摘要
本文利用2007-2014年间沪深A股上市公司数据和2016年版世界投入产出数据库(WIOD),考察了实体企业金融化对金融稳定的影响。首先,本文发现我国实体企业金融化行为具备显著传染效应,即部门同族企业的金融化策略对该企业产生显著正向影响。其次,基于实体企业金融化的部门同族传染效应,利用部门间投入产出关联检验发现实体企业金融化显著负向影响金融稳定,验证"实体企业金融化→金融稳定"风险传导机制。最后,本文进一步检验了金融市场通过影响企业金融化而间接"反哺"风险的动态影响,发现"金融市场风险→实体企业金融化→金融稳定"风险动态传导机制是存在的。本文研究为明晰我国经济"脱实向虚"现象背后的驱动因素以及潜在风险影响给出了一个较为系统的微观解释。
This paper uses the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2014 and the 2016 version of the World Input-Output Database(WIOD)to examine the impact of the financialization of entity enterprises on financial stability.First of all,this article finds that the financialization of Chinese entity enterprises has a significant contagious effect,that is,the financialization strategy of the same group of enterprises in the industry has a significant positive impact on the enterprise.Secondly,based on the industry peer contagion effect of the financialization of entity enterprises,this paper tests the inter-industry input-output correlation and finds that the financialization of entity enterprises significantly negatively affects financial stability,verifying the risk transmission mechanism of financialization of entity enterprises financial stability".Finally,this paper further examines the dynamic impact of the financial market indirectly"feed back"risks by influencing the financialization of entity enterprises,and finds that the dynamic transmission mechanism of financial market risk→financialization of entity enterprises financial stability"exists.The research in this paper provides a more systematic micro-explanation to clarify the driving factors behind the phenomenon of"removing the real to the virtual"in our country’s economy and the potential risk impact.
作者
刘景卿
李璐
Liu Jing-qing;Li Lu
出处
《经济学家》
CSSCI
北大核心
2021年第3期82-90,共9页
Economist
基金
中国博士后科学基金面上资助项目“我国实体企业金融化对金融稳定的影响及对策研究”(2019M661385)
国家社会科学基金青年项目“垂直专业化分工视角下逆全球化的波及效应与应对策略研究”(18CJY045)
关键词
实体企业金融化
金融稳定
部门同族传染效应
反哺风险
Financialization of Entity Enterprises
Financial Stability
Industry Peer Contagion Effect
Feedback Risks
作者简介
通讯作者:刘景卿,上海黄金交易所与复旦大学联合培养博士后;李璐,上海财经大学商学院博士研究生。
