财经理论与实践2026，Vol.47Issue(3)：110-117,8.DOI:10.16339/j.cnki.hdxbcjb.2026.03.013
过度融资对企业"脱实向虚"的影响
Excessive Financing Demand and Enterprises' Shift from Real to Virtual Economy:Evidence from A-share Non-financial Listed Companies
摘要
Abstract
Based on the annual data of A-share non-financial listed enterprises from 2014 to 2022,this study analyzes the impact and mechanism of excessive financing demand on the"shift from real to virtual"tendency.The results show that excessive financing demand leads to the"shift from real to vir-tual",and this conclusion remains valid after a series of robustness tests.Mechanism tests indicate that excessive financing further exacerbates the"shift from real to virtual"by increasing the allocation of fi-nancial assets.Heterogeneity analysis reveals that the impact of excessive financing on the"shift from re-al to virtual"is stronger in state-owned enterprises than in non-state-owned enterprises,and more pro-nounced in enterprises with a relatively low proportion of financial asset holdings.Additionally,the stud-y finds a U-shaped nonlinear relationship between the level of financial asset holdings and the"shift from real to virtual".In light of these findings,policy recommendations are proposed,including advancing structural reform on the financial supply side,strengthening supervision of investment and financing ac-tivities of listed companies,and ensuring that innovation-oriented enterprises have access to high-quality financial resources.Thereby enhancing the effectiveness and efficiency of financial services in supporting the real economy.关键词
投资风险/脱实向虚/金融资产/过度融资Key words
investment risk/shift from real to virtual/financial assets/excessive financing分类
管理科学引用本文复制引用
汤凌霄,陈亿,阳旸,黄玉婷..过度融资对企业"脱实向虚"的影响[J].财经理论与实践,2026,47(3):110-117,8.基金项目
国家自然科学基金项目(72473041、72103064)、湖南省普通高等学校教学改革研究重点项目(HNJG-2022-0052)、湖南省自然科学基金(2024JJ5280) （72473041、72103064）
