实体企业金融化如何影响全要素生产率:基于中国A股上市公司的实证检验

How Does Financialization of Entity Enterprise Affect Total Factor Productivity:An Empirical Test Based on Chinese A-share Listed Companies

企业全要素生产率的提升是经济高质量发展的重要体现。近年来,我国非金融行业企业对金融资产的投资热情日益高涨,这是否与实现经济高质量发展的目标相背离?本文以我国2001—2019年A股非金融上市公司为研究样本,实证检验了企业金融化对企业全要素生产率的影响。研究结果表明:企业金融化对企业全要素生产率存在显著的倒U型影响。基于异质性进行分样本讨论发现,这种倒U型关系在中央国有企业、民营和外资企业、东中部地区企业中成立,但在地方国有和西部地区企业中不成立。进一步分析发现:金融化对企业全要素生产率的影响具有门槛效应,即存在一个合理的金融化偏离程度以及金融资产投资收益区间,在此区间内企业金融化对企业全要素生产率的正向影响最大。机制分析发现:企业金融化对企业全要素生产率的影响存在流动性供给效应、投融资期限错配效应和实体资本配置效应三条传导路径。本文相关研究结论为促进金融服务实体经济和企业高质量发展提供了指导和决策参考。

The improvement of total factor productivity of enterprises is an important embodiment of high-quality economic development.In recent years,non-financial enterprises in China are increasingly enthusiastic about financial assets investment.Does this deviate from the goal of achieving high-quality economic development?The paper empirically tests the impact of corporate financialization on total factor productivity by taking non-financial listed companies between 2001 and 2019 in China as research samples in this article.Results reveal that,there is a significantly inverted U-shaped relationship between enterprise financialization and total factor productivity.Simultaneously,based on the analysis of sample heterogeneity,the inverted U-shaped relationship still exists in central state-owned enterprises,private and foreign-funded enterprises and enterprises in the eastern and central regions,while the relationship is not significant in local state-owned enterprises and enterprises in the western regions.Furthermore,financialization has a threshold effect on total factor productivity of enterprises.There is a so-called reasonable degree of financialization deviation and a range of financial asset investment returns.Within the range,financialization has the greatest positive impact on total factor productivity.Additionally,the mechanism analysis also found that there are three transmission paths for corporate financialization to influence total factor productivity:liquidity supply effect,investment and financing term mismatch effect and capital allocation effect.The relevant research conclusions of this article provide guidance and decision-making reference for promoting the highquality development of financial services for the real economy and enterprises.