基于制造业高质量发展的企业金融化风险发生机制与化解路径

The Occurrence Mechanism and its Countermeasures of Financial Risks in the Entity Financialization based on the High-Quality Development of Manufacturing Industry

作为实体经济的主体力量,制造业高质量发展是社会主义现代化强国建设的重中之重。推进制造业高质量发展的重要任务之一就是抑制制造业过度金融化与产业资本“脱实向虚”,防范实体企业金融风险事件的发生。从金融化现状看,我国制造业金融化程度整体趋高,而且经营者过度自信行为特征的普遍存在加重了制造业的金融化程度。另外,由于金融套利的过度运用,机构投资者抱团与企业管理层合谋问题也较为严重,增加了我国制造业企业金融风险发生概率,掣肘制造业的高质量发展。应增强企业主业责任与本分意识,矫正管理者过度自信心理,畅通实体企业融资渠道并规范机构投资者行为,为我国制造业高质量发展保驾护航。

As the main force of the real economy,the high-quality development of the manufacturing industry becomes the top priority of building a great modern socialist country.To promote the high-quality development of manufacturing industry,an important task is to curb the excessive financialization of manufacturing entities and the dematerialization of industrial capital,then to prevent the occurrence of financial risk events of manufacturing entities.From the perspective of the current situation of the financialization,the overall degree of financialization of China's manufacturing industry has become higher,and the widespread presence of overconfident behavior characteristics of operators has aggravated the degree of financialization of the manufacturing industry.In addition,based on the excessive use of financial arbitrage,the collusion between institutional investors and enterprise management is also serious,which has brought serious financial risks to the manufacturing industry and hampered the high-quality development of China's manufacturing industry.Therefore,it is necessary to strengthen the manufacturing enterprises responsibility and the responsibility consciousness,correct the overconfident psychology of managers,unblock the physical financing channels and regulate the behavior of institutional investors,so as to ensure the high-quality development of China's manufacturing industry.