and enriching the research perspective of government subsidy and corporate financialization,the paper not only inputs the government into the theoretical framework of industrial financialization by using government subsidy as a carrier,but also explains the inherent logic of industrial financialization from the perspective of financing constraints.The conclusions of the paper are of great reference significance to the government’s policy of“virtual to reality”,“development of high quality”and“decreasing the leverage”the entity enterprises.