金融理论与教学2024，Vol.42Issue(1)：1-12,12.
企业金融化对实业投资的影响研究
Research on the Influence of Enterprise Financialization on Industrial Investment:Mediation Effect and Threshold Characteristics
摘要
Abstract
In recent years,"diverting out of the real economy"has become a major challenge faced by physical enterprises.The enterprise financialization has suppressed the investment of physical enterprises in industrial assets,and financing constraint,as a mediator,has further exacerbated the negative impact of enterprise financialization on industrial investment.The research employs the data of China's A share listed companies from 2011 to 2021 and builds a fixed effect model to discuss the impact of enterprise financialization on industrial investment,and analyzes the role of financing constraint as a mediator between the two,and then discusses the nonlinear role of enterprise growth by constructing a threshold model.The research results show that:(1)The enterprise financialization has a crowding-out effect on industrial investment.(2)The enterprise financialization further intensifies the negative impact on industrial investment by strengthening financing constraints.(3)For enterprises with good growth,enterprise financialization promotes industrial investment in a certain range.Based on this,the research puts forward targeted suggestions:first,optimizing the financial structure system;second,improving the financial supervision system;third,strengthening effective government guidance;fourth,perfecting the corporate governance structure.关键词
企业金融化/实业投资/融资约束/中介效应/门槛效应Key words
enterprise financialization/industrial investment/financing constraint/mediation effect/threshold effect分类
管理科学引用本文复制引用
徐云松,吕林遥..企业金融化对实业投资的影响研究[J].金融理论与教学,2024,42(1):1-12,12.基金项目
中央高校基本科研业务费专项资金资助项目"中国企业金融化的机制与效应研究"(23YJ090001). （23YJ090001）
