党组织参与治理能促进实体经济“脱虚向实”吗?——基于民营上市企业的实证研究

Can the Participation of Party Organization in Governance Promote the‘Transition From Emptiness to Reality’of the Real Economy?Empirical Evidence Based on Private Listed Enterprises

近年来,中国实体经济金融化趋势日益加剧,如何抑制企业金融化、引导实体经济“脱虚向实”,对于防范系统性金融风险、促进经济高质量发展至关重要。本文立足于基层党组织参与治理,以2007—2020年沪深A股非金融类民营上市企业为研究样本,运用OLS模型实证探究党组织通过“双向进入、交叉任职”参与民营企业治理对其金融资产投资的影响。研究发现,党组织参与治理显著降低了民营企业的金融化程度。党组织参与治理通过降低代理成本、缓解融资约束和增加投资机会,进而降低实体经济金融化水平。异质性分析发现,党组织参与治理对实体经济金融化的影响在市场化程度较低地区和环境不确定性较强时期更显著,在不同治理方式中也存在差异,而对于不同类型金融资产无明显差异。进一步,党组织参与治理可以削弱金融投资对生产性投资和研发投资的挤出效应。本文厘清了民营企业党组织参与治理抑制实体经济金融化的内在机理,不仅有助于加深理解民营企业基层党组织建设的经济后果,还为促进实体经济“脱虚向实”、实现高质量发展提供新的解决思路。

In recent years,the financialization trend of China's enterprises has intensified.How to restrain the financialization tendency of the micro⁃enterprises and guide business entities to return to their development towards real economy is one of the key issues of great concern to the Communist Party of China(CPC)and the government.The CPC participation in corporate governance is an important feature of corporate governance mechanism in China.Based on the micro⁃perspective of grass⁃roots CPC participation at the enterprise level,this paper uses the Chinese A⁃share non⁃financial private listed enterprises as a sample to empirically explore the impact of CPC participation in governance on financialization.The result shows that under the institutional arrangement of‘two⁃way entry and cross⁃appointment’,CPC participation in governance can significantly restrain the financialization of private enterprises,and the conclusion remains valid after the endogeneity and robustness tests.The mechanism test finds that CPC participation in governance leads to a decrease in the financialization level by reducing agency cost,alleviating financing constraints,and increasing investment opportunities.The extended test finds that the effect of CPC participation in governance is more prominent in areas with low⁃level marketization and periods with strong uncertainty.In addition,the effect is significantly different in terms of different governance methods,but the difference is not significant in the case of various financial assets.Furthermore,CPC participation in governance will increase the productive input and R&D input after reducing the financialization level,thereby promoting the business entities to return to their development towards real economy.The contributions of this paper are mainly reflected in the following aspects.First,it discusses the impact and influence mechanism of CPC participation in governance on financialization.this has expanded literature on the influencing factors of non⁃financial enterprises'financialization from a new micro⁃perspective.Second,this paper adopts the research perspective of financial asset allocation,and analyzes the effects of CPC participation in governance in conjunction with marketization,type of financial assets,and other characteristics.Third,this paper reveals the inherent logic and effective boundary of CPC participation in governance reducing financialization.It not only helps to understand the governance advantages of the construction of grass⁃roots CPC participation in private enterprises,but also provides new ideas for promoting the business entities to return to their development towards real economy and achieving the high⁃quality economic development.