利率市场化对实体企业金融化的影响研究

Research on the Impact of Financial Liberalization on Financialization of Real Enterprises

鉴于金融投资与实体投资的收益存在巨额利差,目前我国实体企业金融化趋势日益明显。而利率市场化正是发挥市场竞争的作用,由市场力量锚定资金价格,利率市场化的推进会逐步破除金融投资与实体投资的利差鸿沟。选取沪深A股上市的实体企业为样本,实证考察了利率市场化对实体企业金融化的影响及作用路径。研究结果表明:利率市场化会抑制实体企业金融化,利率市场化会通过提高实体企业负债合理性、缩减金融投资超额收益及加强银行债权治理三条路径作用于实体企业金融化。

Because of the huge interest margin between financial investment and real investment,the trend of real enterprises’ financialization in China is increasingly obvious.The financial liberalization is just to play the role of market competition and the market forces decide the price of funds.The promotion of financial liberalization will gradually break the gap between financial investment and real investment.Taking the real enterprises listed in Shanghai and Shenzhen A shares as the research sample,this paper empirically examines the impact of financial liberalization on the financialization of real enterprises and its mechanism.The results show that the financial liberalization will inhibit the financialization of real enterprises.The financial liberalization will affect the financialization of real enterprises through three paths: improving the rationality of liabilities of real enterprises,reducing the excess return on financial investment and strengthening the external governance of banks.