金融化、融资约束与企业经营绩效——基于中国非金融企业的实证研究

摘要/Abstract

摘要： 本文利用2011—2016年A股非金融类上市公司数据，研究了我国金融化对非金融企业经营绩效的影响，并尝试从实体投资这一角度探究其作用机制。研究发现，金融化与企业经营绩效呈现“倒U型”关系，实体投资在这一关系中起部分中介效应，金融化通过“挤出”实体投资，进而影响企业经营绩效。引入企业融资约束，本文发现，高融资约束下，由于资金受到限制，企业倾向于将实体投资转向金融投资，金融化对经营绩效的负面影响被放大，而低融资约束下，企业融资渠道被拓宽且金融收益可以“反哺”实体经济，金融化对经营绩效的正面效应得到增强。进一步研究表明，融资约束均负向调节金融化与实体投资、实体投资与经营绩效间的关系。

关键词: 金融化, 融资约束, 实体投资, 企业经营绩效

Abstract: Using the data of A-share non-financial listed companies from 2011 to 2016, this paper studies the impact of financialization on the corporate performance of non-financial companies in China, and explores its mechanism from the perspective of physical investment. The results show that the relationship between financialization and corporate performance is inverted U-shaped, and the physical investment plays a partially intermediary role in the impact of financialization on corporate performance. Specifically, financialization affects corporate performance through "crowding-out" the physical investment. With the introduction of corporate financial constraints, we find that in case of high financial constraints, companies tend to allocate physical investment to financial investment due to limited funds, and the negative impact of financialization on corporate performance is magnified; in contrast, in case of low financial constraints, corporate financing channels are broadened and expanded, and financial income can "back-feed" the real economy, thus enhancing the positive effects of financialization on corporate performance. Furthermore, financial constraints both negatively regulate the financialization-physical investment nexus and the physical investment-corporate performance nexus.

Key words: financialization, financial constraint, physical investment, corporate performance

郭丽丽, 徐珊. 金融化、融资约束与企业经营绩效——基于中国非金融企业的实证研究[J]. 管理评论, 2021, 33(6): 53-64.

Guo Lili, Xu Shan. Financialization, Financial Constraint, and Corporate Performance——An Empirical Research Based on Non-financial Companies in China[J]. Management Review, 2021, 33(6): 53-64.

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