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以中国A股市场非金融类上市公司20082016年的数据为样本,实证检验了企业金融化对投资效率的影响及其作用机制。研究发现,企业金融化对实业投资的确存在"挤出效应",但金融化所积累的金融资产因较强的流动性也可以补充企业在实业投资的资金需求,因而企业金融化对实业投资效率的影响呈现出非线性特征;此外,企业金融化可以通过实业投资渠道和技术进步渠道对投资效率产生影响。在影响实业投资效率方面,企业金融化是一把"双刃剑",政府部门应当完善资本市场监管,防范企业过度金融化对实体经济的不利影响,以使企业金融化能服务于企业的实业投资,进而起到优化企业投资效率的作用。
Abstract：This paper empirically examined the impact of corporate financialization on investment efficiency and other mechanisms of action based on the A-shares data of non-financial listed companies from 2008 to 2016. The study found that corporate financialization,indeed,has a crowding out effect on industrial investment,but the financial assets accumulated as a result of it can supplement the capital demand of corporations for industrial investments due to strong liquidity. Therefore,the impact of corporate financialization on industrial investment efficiency displays non-linear characteristics. In addition,corporate financialization can affect investment efficiency through channels of industrial investment and technological improvement. In terms of its effects on industrial investment efficiency,corporate financialization is a double-edged sword. Government departments should improve their supervision of the capital market and prevent excessive corporate financialization from adversely affecting the real economy. In this way,corporate financialization can benefit the industrial investments of corporations and,thus,optimize the investment efficiency of said corporations.
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(1)Epstein关于金融化后果的相关论述可以参见《国外理论动态》2007年第7期的文章“金融化与世界经济”(作者戈拉德·A·爱泼斯坦,温爱莲翻译)。
基本信息:
DOI：
中图分类号:F275
引用信息:
[1]张昭,朱峻萱,李安渝.企业金融化是否降低了投资效率[J].金融经济学研究,2018,33(01):104-116.
基金信息:
国家自然科学基金项目(71673030)