| 摘要: |
| 近年来，我国传统实体产业的发展出现利润率下降、成本上升等一系列问题。在利益的驱使下，非金融企业的金融投资额逐渐上升，企业金融化趋势明显。伴随着企业金融化程度的加深，大量资金从实体经济流入资产市场，进而会影响资产价格。本文基于2007－2019年A股上市公司的季度数据，运用VECM模型研究企业金融化程度加深对资产价格的影响。研究结果表明，企业金融化程度的上升会推动股票价格上涨。企业金融化与房地产价格之间互为格兰杰因果关系，即企业金融化程度的上升会提升房地产价格，房价的上升反过来也会推动企业金融化程度的加深。 |
| 关键词: 企业金融化；股票价格；房地产价格 |
| DOI： |
| 分类号:F832 |
| 基金项目:国家社会科学基金项目“非金融企业影子银行化对我国金融稳定的影响研究”（18BJY243）。 |
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| Impact of Corporate Financialization on Asset Prices——Research Based on China’s Stock Price and House Price |
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XIAO Qi，HUANG Ze-bin
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South China University of Technology School of Economics and Finance
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| Abstract: |
| In recent years，the development of our country's traditional physical industries has encountered a series of problems such as falling profit margins and rising costs.Driven by interests，the amount of financial investment of non financial companies has gradually increased，and the trend of corporate financialization is obvious.With the deepening of corporate financialization，a large amount of capital flows from the real economy into the asset market，which has a certain impact on asset prices.Therefore，based on the quarterly data of A share listed companies from 2007 to 2019，this article uses the VECM model to analyze the impact of deeper corporate financialization on asset prices.The results of the study show that the increase in the degree of financialization will promote the rise of stock prices；there is a Granger causality between corporate financialization and house prices，that is，the increase in corporate financialization will increase house prices，and the increase in housing prices will in turn promote the deepening of corporate financialization. |
| Key words: Corporate Financialization;Stock Price;House Price |
