中国式金融分权何以加剧经济“脱实向虚”?--基于实体企业金融化的视角

How Does the Chinese-Style Financial Decentralization Drive the Economy to “Shifting from Real to Virtual”?--From the Perspective of Financialization of Entity Enterprises

经济权力结构变革对微观企业行为具有不容忽视的引导效应。基于中国金融发展和管理逐步由中央集权向地方分权化的典型事实,根据沪深两市A股上市公司的年度数据,实证检验中国式金融分权对实体企业金融化的影响。研究表明:中国式金融分权显著促进实体企业金融化。机制和异质性检验表明,金融分权通过降低企业融资约束、增加企业代理成本加剧实体企业金融化;金融分权对实体企业金融化的促进作用在高管持股比例和地区法制水平较低的企业中更为显著。进一步研究发现,地方政府激励对金融分权加剧企业金融化起到了促进作用。鉴于此,抑制实体企业金融化偏向,未来需进一步规范金融分权,优化地方政府激励机制,以确保金融分权的科学性和有效性。

The reform of economic power structure has a guiding effect on micro-enterprise behavior that cannot be ignored. Based on the typical fact that China’s financial development and management has gradually shifted from centralization to local decentralization, this paper uses the annual data of A-share listed companies in Shanghai and Shenzhen to empirically test the impact of Chinese-style financial decentralization on the financialization of entity enterprises. The research results show that the Chinese-style financial decentralization significantly promotes the financialization of entity enterprises. Mechanism and heterogeneity tests show that financial decentralization aggravates the financialization of entity enterprises by reducing corporate financing constraints and increasing corporate agency costs;financial decentralization promotes financialization of entity enterprises. It is more pronounced in low enterprises. Further research finds that local government incentives play a role in promoting financial decentralization and aggravating corporate financialization. In view of this, it is necessary to further standardize financial decentralization and optimize the incentive mechanism of local governments to ensure the scientificity and effectiveness of financial decentralization in order to curb the financialization bias of entity enterprises.