国有资本收益上缴制度与企业金融化

State-owned Capital Gains Handover System and Enterprise Financialization

中文关键词:  国有资本收益上缴制度  企业金融化  融资约束  “蓄水池”功能  研发投入  挤出效应

英文关键词:state-owned capital gains handover system  enterprise financialization  financing constraint  “reservoir” function  R&D investment  crowding-out effect

中文摘要:

      近年来,“脱实向虚”已成为中国经济最为突出的结构性矛盾之一。基于2003—2019年央企控股上市公司数据,运用多期双重差分法,考察了国有资本收益上缴制度对央企控股上市公司金融化的影响。研究发现:国有资本收益上缴制度显著抑制了央企的金融化程度,且收益上缴比例越高,企业金融化程度越低,特别在央企控股上市公司配置长期金融资产时。同时,当企业面临较严重的融资约束时,金融资产的“蓄水池”功能占据主导地位,利润上缴对于央企控股上市公司金融化的抑制作用会被削弱。进一步研究发现,国有资本收益上缴比例的提升还能够有效缓解金融化对于企业研发投入的挤出效应。因此,政府应进一步健全国有资产管理体制,引导企业资金“由虚转实”,预防金融风险和提升经济发展质量。

英文摘要:

      In recent years, “being disengaged from real economy to fictitious economy” has become one of the prominent structural contradictions in China's economy. Based on the data of the central state-owned listed companies during the years from 2003 to 2019, using the multi-phase difference-in-differences method, this paper examines the influence of the state-owned capital gains handover system on the financialization in the central state-owned listed companies. This study shows that the state-owned capital gains handover system has a significant constraint in the financialization in the central state-owned listed companies, the higher the proportion of gains handover, the lower the financialization in the enterprise, particularly when a central state-owned controlling enterprise is in charge of the allocation of long-term financial assets. Meanwhile, when an enterprise is faced with severe financing constraint, the “reservoir” function of financial assets dominates, which would weaken the inhibiting effect of profit handover on the financialization of the central state-owned listed companies. Further study finds that the percentage increase of the state-owned capital gains handover system can effectively alleviate the crowding-out effect of financialization in the R&D investment of an enterprise. Therefore, the government should improve the mechanism of state-owned asset management, guide the enterprise capital to “turn from virtual economy to real economy”, prevent the financial risks and improve the quality of economic development. 