摘要
我国经济目前处于转型发展阶段,实体经济增速放缓,众多企业为追逐高额利润转向金融行业,逐渐呈现“脱实向虚”的趋势。选取2008—2020年安徽省非金融上市公司为研究样本,探究营商环境对企业金融化的影响以及内部控制对二者关系的调节作用。研究发现:营商环境与企业金融化显著正相关,企业内部控制质量对营商环境与企业金融化的关系起到显著的负向调节作用。进一步研究发现,融资约束是营商环境影响企业金融化的重要作用路径,相较于国有企业,营商环境对企业金融化的加剧作用在非国有企业中表现更强烈。本研究拓展了营商环境经济后果及企业金融化影响因素方面的文献,对加强公司内部治理、防范实体经济“脱实向虚”以促进安徽省经济更高质量发展具有重要意义。
As Chinese economy is in a stage of transformation and development,the growth of the real economy has slowed down,and many companies have turned to the financial industry in pursuit of high profits,this article selects 2008-2020 non-financial listed companies in Anhui Province as a research sample to explore the impact of the business environment on corporate financialization and the role of internal control in regulating the relationship between the two.The research found that the business environment is significantly positively correlated with corporate financialization,and the quality of corporate internal control has a significant negative impact on the relationship between the business environment and corporate financialization to the adjustment effect.Further research found that financing constraints are an important path for the business environment to affect corporate financialization.Compared with state-owned enterprises,the business environment's intensifying effect on corporate financialization is more pronounced in non-state-owned enterprises.This research expands the literature on the economic consequences of the business environment and the influencing factors of corporate financialization,which is of great significance for strengthening the internal governance of the company,preventing the real economy from becoming virtual,and promoting higher-quality economic development in Anhui Province.
作者
汤学永
TANG Xueyong(School of Business,Anhui University,Hefei 230031,China)
出处
《郑州航空工业管理学院学报》
2021年第6期25-37,共13页
Journal of Zhengzhou University of Aeronautics
基金
安徽省社会科学攻关项目(2019CX077)。
关键词
实体企业
营商环境
企业金融化
内部控制
融资约束
安徽
physical enterprise
business environment
corporate financialization
internal control
financing constraints
Anhui
