高铁开通与企业“脱实向虚”:抑制还是促进?

Opening of High-Speed Railway and Enterprises^Transition from Real to Virtual EconomyH:Inhibition or Promotion?

近些年,在经济高质量发展的背景下企业却出现了“脱实向虚”的怪象,逐渐偏离实体经济的轨道,造成了资金在类金融体系内空转,如何抑制企业“脱实向虚”已成为重要话题。本文基于“高铁开通”这项准自然实验,以2007-2021年A股上市公司为样本,研究其是否能够抑制企业的金融化。研究结果表明:高铁开通能显著抑制企业金融化趋势,经过系列稳健性检验后,结果仍旧保持不变。机制检验表明:“高铁开通”主要是通过增加实体投资和提高公司治理产生抑制效应,且在国有企业和代理成本较高的企业中效应更明显。公司应以高铁开通为契机,促进实体经济发展;利用高铁治理效能,改善公司治理;政府应持续推进高铁网络建设,缩小地域发展差距。

In recent years,under the background of high-quality economic development,enterprises have appeared the strange phenomenon of"transition from real to virtual economy",gradually deviating from the track of the real economy,resulting in capital idling in the financial system.Therefore,how to restrain enterprises from"transition from real to virtual economy"has become an important topic.Based on the quasi-natural experiment of"high-speed railway opening",this paper takes A-share listed companies from 2007 to 2021 as samples to study whether they can restrain the financialization of enterprises.The results show that the opening of high-speed railway can significantly inhibit the trend of enterprise financialization,and after a series of robustness tests,the results remain unchanged.The mechanism test shows that the"opening of high-speed railway"mainly produces the inhibitory effect by increasing entity investment and improving corporate governance,and the effect is more obvious in state-owned enterprises and enterprises with high agency costs.The company should take the opening of the high-speed railway as an opportunity to promote the development of the real economy;use the governance efficiency of high-speed railway to improve corporate governance;the government should continue to promote the construction of high-speed railway network to narrow the regional development gap.