中北大学学报（社会科学版）2024，Vol.40Issue(2)：46-53,62,9.DOI:10.3969/j.issn.1673-1646.2024.02.007
科技金融对实体企业金融化的影响
Impact of Sci-Tech Finance on the Financialization of Entity Enterprises:Mesomeric Effect Based on Financing Constraints
摘要
Abstract
The financialization of entity enterprises in China is becoming increasingly severe.As a new type of financial innovation,the role of sci-tech finance in either promoting or inhibiting the development of financialization in entity enterprises has become an important issue.Based on the data from A-share listed entity enterprises from 2011 to 2021,a two-way fixed-effects model is constructed to empirically test the impact of the level of development of sci-tech finance on the financialization of entity enterprises.Through intermediary effect tests,this paper analyzes the role of financing constraints between the two.Through the benchmark regression,it is found that the development of sci-tech finance has a significant positive promot-ing effect on the financialization of entity enterprises.The heterogeneity tests show that the promoting effect of sci-tech finance on the financialization of entity enterprises is more pronounced in the western region,large-scale enterprises,and non-state-owned enterprises.The intermediary effect tests show that sci-tech finance mainly exacerbates the degree of financialization in entity enterprises by alleviating the financing con-straints of businesses.The research conclusions reveal the potential negative impact of sci-tech finance on the real economy,emphasizing the need to promote the development of sci-tech finance under reasonable financial regulations to prevent entity enterprises from shifting towards the virtual sector.关键词
科技金融/企业金融化/融资约束/实体企业Key words
sci-tech finance/financialization of enterprises/financing constraints/entity enterprises分类
经济学引用本文复制引用
文逸凤,张克勇,董瀚..科技金融对实体企业金融化的影响[J].中北大学学报（社会科学版）,2024,40(2):46-53,62,9.基金项目
山西省科技战略研究专项:科技金融推动山西省实体经济高质量发展的机制与对策研究(202204031401101) （202204031401101）
教育部人文社会科学研究青年基金项目:制造业数字化与劳动就业和工资:机理、经验证据与对策研究(22YJC790142). （22YJC790142）
