实体企业金融化提升企业经营风险了吗?——基于生命周期理论的检验

Does Entity Enterprise Financialization Raise Business Risk?——An Empirical Study from the Perspective of Corporate Life Cycle

近年来,实体企业金融化现象引起了政府和学术界的广泛关注。基于国泰安数据库2010—2019年上市公司数据研究发现,实体企业金融化程度的增加整体上会提高企业的经营风险,并且这种效应在成长期和衰退期企业中显著,而在成熟期企业中并不显著。进一步进行机制检验发现,实体企业金融化水平的上升通过挤出实物投资进而提高企业经营风险。文章所进行的研究对实体经济平稳运行,防范经济“脱实向虚”具有较强的政策意义。

In recent years,the phenomenon of entity enterprise financialization has attracted extensive attention from the government and academia.Research based on the data of listed companies from 2010 to 2019 in CSMAR has found that the increase in the financialization degree of entity enterprises will improve the business risk level of enterprises as a whole,and this effect is significant in growing and declining stages instead of the mature stage of enterprises.Further mechanism test has found that the rise of the financial level of entity enterprises increased the business risk by crowding out physical investment.This study has strong policy significance for the smooth operation of entity enterprises and preventing the economy from“disenchantment from reality to emptiness”.