社会信用对企业金融化的影响及其机制研究——基于城市失信被执行人数据的分析

Research on the Impact of Social Credit on Enterprise Financialization and Its Mechanism: An Analysis Based on the Data of the Urban Credit-Losing Persons Subjected to Enforcement

企业过度金融化会对宏观经济结构平衡和实体经济的平稳运行造成威胁。利用最高人民法院失信被执行人名单,检验了社会信用对企业金融化的影响及其机制。研究发现:社会失信会加剧企业金融化;市场化水平和融资环境可以缓解社会失信与企业金融化之间的正相关关系。进一步的中间机制研究表明:社会失信会加剧企业的代理问题和增加企业的融资约束,从而会提高企业的金融化程度。为此,要完善以信用为基础的新型监管机制、整合并完善社会信用信息化系统、建立健全查找失信被执行人协作联动机制和联合惩戒机制。

Excessive financialization o f enterprises will threaten the balance of macroeconomic structure and the smooth operation of the real economy. By making use of the name list of the credit-losing persons subjected to enforcement by the Supreme People’s Court, this paper examines the impact of social credit on corporate financialization and its mechanism. The findings show that social credit loss will aggravate corporate financialization, and that the level of marketization and the financing environment can alleviate the positive correlation between social credit loss and corporate financialization. The results of further research on the intermediary mechanism show that social credit loss will exacerbate the agency problems of enterprises and increase the financing constraints on enterprises, thereby increasing the degree of corporate financialization. Therefore, it is necessary to improve the new credit-based supervision mechanism, integrate and improve the social credit information system, and establish and improve the coordination and linkage mechanism and the joint punishment mechanism for finding out the credit-losing persons subjected to enforcement.