中国上市公司金融化与实业投资研究--对金融化动机及监管效应的再检验

Corporate Financialization and Industrial Investment of Chinese Listed Companies--A Reexamination of the Motives and Regulatory Effects of Financialization

本文揭示了公司金融化对实业投资的影响机理及形成动机,以我国制造业沪深A股上市公司为对象,实证结果发现,公司金融化对实业投资存在抑制作用;低融资约束公司金融化抑制实业投资,高融资约束公司金融化作用不显著,公司金融化没有通过融资支持而促进实业投资;高股权集中度公司金融化抑制实业投资,低股权集中度公司金融化作用不显著,食利动机是公司金融化抑制作用的原因之一;通过对投资机会以及破产风险的比较分析,在实业投资机会较低和破产风险较大时,公司金融化显著抑制实业投资,说明投机动机是形成公司金融化抑制实业投资的关键因素。自2015年股市暴跌以来,一系列“脱虚入实”政策减弱了公司金融化对实业投资的抑制作用。最后,在提高公司金融化的融资功能、抑制金融投机以及促进实业投资等方面提出了政策建议。

This paper reveals the mechanism of how corporate financialization affects industrial investment and the motivation under corporate finanialization.A-share listed manufacturing companies are selected as the research object,and our empirical results prove that corporate financialization inhibits industrial investment out of both speculative and interest motivations,but not of finance;Considering operating state and financialization decomposition indicators,corporate financialization significantly inhibits the industrial investment in the situation of less opportunities and large speculative space.We can infer that speculative motive is the key factor giving rise to the inhibiting effect that financialization has on industrialinvestment.A series of policies intended to drive enterprises out of virtual economy and toward real economy have played a regulatory role in weakening the negative impact of financialization on industrial investment since 2015.Finally,policy recommendations are made in order to improve financing via corporate financialization,curb speculation opportunities and promote industrial investment.