集中化银行业结构与企业金融化--融资约束与金融投资收益的视角

Centralized Banking Structure and Financialization of Enterprises:From the Perspective of Financing Constraints and Financial Investment Returns

文章以2010—2020年中国非金融上市公司为研究对象,从融资成本与金融投资收益两个角度切入,具体分析了银行业结构变化对企业金融化程度的中介影响机制,研究结果表明:银行业结构的去集中化将有效缓解企业金融化问题,降低企业金融化程度,抑制了实体企业“脱实向虚”现象的发生。在进行若干稳健型检验后,上述结果仍然成立。同时,机制分析发现,银行业结构去集中化一方面能够缓解企业融资约束问题,提高实体投资能力,另一方面去集中化挤压了企业金融投资收益,降低了企业金融化投资意愿。进一步研究发现,银行业结构去集中化,不仅能够带来企业金融化程度的下降,导致企业实体投资水平的提高,提升企业创新绩效。此外,国有企业受银行业集中化对其金融化程度的影响比民营企业小。

Based on the sample of China's non-financial listed companies from 2010 to 2020 as the research object,this paper analyzes the intermediary impact mechanism of the banking structure on the degree of enterprise financialization from the perspectives of financing constraints and financial investment returns.The results show that the decentralization of the banking structure will effectively alleviate the problem of enterprise financialization,and inhibit the occurrence of the phenomenon of enterprises'shift from real to virtual.After several robust tests,the above results are still valid.Mechanism analysis finds that on the one hand,decentralization of banking structure can alleviate the financing constraints of enterprises and improve the real investment capacity;On the other hand,decentraliza-tion squeezes the financial investment income of enterprises and reduces the willingness of enterprises to make financial investment.Fur-ther research finds that the decentralization of the banking structure can not only bring about a decline in the degree of enterprise financialization,but also lead to an increase in the level of enterprise entity investment and an improvement in enterprise innovation performance.State owned enterprises are less affected by the concentration of banking industry than private enterprises.