金融服务实体经济的微观路径探析:基于企业金融化的文献述评

Exploration of Micro Paths for Financial Services to Support the Real Economy:A Review of Literature on Corporate Financialization

如何从企业金融化角度拓展金融服务实体经济的微观实现路径,是亟需探究的热点问题。系统梳理现有文献可知,随着企业金融化趋势逐步加强,学术界目前对企业金融化的内涵、动因、度量方式、影响因素、作用机制、经济后果等仍然存在不同的观点。鉴于此,简单阐述企业金融化内涵与度量方式,构建企业金融化“理论动因-影响因素-经济后果”的逻辑框架,以理论动因为起点,探究企业金融化的宏观、中观、微观影响因素,阐释其经济后果,厘清其中的作用机制。未来研究可注重完善企业金融化的度量方法,构建出符合中国经济体制的企业金融化度量指标;探究企业适度金融化的范围,为金融资产配置提供决策依据;并继续深挖企业金融化的多维度驱动机制,构建完整的理论模型,为金融服务实体经济提供理论支撑。

Expanding the micro implementation path for financial services to support the real economy from the perspective of corporate financialization is a pressing issue that necessitates exploration.This paper systematically reviews existing literature and finds that,as the trend of corporate financialization gradually strengthens,differing viewpoints persist in academia regarding the connotations,motivations,measurement methods,influencing factors,mechanisms of action,and economic consequences of corporate financialization.In light of this,the paper briefly elaborates on the connotations and measurement methods of corporate financialization,constructs a logical framework of"theoretical motivations-influencing factors-economic consequences,"and,starting from theoretical motivations,explores the macro,meso,and micro influencing factors of corporate financialization,elucidates its economic consequences,and clarifies the underlying mechanisms.Future research could focus on enhancing the measurement methods of corporate financialization,establishing indicators that align with China’s economic system;investigating the range of moderate corporate financialization to provide decision-making references for financial asset allocation;and continuing to explore the multidimensional driving mechanisms of corporate financialization to construct a comprehensive theoretical model,thereby providing theoretical support for financial services to the real economy.