非金融企业总体金融化水平如何影响实业投资率?——基于中国上市公司的实证研究

The Effect of Overall Financialization Level of Non-financing Enterprises on Chinese Industrial Investment:An Empirical Study Based on China's Listed Companies

以我国2008—2018年上市公司为研究样本,采用结构向量自回归模型(SVAR)实证检验了总体金融化水平对企业实业投资率的动态效应,并提出一个从利润角度衡量非金融企业总体金融化程度的新指标。研究结果表明:对于规模较小、融资约束较强的上市公司,金融化水平的提高会对企业的固定资产投资起到显著的挤出作用;而对于规模较大、融资约束较弱的上市公司,金融化水平对固定资产投资的挤出效应并不显著。

This paper proposes a new indicator to measure the overall financialization degree of non-financial enterprises from the perspective of profit by taking listed companies in China from 2008 to 2018 as the research sample and using the structure vector autoregressive model(SVAR)to empirically test the dynamic effect of overall financialization level of the enterprise industry on investment rate.The results show that for listed companies with small scale and strong financing constraints,the increase in financialization level will play a significant role in squeezing out fixed asset investment of enterprises while for larger listed companies with weaker financing constraints,the squeezing effect of financialization level on fixed asset investment is not significant.