宏观经济不确定性对企业金融化的影响

Impact of Macroeconomic Uncertainty on Firm Financialization

中文关键词:  宏观经济不确定性  企业金融化  利润差距  主业盈利能力  实物期权价值  资本套利动机

英文关键词:macroeconomic uncertainty  firm financialization  profit gap  profitability of the main business  value of real options  capital arbitrage motives

中文摘要:

      近年来,中国微观企业金融化水平呈现持续递增趋势,企业过度金融化导致中国宏观经济出现了显著的“脱实向虚”问题。基于此,选取2011—2020年中国A股非金融类上市公司作为研究样本,实证检验了宏观经济不确定性对企业金融化的影响及其作用机制。研究发现,随着宏观经济不确定性的上升,企业金融化水平会显著提升；宏观经济不确定性通过拉大金融行业与实体行业的利润差距,进而导致企业金融化水平提升。调节效应分析表明,当企业的主业盈利能力较低时,宏观经济不确定性的上升会进一步加剧企业金融化水平。异质性分析表明,在竞争度较高的行业、制造业和东部地区中,宏观经济不确定性对企业金融化水平的正向影响更为显著。因此,在宏观经济不确定性增大背景下,政府更需要营造良好的实业投资环境,提升实体行业的利润率,从而引导产业资本回归实体经济。

英文摘要:

      In recent years, firm financialization has been continuously increasing in China, and the macroeconomy in China has driven the shift from the real to the virtual economy because of the excessive financialization of firms. Based on research samples of China's A-share non-financial listed firms from 2011 to 2020, this paper empirically tests the impact of macroeconomic uncertainty on firm financialization and its mechanism. The results show that macroeconomic uncertainty significantly improves firm financialization by widening the profit gap between the financial industry and the real industries. The moderating effect analysis shows that when the profitability of the main business is poor, the rise of macroeconomic uncertainty will exacerbate firm financialization. The heterogeneity analysis shows that macroeconomic uncertainty has a greater positive impact on the financialization of firms in high-competition industries, the manufacturing industry, and the eastern region. In this context of increasing macroeconomic uncertainty, the governments should create a good industrial investment environment and improve the profit rates of the real industries, so as to guide the return of industrial capital to the real economy.