金融化对民营企业投资效率的影响研究

Research on the Impact of Financialization on the Investment Efficiency of Private Enterprises

民营企业经过一定程度的金融化,可以改善其投资环境,让金融资源为企业创新发展服务,此为金融化的蓄水池效应;同时,民营企业金融化也可能对实业投资造成挤出效应。本文以沪深两市的非金融类民营上市企业为样本,实证检验了金融化对民营企业投资效率的综合影响。研究发现:金融化加剧了民营企业投资非效率程度;而对于过度投资的民营企业来说,金融化改善了其投资非效率情况。此外,对于投资不足的民营企业来说,实业投资改善了其投资非效率程度;对外直接投资在金融化影响民营企业投资效率过程中发挥中介作用。政府应为民营企业提高实业投资回报率提供政策支持。民营企业一方面要让金融化服务于其主营业务发展,提高投资效率;另一方面,在推进国际化过程中,要防范金融化对出口、对外投资与跨国并购等行为产生的负向影响。

After a certain degree of financialization,private enterprises can improve their investment environment and make financial assets serve their own development,which is the reservoir effect of financialization.The financialization of private enterprises may also cause crowding out effect on physical investment.Taking the listed companies of non-financial private enterprises in Shanghai and Shenzhen stock markets as samples,this paper empirically tests the comprehensive impact of financialization on the investment efficiency of private enterprises.It is found that the financialization of private enterprises reduces their investment efficiency and for over invested private enterprises,financialization improves their investment efficiency.In addition,for private enterprises with insufficient investment,industrial investment improves their investment efficiency;and outward foreign direct investment plays an intermediary role in the process of the impact of financialization on the investment efficiency of private enterprises.The government should provide policy support for private enterprises to improve the rate of return on industrial investment,and at the same time,private enterprises should let the financialization serve their main business development,so as to improve their investment efficiency.In the internationalization of private enterprises,we should guard against the negative impact of financialization on private enterprises in the process of export,foreign investment and cross-border mergers and acquisitions.