摘要
金融安全是国家安全的重要组成部分,是经济平稳健康发展的重要基础。近年来,实体企业偏离原有主业并投资于金融活动的现象普遍存在,但关于该行为如何影响企业生存韧性这一关键问题却缺乏经验研究。本文基于2008—2021年沪深A股的非金融类上市公司样本,从企业经营、竞争与抗风险三维视角解构其生存韧性,分析检验实体企业金融化对企业生存韧性的影响。研究结果表明:实体企业金融化对企业生存韧性具有显著负向影响,该结论在经过系列稳健性检验后依然成立。进一步研究发现:实体企业金融化主要通过挤占创新投入来降低其生存韧性。为此,企业应进一步优化实体企业资产配置,政府应加强重点领域金融监督与管理预警机制建设,多维协同深化金融服务企业科技创新力度。
Financial security is an important part of national security and an important foundation for stable and healthy economic development.In recent years,it is common for real enterprises to deviate from their original main business and invest in financial activities,but there is a lack of empirical research on the key issue of how this behavior affects enterprises survival resilience.Based on the sample of non-financial listed companies in Shanghai and Shenzhen A-shares from 2008 to 2021,this paper deconstructs their resilience from the three-dimensional perspective of enterprise operation,competition and risk resistance,and analyzes and tests the impact of the financialization of real enterprises on enterprises survival resilience.The results indicate that the financialization of real enterprises has a significant negative impact on enterprises survival resilience,and this conclusion still holds after a series of robustness tests.Further research shows that the financialization of real enterprises mainly reduces their resilience by squeezing out innovation investment.Therefore,enterprises should further optimize the asset allocation of real enterprises,the government should strengthen the construction of financial supervision and management and early warning mechanism in key areas,and deepen the scientific and technological innovation of financial service enterprises in multi-dimensional coordination.
作者
常晓涵
何海燕
孙磊华
李浩然
Chang Xiaohan;He Haiyan;Sun Leihua;Li Haoran
出处
《企业经济》
北大核心
2023年第7期119-128,共10页
Enterprise Economy
基金
国家自然科学基金项目“关键核心技术贸易壁垒与产业安全:作用机制、政策选择与模拟仿真”(项目编号:72074027)
北京市社会科学基金重点项目“贸易摩擦背景下北京市高技术产业核心技术的风险与对策研究”(项目编号:19JDGLA007)。
关键词
实体企业金融化
企业生存韧性
企业经营
企业竞争
企业抗风险
financialization of real enterprises
enterprises survival resilience
enterprise operation
enterprise competition
enterprise risk resistance