科技金融对实体企业金融化的影响——基于融资约束的中介效应

Impact of Sci-Tech Finance on the Financialization of Entity Enterprises:Mesomeric Effect Based on Financing Constraints

我国实体企业金融化现象愈发严重,科技金融作为新型的金融创新成果,对实体企业金融化的发展有促进还是抑制作用,已成为当前的重要议题。基于2011年-2021年的A股上市实体企业的数据,构建双向固定效应模型,实证检验了科技金融发展水平对实体企业金融化的影响,并且通过中介效应检验,分析了融资约束在两者之间的作用。基准回归发现:科技金融的发展对实体企业金融化有显著的正向促进作用;异质性检验发现:科技金融对实体企业金融化的促进作用在西部地区、大规模企业和非国有企业更加明显;中介效应检验发现:科技金融主要通过缓解企业的融资约束来加剧实体企业金融化程度。研究结论揭示了科技金融可能给实体经济带来的负面影响,应该在合理的金融监管下推动科技金融的发展,以防止实体企业“脱实向虚”。

The financialization of entity enterprises in China is becoming increasingly severe.As a new type of financial innovation,the role of sci-tech finance in either promoting or inhibiting the development of financialization in entity enterprises has become an important issue.Based on the data from A-share listed entity enterprises from 2011 to 2021,a two-way fixed-effects model is constructed to empirically test the impact of the level of development of sci-tech finance on the financialization of entity enterprises.Through intermediary effect tests,this paper analyzes the role of financing constraints between the two.Through the benchmark regression,it is found that the development of sci-tech finance has a significant positive promoting effect on the financialization of entity enterprises.The heterogeneity tests show that the promoting effect of sci-tech finance on the financialization of entity enterprises is more pronounced in the western region,large-scale enterprises,and non-state-owned enterprises.The intermediary effect tests show that sci-tech finance mainly exacerbates the degree of financialization in entity enterprises by alleviating the financing constraints of businesses.The research conclusions reveal the potential negative impact of sci-tech finance on the real economy,emphasizing the need to promote the development of sci-tech finance under reasonable financial regulations to prevent entity enterprises from shifting towards the virtual sector.