摘要
实体企业金融化是引发金融危机的重要风险源,如何抑制企业金融化亦是各经济体面临的一大难题。自由贸易试验区作为经济运行规则和执行措施的"混合体",其设立形成的政策冲击效应和契约执行效应对实体企业金融化具有显著的抑制作用。文章从自贸区设立这一事件产生的冲击影响出发,利用渐进双重差分法探讨自贸区的设立是否影响中国实体企业的金融化水平。研究发现,自贸区设立能显著抑制实体企业金融化水平,动态检验发现其抑制作用存在持续性。机制检验发现,利润率均等化和融资约束缓解是自贸区影响企业金融化的重要机制。进一步研究显示,自贸区设立对实体企业金融化的抑制效应在内陆重点城市企业、小企业和民营企业中更明显,且存在所有制歧视现象。文章对推进自贸区增资扩容、推广试点区域有益的制度经验和抑制实体经济"脱实向虚"具有重要的启示意义。
The financialization of real enterprises is an important source of risk that triggers the financial crisis,and how to suppress the financialization of enterprises is also a major problem faced by various economies. As a " mixed body" of economic operation rules and enforcement measures,the FTZ has a significant inhibitory effect on the financialization of real enterprises due to the policy shock effect and contract enforcement effect formed by its establishment. Starting from the impact of the FTZ,we use the DID method to explore whether the FTZ affects the level of financialization of Chinese entities. We found that establishing a FTZ can significantly inhibit the level of financialization of real enterprises,and dynamic tests have found that its inhibiting effect is continuous. The mechanism test found that the equalization of profit rate and the alleviation of financing constraints are important mechanisms for the FTZ to affect the financialization of enterprises. Furthermore,the FTZ has an inhibitory effect on the financialization of entities in key inland cities,small enterprises and private enterprises,and there is discrimination in ownership. This paper has important enlightenment significance for advancing the quality and capacity expansion of the FTZ,promoting the beneficial institutional experience of the pilot area,and restraining the real economy from " reducing the real to the virtual".
作者
王蓬
胡士华
胡亚丽
Wang Peng;Hu Shihua;Hu Yali
出处
《世界经济研究》
CSSCI
北大核心
2022年第2期89-103,M0004,共16页
World Economy Studies
基金
国家社会科学基金重点项目(项目号:19AJY015)
国家社会科学基金面上项目(项目号:12BJY098、20BJY072)
中央高校基本科研业务专项资金资助项目(项目号:SWU1909033、19SWUJCZXB5)的资助。
