关键词: 社会信用环境, 金融化, 代理问题, 经营风险, 融资约束

Abstract: Excessive financialization of enterprises will threaten the balance of macroeconomic structure and the smooth operation of the real economy. By making use of the name list of the credit-losing persons subjected to enforcement by the Supreme People’s Court, this paper examines the impact of social credit on corporate financialization and its mechanism. The findings show that social credit loss will aggravate corporate financialization, and that the level of marketization and the financing environment can alleviate the positive correlation between social credit loss and corporate financialization. The results of further research on the intermediary mechanism show that social credit loss will exacerbate the agency problems of enterprises and increase the financing constraints on enterprises, thereby increasing the degree of corporate financialization. Therefore, it is necessary to improve the new credit-based supervision mechanism, integrate and improve the social credit information system, and establish and improve the coordination and linkage mechanism and the joint punishment mechanism for finding out the credit-losing persons subjected to enforcement.

Key words: social credit environment, financialization, agency issues, business risks, financing constraints