企业金融化与生产效率

摘要/Abstract

摘要： 金融发展和经济增长关系之辩归根结底在于探索金融和经济均衡协调的发展路径。本文围绕非金融企业的金融投资行为与其生产效率的关系展开研究，客观地探讨了企业金融化的经济效应以及潜在影响机制和传导路径。结果显示，企业金融化与生产效率存在显著的倒U型关系，适度金融化能够助推企业生产效率改进，而过度金融化阻碍企业生产效率提升。中国上市公司金融资产的最优投资比重为13.1%，只有将企业金融化控制在适度的水平，规范金融投资行为，才能最大限度地发挥金融服务实体经济的职能，助力实体经济高质量发展。

关键词: 企业金融化, 生产效率, 适度金融化

Abstract: The relationship between financial development and economic growth essentially lies in exploring coordinated and balanced financial and economic development. Therefore, this article conducts research work at the microeconomic level on the relationship between the financial investment behaviour of non-financial companies and their productivity, and it objectively explores the economic effects and consequences of corporate financialisation, the heterogeneous impact on corporate productivity, and the potential impact mechanisms and transmission pathways. Through theoretical and empirical analysis, this paper demonstrates the existence of an inverted U relationship between corporate financialisation and productivity in the Chinese capital market. Moderate financialisation promotes improvement in corporate productivity, while excessive financialisation presents adverse effects. The study finds that the optimal proportion of investment in financial assets of listed companies within the Chinese market is 13.1%. Therefore, only by controlling corporate financialisation at a reasonable level, and regulating financial investment behaviours, can we maximise the functions of financial services and efficiently improve corporate productivity, thereby contributing to the high-quality development of the real economy.

Key words: corporate financialization, corporate productivity, moderate financial development

胡海峰, 窦斌, 王爱萍. 企业金融化与生产效率[J]. 世界经济, 2020, 43(1): 70-96.

Hu Haifeng, Dou Bin, Wang Aiping. Corporate Financialization and Productivity[J]. , 2020, 43(1): 70-96.

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