企业金融化一定会挤出实业投资吗——基于中国A股非金融上市公司的实证分析

当代财经 ›› 2020, Vol. 0 ›› Issue (7): 63-74.

企业金融化一定会挤出实业投资吗——基于中国A股非金融上市公司的实证分析

严武¹, 李明玉^1,2

1.江西财经大学金融学院,江西南昌 330013;
2.南昌理工学院财经学院,江西南昌 330044

收稿日期:2020-01-06 修回日期:2020-03-19 出版日期:2020-07-15 发布日期:2020-12-10
通讯作者: 李明玉,江西财经大学博士研究生,南昌理工学院讲师,主要从事资本市场与公司金融研究,联系方式goldfinder@163.com。
作者简介:严武,江西财经大学教授,博士生导师,主要从事资本市场与公司金融研究。
基金资助:
江西省社会科学“十三五”规划项目“上市公司参与设立并购基金行为与绩效研究”（16YJ18）; 江西省高校人文社会科学研究项目“绿色金融市场化融资与推动江西省生态文明试验区建设的作用研究”（JJ162029）

Will Financialization of Enterprises Surely Crowd out Industrial Investment? An Empirical Analysis Based on China's A Share Non-Financial Listed Companies

YAN Wu¹, LI Ming-yu^1,2

1. Jiangxi University of Finance and Economics, Nanchang 330013;
2. Nanchang Institute of Technology, Nanchang 330044, China

Received:2020-01-06 Revised:2020-03-19 Online:2020-07-15 Published:2020-12-10

摘要/Abstract

摘要： 实业投资率下降和金融化率上升,是目前中国企业投资结构的典型特征。基于2007—2018年中国A股非金融（含非房地产）上市公司的实证研究表明,企业金融化对实业投资的相关效应是依赖一定条件而产生的。从投资资金的需求角度看,金融化存量会对当期实业投资产生“挤出效应”,主要发生在低股利分配公司,且不具有持续性;从投资资金的供给角度看,金融化流量会对下期实业投资产生“蓄水池效应”,主要发生在较高股利分配公司。因此,企业应合理配置金融资产在总资产中的结构比例,更好地发挥金融收益对实业投资的“蓄水池效应”;政府应鼓励灵活化的股利分配方式和加强信息披露,增强企业的实业投资意愿,同时提高金融改革和货币政策的针对性和实施效率。

关键词: 企业金融化, 实业投资, 挤出效应, 蓄水池效应, 融资约束

Abstract: The decline of industrial investment rate and the rise of financialization rate are the typical characteristics of the investment structure of the enterprises in China. An empirical study of China's A-share non-financial (including non-real-estate) listed companies from 2007 to 2018 conducted by this paper shows that the correlation effect of business financialization on industrial investment depends on certain conditions. From the perspective of the demand for investment funds, the stock of financialization will produce a“crowding out effect”on the current industrial investment, which mainly occurs in low-dividend distributing companies and is not sustainable. From the perspective of the supply of investment funds, the flow of financialization will produce a“reservoir effect”on the next period of industrial investment, which mainly occurs in high-dividend distributing companies. Therefore, enterprises should reasonably allocate the proportion of financial assets in the total assets to better play the “reservoir effect” of financial return on industrial investment. The government should encourage the flexible dividend distribution mode and enhance information disclosure, stimulate the enterprises' willingness for industrial investment, and meanwhile improve the pertinence and implementing efficiency of the financial reform and the monetary policy.

Key words: enterprises financialization, industrial investment, crowding-out effect, reservoir effect, financing constraint

中图分类号:

F275.1

严武, 李明玉. 企业金融化一定会挤出实业投资吗——基于中国A股非金融上市公司的实证分析[J]. 当代财经, 2020, 0(7): 63-74.

YAN Wu, LI Ming-yu. Will Financialization of Enterprises Surely Crowd out Industrial Investment? An Empirical Analysis Based on China's A Share Non-Financial Listed Companies[J]. Contemporary Finance & Economics, 2020, 0(7): 63-74.

参考文献

[1] Arrighi G.The Long Twentieth Century: Money, Power, and the Origins of Our Times[M]. London: Verso, 1994: 97-110.
[2] Krippner G.R. The Financialization of the American Economy[J]. Socio-Economic Review, 2005, 3(2): 173-208.
[3] Orhangazi ö.Financialisation and Capital Accumulation in the Non-financial Corporate Sector: A Theoretical and Empirical Investigation on the US Economy: 1973—2003[J]. Cambridge Journal of Economics, 2008, 32(6): 863-886.
[4] Demir F. Financial Liberalization, Private Investment and Portfolio Choice: Financialization of Real Sectors in Emerging Markets[J]. Journal of Development Economics, 2009, 88(2): 314-324.
[5] Tori D., Onaran ö.The Effects of Financialisation and Financial Development on Investment: Evidence from Firm-level Data in Europe[R]. Greenwich Political Economy Research Centre Working Paper, 2017.
[6] 胡奕明,王雪婷,张瑾. 金融资产配置动机:“蓄水池”或“替代”?——来自中国上市公司的证据[J]. 经济研究, 2017, (1): 181-194.
[7] 张成思,张步昙. 中国实业投资率下降之谜:经济金融化视角[J]. 经济研究, 2016, (12): 32-46.
[8] Stulz R.M. Rethinking Risk Management[J]. Journal of Applied Corporate Finance, 1996, 9(3): 8-25.
[9] Cleary S.The Relationship between Firm Investment and Financial Status[J]. The Journal of Finance, 1999, 54(2): 673-692.
[10] Duchin R.Cash Holdings and Corporate Diversification[J]. The Journal of Finance, 2010, 65(3): 955-992.
[11] Baud C., Durand C.Financialization, Globalization and the Making of Profits by Leading Retailers[J], Socio-Economic Review, 2012, 10(2): 241-266.
[12] Kliman A., Williams S.D. Why‘Financialisation'Hasn't Depressed US Productive Investment[J]. Cambridge Journal of Economics, 2015, 39(1): 67-92.
[13] 托马斯·I.帕利. 金融化:涵义和影响[J]. 房广顺,车艳秋,徐明玉,译. 国外理论动态,2010,(8): 8-20.
[14] Modigliani F., Miller M.The Cost of Capital, Corporation Finance, and the Theory of Investment: Reply[J]. The American Economic Review, 1959, 49(4): 655-669.
[15] Myers S.The Capital Structure Puzzle[J]. The Journal of Finance, 1984, 39(3): 575-592.
[16] 廖理,方芳. 管理层持股、股利政策与上市公司代理成本[J]. 统计研究, 2004, (12): 27-30.
[17] 连玉君,程建. 投资—现金流敏感性:融资约束还是代理成本?[J]. 财经研究, 2007, (2): 37-46.
[18] Fazzari S.M., Hubbard R. G., Petersen B. C., Blinder A. S., Poterba J. M. Financing Constraints and Corporate Investment[J]. Brookings Papers on Economic Activity, 1988, 19(1): 141-206.
[19] Crotty J.R. Owner-Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin, and Minsky[J]. Journal of Post Keynesian Economics, 1990, 12(4): 519-542.
[20] Stockhammer E.Financialisation and the Slowdown of Accumulation[J]. Cambridge Journal of Economics, 2004, 28(5): 719-741.
[21] 陈波. 经济金融化:涵义、发生机制及影响[J]. 复旦学报(社会科学版),2018,(5):159-169.
[22] 张成思,刘贯春. 中国实业部门投融资决策机制研究——基于经济政策不确定性和融资约束异质性视角[J]. 经济研究, 2018, (12): 51-67.
[23] 刘小玄,周晓艳. 金融资源与实体经济之间配置关系的检验——兼论经济结构失衡的原因[J]. 金融研究,2011,(2): 57-70.
[24] Jensen M.Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers[J]. The American Economic Review, 1986, 76(2): 323-329.
[25] 王红建,曹瑜强,杨庆,杨筝. 实体企业金融化促进还是抑制了企业创新——基于中国制造业上市公司的经验研究[J]. 南开管理评论, 2017,(1): 155-166.
[26] Huang B.N., Hwang M. J., Yang C. W. Causal Relationship between Energy Consumption and GDP Growth Revisited: A Dynamic Panel Data Approach[J]. Ecological Economics, 2008, 67(1): 41-54.
[27] Rodrik D.Policy Uncertainty and Private Investment in Developing Countries[J]. Journal of Post Development Economics, 1991, 36(2): 229-242.
[28] Alstadsaeter A., Jacob M., Michaely R.Do Dividend Taxes Affect Corporate Investment?[J]. Journal of Public Economics, 2017,151: 74-83.
[29] 许圣道,王千. 基于全象资金流量观测系统的虚拟经济与实体经济的协调监管思路[J]. 中国工业经济, 2007,(5): 13-21.
[30] Biddle G.C., Hilary G., Verdi R. S. How Does Financial Reporting Quality Relate to Investment Efficiency?[J]. Journal of Accounting and Economics, 2009, 48(2-3): 112-131.
[31] 靳庆鲁,孔祥,侯青川. 货币政策、民营企业投资效率与公司期权价值[J]. 经济研究, 2012, (5): 96-106.
[32] 喻坤,李治国,张晓蓉,徐剑刚. 企业投资效率之谜:融资约束假设与货币政策冲击[J]. 经济研究, 2014, (5): 106-120.
[33] Petersen M.A. Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches[J]. The Review of Financial Studies, 2009, 22(1): 435-480.
[34] Arellano M., Bond S.Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations[J]. The Review of Economic Studies, 1991, 58(2): 277-297.