实体企业偏爱理财能反哺主业吗?——中国经济“脱实向虚”的微观证据

Can Entity Enterprises'Preference for Wealth Management Feed Back Their Main Business?--Micro Evidence of China's Economy‘Departing from the Real to the Virtual’

聚焦微观实体理财数据,考察实体企业偏爱理财对主业发展的影响。研究发现,实体企业扩大理财活动显著抑制主业发展,未能反哺主业,理财活动方式、收益类型与期限结构均表现出不同程度抑制影响。进一步分析发现,民营企业、非产能过剩行业、影子银行水平较高地区的理财活动抑制效应更强。机制分析表明,实体企业扩大理财活动通过“流动性供给挤占机制”和“营运资产挤出机制”最终抑制了主业发展。

The study focuses on micro-entity wealth management data and examines the impact of entity enterprises'preference for wealth management on the development of their main business.The study found that the expansion of wealth management activities of entity enterprises significantly inhibited the development of the main business,and failed to feed back the main business.The mode of wealth management activities,income type and term structure showed different degrees of inhibitory effects.The further analysis found that there were stronger inhibitory effects on wealth management activities among private enterprises,non-overcapacity industries and regions with high levels of shadow banking.When analyzing the effect mechanism,it was turned out that the entity enterprises expanded wealth management activities,ultimately inhibiting the development of the main business through the"liquidity supply crowding out mechanism"and"operating asset crowding out mechanism".