社会信用、融资约束与企业金融化——来自“中国社会信用体系建设”的证据

Social Credit, Financing Constraint and Firm Financialization: Evidence from “Construction of China’s Social Credit System”

在实体经济增速放缓的高质量发展阶段,如何解读企业金融化加速现象值得深入探讨。本文基于中国社会信用体系建设的政策背景,采用2012~2019年中国地级及以上城市的A股上市公司数据,研究社会信用对企业金融化的影响和机制。研究结果表明,社会信用体系建设对企业金融化具有显著的正向影响,良好的信用环境加剧了企业金融化,这一结论在进行大量稳健性检验后仍然成立。机制检验表明,社会信用体系建设有利于缓解企业融资约束进而促进企业金融化。异质性分析表明,在非国有企业、制造业企业和制度环境较好地区的企业中,社会信用体系建设对企业金融化的影响更为显著。经济后果分析表明,位于社会信用体系建设试点地区的企业,金融化有效降低了经营风险。政府应扩大信用城市试点政策覆盖范围,在推进社会信用体系建设的同时,也要因地施策考虑企业所有制、行业、地区等差异,以更好地对接社会信用体系建设产生的积极作用。企业要在社会信用体系建设背景下对实体经济投资和金融资产配置进行合理分配,兼顾促进实体经济发展和实现企业利润的双重目标。

How to interpret the accelerating phenomenon of firm financialization is worth further discussion in the high-quality development stage when the real economy is slowing down. In this context, based on the construction of China’s social credit system, this paper studies the impact and mechanism of social credit on enterprise financialization by using the data of A-share listed companies in cities at prefecture-level and above in China from 2012 to 2019. The results show that the construction of China’s social credit system has a significant positive impact enterprise financialization, indicating that a good credit environment is conducive to promoting the enterprise financialization, which still holds after a large number of robustness tests. The mechanism test shows that the construction of China’s social credit system is conducive to easing the financing constraints of enterprises, thus promoting the enterprise financialization. Heterogeneity analysis show that in non-stateowned enterprises, manufacturing industry and enterprises with better institutional environment, the impact of construction of social credit system on enterprise financialization is more signifi cant. In addition, the economic consequence shows that financialization reduces the operational risks of enterprises located in the construction of social credit system. This study enriches the relevant literature on the influence of social credit on enterprise financialization, and provides a new perspective for the government and enterprises to examine the policy effects of social credit system construction.