摘要
本文通过研究上市公司基于金融股权投资目的的过度融资行为及其挤出效应,诠释了资本脱实向虚的微观机理,并选取2007—2015年实体上市公司数据进行实证检验。研究发现:(1)经济新常态下经营风险上升导致企业产生额外保值的融资需求,成为上市公司过度融资的重要原因;(2)上市公司的过度融资行为通过挤出效应强化二元融资市场的价格歧视,二元市场的反馈效应致使上市公司与非上市公司资本双双脱实向虚;(3)在高经营风险的经济新常态中,参与金融投机的上市公司对实体投资关注度和积极性下降,脱实向虚动机更为强烈,其中,国有、东部以及商业上市公司过度融资规模更大,资本脱实向虚动机更强,对非上市公司融资市场挤出效应也更为明显。因此,政府应该科学合理地引导资本流向实体经济,出台监管政策,禁止上市公司融资资金再次进入金融体系空转,严格监管实体上市公司参股控股金融企业,加强对实体非上市公司的贷款扶持。
Under the background of the new normal with slowing growth period,structural adjustment period,and stimulus policy coming into play,the development of the real economy is facing unprecedented pressure and risks.Investment efficiency is continuously declining,general commodity prices continue to be sluggish,and the return rate of physical investment and labor productivity growth and total factor productivity have shown a downward trend.In particular,the basic industrial sectors such as manufacturing and heavy industry have been severely impacted,and doubts remain as to whether they can continue to promote economic growth.The divergence between the growth rate of money and GDP growth,the deviation of financial growth and investment efficiency,and the deviation of asset prices from commodity prices,etc..Those problem of capital disintegration becom more and more apparent,which is the main factor of the real economy development risk.Monetary growth and the scale of financial assets continued to increase.Asset prices continued to grow.The proportion of financial value added in GDP continued to rise.Capital transforming real economy into virtual economy,high leverage,and the false profit of virtual economy lead to serious asset bubbles and abnormal development of virtual economy.The result of the“capital transforming real economy into virtual economy”:Firstly,capital does not enter into the real economy,and lead to arbitrage activities within the financial system;Secondly,there is a misalignment of physical capital operations,which make capital excessively flow to real estate without flowing into the manufacturing industry;The inflow of real economic capital have the lengthy financing chain and high financing costs.The trend of“financialization”has led to the expansion of external financing needs of enterprises.At the same time,special interests parasitizing in the dual financial market have become financial clients.They have used bank systems to absorb funds to penetrate into private finance in order to extrac
作者
文春晖
李思龙
郭丽虹
余晶晶
WEN Chun-hui;LI Si-long;GUO Li-hong;YU Jing-jing(Economic School of Hunan Agricultural University,Changsha,Hunan,410128,China;Finance School of Shanghai University of Finance and Economics,Shanghai,200433,China;National Academy of Economic Strategy,CASS,Beijing,200433,China)
出处
《经济管理》
CSSCI
北大核心
2018年第7期39-55,共17页
Business and Management Journal ( BMJ )
基金
湖南省自然科学基金项目"资本脱实向虚的微观机理研究"(2018JJ2189)
湖南省社会科学基金一般项目"长株潭自主创新示范区智能制造协为同发展机制与对策研究"(15YBA206)
关键词
经济新常态
二元融资市场过度融资
挤出效应
脱实向虚
China s new normal
the dual structure of the financing market
excessively financing
squeezing-out effect
transforming real economy into virtual economy
