行业异质性视角下企业金融化的再研究——脱实向虚还是服务主业

From Real to Virtual or Serving the Major Business: A Restudy of Corporate Financialization from the Perspective of Industry Heterogeneity

生产资本与金融资本的结合是现代企业发展的重要形式,现有文献普遍关注企业金融化对我国实体经济发展的影响,但在同质性假定下大多数研究都忽略了细分行业的异质性特征,因此需要在细分行业的基础上对企业金融化展开新的研究。信息通信技术(ICT)行业具有高创新、高成长等异质性特征,其行业异质性特征显然会影响企业金融化的动机与后果。基于2008—2019年中国A股上市公司数据的研究表明,ICT企业金融化没有挤出企业实体收益,反而提升了实体收益比重,其影响主要是服务主业而非脱实向虚;与之相反,非ICT企业金融化明显挤出了实体收益,并导致实体收益比重下降,其影响主要表现为脱实向虚而非服务主业。考察相关机理后发现,ICT行业的高创新、高成长等异质性特征是企业金融化能够服务主业的根本原因,其金融化能够通过促进企业技术创新和规模扩张进而提升在位企业的实体收益比重,企业金融化起到了支持ICT行业中生产资本不断扩张而非企业账面价值膨胀的作用。

The combination of production capital and financial capital is an important form of modern enterprise development. The existing literatures generally pay attention to the impact of corporate financialization on the development of China’s real economy. However, under the assumption of homogeneity, most studies ignore the heterogeneity characteristics of subdivided industries. Thus, it is necessary to conduct new researches on enterprise financialization based on the subdivided industries.The information and communication technology(ICT) industry has the heterogeneous characteristics of high innovation and high growth;its industrial heterogeneous characteristics will obviously affect the motivation and consequences of corporate financialization. The findings of the study based on the data of China’s A-share listed companies from 2008 to 2019 show that the financialization of ICT enterprises does not squeeze out the earnings of enterprise entities, but increase the proportion of real income, and that its impact is mainly on serving the major business rather on breaking away from the real to the virtual. On the contrary, the financialization of the non-ICT enterprises does obviously squeeze out the earnings of the entities, and results in the decreasing ratio of the real income;its impact is mainly manifested as breaking away from the real to the virtual rather than serving the main business. It is found through examining the relative mechanisms that the heterogeneous characters of high innovation and high growth of ICT industry are the fundamental reasons why corporate financialization can serve the main business. The corporate financialization can improve the proportion of the real income of the incumbent enterprises through promoting corporate technological innovation and scale expansion;it has played a role in supporting the continuous expansion of productive capital in the ICT industry rather than the expansion of corporate book value.