企业金融化、市场化进程与风险承担

Financialization,Marketization Process and Risk-taking

企业金融化既是货币金融领域的重要研究课题,也是防止金融"脱实向虚"促进实体经济健康发展的时代考题。近年来,许多非金融企业纷纷大量投资于金融行业,逐步形成了"企业金融化"现象。以2008—2016年我国沪深两市上市公司为研究样本,探索金融化对企业风险承担是互补效应还是替代效应,市场化进程如何调节金融化对风险承担的影响,并进一步检验了金融化对企业未来成长能力的影响。研究发现:(1)金融化降低了企业风险承担水平,即金融化是风险承担的替代效应;(2)企业所在地区的市场化水平越高,金融化对企业风险承担的负向影响越小;(3)金融化的短视行为,降低了企业未来的成长能力;(4)在国有企业中,金融化与风险承担不存在显著关系,市场化进程也不能发挥调节作用,相反金融化还能提升国有企业的成长能力。研究结论为深入理解金融化对企业的经济后果,防范过度金融化风险、推动市场化改革提供经验证据和参考建议。

Corporate financialization is not only an important research topic in the field of money and finance,but also to prevent financial"from reality to nothingness"and promote the healthy development of the real economy.In recent years,many non-financial companies have invested large amounts of money in the financial industry,The whole society has become a phenomenon of"financialization of non-financial enterprises".Collecting data from Chinese listed firms from 2008 to 2016,the paper explores the relationship between financialization and risk-taking is complementary or alternative,and investigates the effect of marketization process on financialization and risk-taking,and researches financialization impact on the growth capacity.Empirical results are as follows:(1)financialization reduces the risk-taking level,the relationship between financialization and risk-taking is alternative;(2)the effect of financialization on risk-taking is weaker in fast-developing marketization process regions;(3)moreover,the short-sighted behavior of financialization reduce the enterprises’growth ability;(4)in the state-owned enterprises,the relationship between financialization reduces the risk-taking is not significant,marketization process cannot play a regulatory role,conversely,financialization can improve the growth ability.Overall,the paper provides new evidence to a better understanding of economic consequences of financialization,and provides reference to prevent excessive financialization and promote the market reform.