摘要
随着金融改革深化的不断推进,中国经济出现了明显的"脱实向虚"趋势,而金融开放作为金融改革过程中不可忽视的一环,对实体经济的影响及传导机制尚无定论。本文基于2011—2018年中国A股市场非金融类上市公司的财务数据,采用双向固定效应面板模型,考察金融开放与企业金融化之间的关系。研究发现,金融开放会显著促进企业金融化,这一促进作用主要源于企业过度负债的提升。进一步研究发现,金融开放环境下企业金融化行为主要出于逐利动机,且更倾向于投资投机性短期金融资产。金融开放对企业金融化的促进作用在非国有企业及所处产品市场竞争较强的企业中更为明显。本文的研究表明在金融开放环境下,企业过度负债的增加使其更倾向于参与金融市场的投机活动以获利,而忽视了潜在的不确定性风险。本文从企业金融化视角,为金融开放对实体经济的影响提供了微观证据,为后续抑制经济“脱实向虚”、稳步推进金融开放提供了政策建议.
With the deepening of financial reforms,the economy of China has shown a clear trend of deviation from real economy.However the impact of financial openness which is an important part of financial reform on the real economy and its transmission mechanism is still inconclusive.Based on the financial data of non-financial listed companies in China's A-share market from 2011 to 2018,this paper uses a two-way fixed-effect panel model to examine the relationship between financial openness and corporate financialization.The study finds that financial openness will significantly promote corporate financialization.This promotion is mainly due to the increase of excessive debts of enterprises,which drives corporate financialization.Further research finds that under the financial openness*corporate financial ization behavior is mainly motivated by profit-seeking motives,and is more inclined to invest in speculative short-term financial assets.The role of financial openness in promoting the financialization of enterprises is more obvious in non-state-owned enterprises and enterprises with fierce product market competition.The research in this article shows that under the financial openness,companies tend to be excessively indebted to enter the financial market for speculation and profit,while ignoring potential uncertain risks.From the perspective of corporate financialization,this article provides micro-evidence for the impact of financial open-ness on the real economy,and provides policy recommendations for the subsequent suppression of deviation from real economy and steady advancement of financial openness.
作者
孙毅
袁月英
王寅
Yi Sun;Yueying Yuan;Yin Wang
出处
《中国会计评论》
2020年第4期627-652,共26页
China Accounting Review
基金
天津市哲学社会科学规划项目(TJGL19XSX-046)的阶段性研究成果。
关键词
金融开放
企业金融化
脱实向虚
过度负债
Financial Openness
Corporate Financialization
Deviation from Real Econ omy
Over Debt
