“金融脱实向虚”形成机制的理论解释与经验证据

Theoretical Explanation and Empirical Evidence of the Formation Mechanism of From-real-to-fictitious Economy

文章基于资产抵押价值视角,研究"金融脱实向虚"的形成机制,并运用我国2000—2019年经济社会大数据进行实证检验。结果表明:房价上涨显著抬高了实体企业融资成本,房价对实体企业产生的绝对抵押价值效应小于相对抵押价值效应;房价上涨显著提高了非实体企业融资占比,降低了实体企业融资占比,房价对非实体企业的相对抵押价值效应远大于对实体企业的相对抵押价值效应;实体企业融资成本上升、非实体企业融资占比提高显著增加了企业向金融、房地产等虚拟经济的投资,而减少了对实体经济的投资。

From the perspective of asset collateral value, this paper studies the formation mechanism of the economy shifted from real to factitious, and uses China’s economic and social data from 2000 to 2019 to make an empirical verification. The study results are shown as follows: The rise of housing price significantly increases the financing cost of entity enterprises, and the absolute collateral value effect of housing price on entity enterprises is smaller than the relative collateral value effect. The rise of housing price significantly increases the financing proportion of non-entity enterprises, reducing the financing proportion of entity enterprises, and the relative collateral value effect of housing price on non-entity enterprises is far greater than that on entity enterprises.The rise of financing cost of entity enterprises and the increase of financing proportion of non-entity enterprises significantly increase the investment of enterprises in finance, real estate and other fictitious economy, thus reducing the investment in real economy.