金融错配与我国非金融企业系统性风险

Financial Misallocation and Non-Financial Firms' Systemic Risks

金融资源配置的有效性关乎实体经济的高质量发展,而金融资源配置的失衡(即金融错配)是否会引致非金融企业系统性风险,这一问题尚未得到充分关注。基于非金融企业部门客观存在的金融错配事实,以2007—2020年我国沪深A股非金融上市企业的年度数据为研究样本,实证检验了金融错配对非金融企业系统性风险的影响效应与作用机制。研究结果表明,金融错配通过推升非金融企业的过度负债、商业信用关联以及“脱实向虚”,显著提高了非金融企业的系统性风险水平。这一效应对于高客户集中度、货币政策紧缩期及金融周期下行期的企业尤为明显。这一研究发现在丰富非金融企业系统性风险驱动因素的同时,也为政策部门进一步优化宏观政策调控方式以降低金融错配引致的非金融企业系统性风险提供了政策启示。

The allocation of financial resources is related to the development of the real economy.Whether financial misallocation leads to non-financial firms′ systemic risks is worthy of in-depth exploration in academia.Based on the fact of financial misallocation in the non-financial firms′ sector,the paper uses the annual financial data of China′s A-share non-financial listed firms from 2007 to 2020 to empirically test the effect and mechanism of financial misallocation on the non-financial firms′ systemic risks.The results show that financial misallocation significantly increases the non-financial firms′ systemic risks by aggravating excess leverage,trade credit,and "being diverted out of the real economy".This effect is particularly obvious for firms with high customer concentration,tight monetary policy and downward financial cycle.While enriching the driving factors of non-financial firms′ systemic risks,the paper also provides policy implications for policy departments to optimize the implementation of macroeconomic policies to reduce the non-financial firms′ systemic risks caused by financial misallocation.