产业链价值金融化:成因、效应及适度边界

Value Financialization of Industry Chain:Causes,Effects and Moderate Boundaries

经济与政策环境的变化引致产业链或主动或被动地扩张与调整。随着商业信用的模式多样化发展,在交易中的地位不断巩固,产业链立足于整体商业模式的转型而内生了新金融活动,焦点企业开始提供更多基于产业链信息的金融服务。这种现象为理论和政策研究提出了新的任务。已有研究提出了产业链价值金融化的概念,从特征事实、理论分析、实证研究三个维度分析推演其成因,发现较高的行业竞争度、较低的产业链集中度与宽松的货币政策加速了金融化进程。效应研究部分通过构建面板门限模型论证了产业链金融化程度对产业链经营效益存在双重结构转换过程,金融化膨胀超过适度边界后将反噬企业利润。政策应关注产业链对商业信用运用的动向变化,在有效防范风险的前提下,探索优化产业链金融化的路径。

Changes in the economic and policy environment have led to the expansion and adjustment of the industrial chain either actively or passively.With the diversified development of commercial credit models and the continuous consolidation of its position in transactions,based on the transformation of the overall business model,the industrial chain gives birth to new financial activities.Focused companies have begun to provide more financial services based on industrial chain information.This phenomenon puts forward new tasks for theoretical and policy research.Existing studies have put forward the concept of financialization of the industrial chain value,and analyzed and deduced its causes from the three dimensions of characteristic facts,theoretical analysis and empirical research,it is found that higher industry competition,lower industrial chain concentration and loose monetary policy have accelerated the process of financialization.By constructing a panel threshold model,the effect research part demonstrates that the degree of industrial chain financialization has a dual structural transformation process on the operating efficiency of the industrial chain,and financial expansion beyond a moderate boundary will backlash corporate profits.Policies should pay attention to changes in the use of commercial credit by the industrial chain,and explore ways to optimize the financialization of the industrial chain under the premise of effective risk prevention.