实体企业金融化行为的逆周期效应及“脱实向虚”风险研究

The Research on the Counter-cyclicality of Enterprise Financialization and the Risk of"Shifting from the Real to the Virtual"

基于2002-2017年A股上市公司数据,利用面板固定效应回归分析方法,检验实体企业金融化行为。结果显示:实体企业金融化行为具有显著的逆周期效应,但受企业异质性影响,不同类型企业金融化行为逆周期效应具有差异性,属于轻资产、国有制、制造业以及非东部的企业,其金融化行为的逆周期效应较为突出。实体企业金融化行为会抑制固定资产及研发创新的投入,进而挤出实体资产收益。在经济周期不同阶段,实体企业金融化行为的潜在动机表现不同。在经济上行期,企业金融化是套利投资行为;在经济下行期,企业金融化可以起到平滑资金作用,但需防范实体企业过度金融化可能带来的“脱实向虚”风险。

Based on the data of A-share listed companies from 2002 to 2017,the panel fixed effects regression method is used to test the financialization behavior of non-financial listed companies,and the following conclusions are obtained.The financialization behavior of enterprises exerts a significant countercyclical effect.However,affected by the heterogeneity of enterprises,there exert different effects on different types of corporate financialization behaviors.The financialization behaviors of enterprises which are asset-light,state-owned,manufacturing,and non-eastern enterprises,have more prominent countercyclical effects.The financialization of enterprises would inhibit the investment in fixed assets and R&D innovation,thereby squeezing out the income of real assets.In different stages of the economic cycle,the potential motives of the financialization of physical enterprises are different.In the period of economic upswing,the financialization of enterprises is an arbitrage investment behavior.In the period of economic downturn,the financialization of enterprises can play a role in smoothing funds,but it is necessary to prevent the risk of"shifting from the real to the virtual"that may be brought about by excessive financialization of real enterprises.