企业金融化与系统性风险

Corporate financialization and systemic risk

伴随着经济金融化与企业金融化的发展,系统性风险不仅发生在金融部门之间,由非金融部门引起的系统性风险同样不容忽视。文章在梳理以往研究的基础上,从实体企业过度金融化的角度出发,对企业金融化与系统性风险关系进行理论机制分析,认为过度金融化的实体企业是类金融机构,有可能成为系统性风险的传染源。最终得出结论:高度金融化的类金融机构需要纳入监管框架以及支持实体企业的发展,避免实体企业“脱实向虚”。

With the development of economic financialization and corporate financialization,systemic risks not only occur among the financial sectors,but also systemic risks caused by non-financial sectors cannot be ignored.On the basis of combing past studies,this paper analyzes the theoretical mechanism of the relationship between corporate financialization and systemic risk from the perspective of excessive financialization of real enterprises,and holds that over-financialized real enterprises are quasi-financial institutions and may become the source of infection of systemic risk.Finally,the conclusion is drawn:the highly financialized financial institutions need to be included in the regulatory framework and support the development of real enterprises,to avoid the real enterprises“from real to virtual”.