战略激进度、市场化进程与金融化

Strategic Radicality,Marketization Process and Financialization

本文考察了企业战略激进度对金融化的影响及作用机理,分析了不同市场化进程下两者之间关系的差异。研究发现:战略激进度越高的企业金融化水平越高,市场化进程的推进会削弱企业战略激进度与金融化之间的正相关关系。作用机制检验结果表明:战略激进企业为了缓解融资约束,基于谨慎动机会提高金融化水平;战略激进企业提高金融化水平可以抑制战略激进度与投资不足的正相关关系,同时可以抑制战略激进度与企业业绩的负相关关系。战略激进企业应适度配置金融资产,防范自身出现过度金融化;政府应完善资本与金融市场体系,提高金融支持实体经济的能力,助推金融和经济共同发展。

This paper investigates the influence of strategic radicalization on financialization and its mechanism,and reveals the differences in the relationship between the two under different marketization processes.The study finds that the more aggres‐sive the strategy,the higher the level of financialization.The positive correlation between strategic radicalization and financializa‐tion will be weakened with the improvement of marketization.In order to alleviate financing constraints,the firm with aggressive strategy will increase the level of financialization based on prudent motivation.That the strategic radical enterprises improve the level of financialization can inhibit the positive correlation between strategic radicalization and inadequate investment and curb the negative correlation between strategic radicalization and corporate performance.Strategic radical enterprises should appropri‐ately allocate financial assets to prevent excessive financialization.The government should improve the system of capital and finan‐cial market,enhance the ability of finance to support the real economy,and boost the joint development of finance and economy.