金融经济学研究

推动实体企业脱虚返实是区域经济高质量发展的关键路径。通过测算2013—2024年237个地级及以上城市的地方政府高质量发展压力值，考察高质量发展压力能否改变企业金融化。研究发现，高质量发展压力能够抑制企业金融化，且对短期金融投资的抑制效果好于长期金融投资。机制检验表明，高质量发展压力抑制企业金融化存在结构性纾解融资约束、提高实体投资与金融投资收益差两条传导路径。异质性检验表明，高质量发展压力在数字金融发达地区、2015年新发展理念提出后，以及在非重污染、高新技术企业样本中表现更优。因此，应从完善政府高质量发展考核体系、发挥政府在企业脱虚向实中的关键作用、重视区域高质量协同发展三方面推动实体企业去金融化。

Promoting the shift of real economy enterprises from virtual to real economic activities is a key pathway to achieving high-quality regional economic development.This study measures the high-quality development pressure faced by local governments using data from 237 prefecture-level and above cities from 2013 to 2024,and examines whether this pressure alters corporate financialization.The findings reveal that high-quality development pressure significantly curbs corporate financialization,with a more pronounced inhibitory effect on shortterm financial investments compared to long-term financial investments.These results remain robust after a series of robustness tests,including substituting the dependent and core independent variables and changing the sample interval.Mechanism tests indicate that the suppression of corporate financialization by high-quality development pressure operates through two transmission channels:the structural easing of financing constraints and the widening of the return differential between real investment and financial investment.Heterogeneity analysis shows that the de-financialization effect of high-quality development pressure is stronger in regions with developed digital finance,in the period after the introduction of the New Development Concept in2015,and among non-heavy-polluting enterprises and high-tech firms.Accordingly,this paper proposes promoting the de-financialization of real economy enterprises from three aspects:improving the government's high-quality development assessment system,leveraging the government's key role in guiding enterprises from virtual to real activities,and emphasizing coordinated high-quality regional development.