中国制造业企业金融化与资本配置效率研究

The Financialization and Capital Allocation Efficiency of Manufacturing Enterprises in China

以2008—2020年A股制造业企业为样本,借助双向固定效应模型考察企业金融化对资本配置效率的影响。研究发现,企业金融化对改善资本配置效率存在显著抑制作用,在替换核心变量测度方法或控制模型内生性后依然成立;国有企业和低绩效企业的金融化对改善资本配置效率的抑制作用更大,企业持有长期金融资产形成的金融化对改善资本配置效率的抑制作用更大,企业金融化对投资过度企业改善资本配置效率的抑制作用更大;财务风险在企业金融化影响资本配置效率中具有显著调节作用,企业金融化对实物投资存在“挤出”效应,且该效应在持有更多长期金融资产的企业和非国有企业中更强。本文的政策意蕴是企业应充分认识金融化对实物投资的影响,不断合理分配资金和优化金融资产期限结构,避免“脱实向虚”,助力经济高质量发展。

This paper selects the A-share listed manufacturing companies from 2008 to 2020 as samples to study the im-pact of enterprises'financialization on capital allocation efficiency.It is found that there is a significant inhibitory effect of finan-cialization of enterprises on improving the efficiency of capital allocation,and this conclusion still holds after replacing the core variable measures or controlling for model endogeneity.The financialization of state-owned enterprises and lower performance enterprises has a greater inhibition on the improvement of capital allocation efficiency,so does the financialization formed by holding long-term financial assets.The financialization has a greater inhibition on the improvement of capital allocation effi-ciency of enterprises with excessive investment.The financial risk plays a significant intermediary role in the impact of financial-ization on the capital allocation efficiency.The financialization has a"crowding out"effect on real investment,and this effect is stronger among enterprises holding more long-term financial assets and non-state-owned enterprises.The policy implication of this paper is that enterprises should fully understand the impact of financialization on physical investment,continue to rationally allocate funds and optimize the maturity structure of financial assets,and avoid being diverted out of the real economy,so as to promote the high quality development of economy.