企业金融化对实体经济财富创造力的影响研究--来自非金融上市公司的经验证据

Research on the Impact of Corporate Financialization on Fortune Creativity in the Real Economy--Empirical Evidence from Non-Financial Listed Companies

在我国经济从高速发展迈向高质量发展进程中,如何激发实体经济市场活力,处理好金融化与实体经济之间的关系,提高经济发展质量是值得深入探讨的重要问题。本文以2011—2020年中国A股上市企业为研究样本,实证检验非金融企业金融化对实体经济财富创造力的影响。研究发现,企业金融化会抑制实体经济财富创造力。通过机制检验发现,企业金融化对实体经济财富创造力的影响存在两条作用路径:“企业金融化—创新投入—实体经济财富创造力”与“企业金融化—人力资本投入—实体经济财富创造力”。进一步研究发现,在制造业企业以及非四大审计的上市企业分组中上述抑制性关系更加显著。本文在首次提出实体经济财富创造力概念的基础上,阐明了金融化与实体经济财富创造力之间的关系及影响机理,为合理引导非金融企业金融化,重振实体经济提供了理论参考。

In the process of realizing our economy from high-speed development to high-quality development,how to stimulate the vitality of the real economy market,handle the relationship between financialization and the real economy,and improve the quality of economic development is an important issue worth further discussion.This paper takes Chinese A-share listed companies from 2011 to 2020 as research samples to empirically test the impact of financialization of non-financial enterprises on fortune creativity in the real economy.It is found that there is a negative correlation between enterprise financialization and fortune creativity of the real economy.Through the mechanism test,it is found that the influence of enterprise financialization on the fortune creativity of the real economy has two paths:enterprise financialization—innovation input—fortune creativity of the real economy,and enterprise financialization—human capital input——fortune creativity of the real economy.Further research shows that the above inhibitory relationship is more significant in manufacturing enterprises and listed enterprises that are not audited by the major 4 audit firms.On the basis of putting forward the concept of fortune creativity of real economy for the first time,this paper clarifies the relationship and influence mechanism between financialization and fortune creativity of real economy,which provides theoretical reference for rationally guiding the financialization of non-financial enterprises and revitalizing the real economy.