实体企业金融化对财务风险的影响研究

Study on the Influence of Financialization of Entity Enterprises on Financial Risk

在中国实体企业金融化趋势日益明显的背景下,使用2014—2020年A股制造业上市公司为样本,并利用面板门槛模型研究实体企业金融化对财务风险的影响。结果表明:实体企业金融化对财务风险具有显著的单门槛效应,二者存在“U”形关系,在实体企业金融化水平不超过0.068%时,金融化能够促进财务风险的降低,而在实体企业金融化水平超过0.068%时,则会加剧财务风险。因此,只有将实体企业金融化水平维持在适度区间才能更好的服务实体经济的发展。

In the context of the increasingly obvious trend of financialization of entity enterprises in China,the panel threshold model is used to study the influence of financialization of entity enterprises on financial risks by taking A-share manufacturing listed companies in 2014-2020 as samples.The results show that the financialization of entity enterprises has a significant single-threshold effect on financial risks,and there is a"U"-shaped relationship between the two.When the financialization level of entity enterprises does not exceed 0.068%,financialization can promote the reduction of financial risks.When the level of corporate financialization exceeds 0.068%,financial risks will be intensified.Therefore,only by maintaining the level of financialization of entity enterprises within a moderate range can the development of the real economy be better served.