企业金融化研究动态与展望

Research Trends and Prospects of Enterprise Financialization

对企业金融化的研究动态进行了系统的回顾,首先探讨了企业金融化的内涵与度量方式,指出企业金融化可从投资活动视角、利润来源视角以及股东导向视角予以理解;其次归纳了企业金融化的成因以及表现形式,包括“蓄水池”理论与储蓄动机、“投资替代”理论与逐利动机、“金融中介”理论与融资歧视以及“同群效应”理论与企业互动;再次总结了已有文献中企业金融化对实体经济产生的多方面后果;最后从企业金融化的影响因素、宏观经济后果以及研究指标选取等方面展望未来可进一步研究的方向。

A systematic review is conducted on the research trends of corporate financialization.Firstly,the connotation and measurement of corporate financialization are explored,and it is pointed out that corporate financialization can be understood from the perspectives of investment activities,profit sources,and shareholder orientation.Secondly,the causes and manifestations of corporate financialization are summarized,including the “reservoir” theory and savings motivation,the “investment substitution” theory and profit seeking motivation,the “financial intermediary” theory and financing discrimination,and the “peer group effect” theory and corporate interaction.Thirdly,the multifaceted consequences of corporate financialization on the real economy in existing literature are summarized;Finally,prospects for further research are presented in terms of the influencing factors,macroeconomic consequences,and selection of research indicators for corporate financialization.