金融严监管、企业金融化与实体经济资本配置效率

Intensive Financial Supervision,Financialization of Enterprises and Efficiency of Capital Allocation in Real Economy

基于2010—2020年中国A股上市公司数据,分析金融严监管对实体经济资本配置效率的影响,并进行基于企业金融化的中介效应渠道检验。结果显示:金融严监管显著提高了实体经济资本配置效率,且企业金融化行为在其中起部分中介作用。企业产权性质及市场化水平的异质性检验表明,金融严监管对实体经济资本配置效率均表现出促进作用,但企业金融化的中介作用效果表现出异质性,具体体现为非国有企业以及处于市场化较低水平环境中的企业更容易因金融化行为受到金融严监管政策的影响。进一步研究发现,上述异质性的存在是由金融活动收益水平较低的企业引起的,即金融活动收益较低的企业更容易因金融化行为受到金融严监管政策的影响。

Based on the data of A-share listed companies in China from 2010 to 2020,this paper analyzes the impact of intensive financial supervision on the capital allocation efficiency of the real economy,and tests the mediating effect channel of financialization of enterprises.The results show that intensive financial supervision significantly improves the capital allocation efficiency of the real economy,and the financialization of enterprises plays a part of the intermediary role.Through the heterogeneity test of property rights of enterprises and the marketization level,the intensive financial supervision has a promoting effect on the capital allocation efficiency of the real economy,but there is heterogeneity in the mediating effect of corporate financialization,which is reflected that non-state-owned enterprises and the enterprises at the low marketization level are more likely to be affected by the intensive financial supervision policies due to the financialization behavior.Further research finds that the existence of the above heterogeneity is caused by enterprises with lower financial profits.That is,the enterprises with lower financial profit are more likely to be affected by the intensive financial supervision policies due to their financialization behavior.