企业金融化、资产可逆性与可持续发展

On Enterprise’s Financialization, Invertibility of Asset, and Sustainable Development

近年来,企业金融化作为学术界关注的热点话题之一,对金融市场稳定和实体企业发展意义重大。文章以2007—2018年我国A股上市公司为研究对象,实证检验了企业金融化对企业可持续发展的影响以及资产可逆性对两者之间关系的调节作用。研究发现:企业金融化与企业可持续发展呈倒U型关系,即适度的企业金融化有利于企业的可持续发展,过度的企业金融化不利于企业的可持续发展;且资产可逆性显著促进了企业金融化与企业可持续发展之间的倒U型关系,即当资产可逆性较弱时,企业倾向于通过投资金融资产促进企业的可持续发展,反之亦然。本文的研究丰富了企业金融化与企业可持续发展领域的相关文献,对如何促进企业可持续发展有一定的理论意义,同时也为政府稳定金融市场秩序、制定相关政策提供依据。

For recent years, enterprise’s financialization that is frequently discussed is of significance to the steady development of financial market and industrial entities. Based on the A-share listed companies during 2007 and 2018, an empirical study is made of the influence of an enterprise’s financialization on its sustainable development, and of the adjustments done by the invertibility of asset to the relationship between an enterprise’s financialization and its sustainable development. The result of the study shows that appropriate financialization contributes to the sustainable development of an enterprise, and the invertibility of asset remarkably helps to promote the good relationship between an enterprise’s financialization and its sustainable development. The research result enriches the study on an enterprise’s financialization and its sustainable development, and can be used by governments to promote the steady development of financial market and to make corresponding policies.