| 摘要: |
| 摘要：实体企业的发展是助推经济高质量发展的重要引擎。然而，越来越多的实体企业开始配置金融资产，其经济后果值得深入研究。本文基于2012－2021年中国A股上市公司面板数据，实证检验实体企业金融化对全要素生产率的影响。结果表明，实体企业金融化对全要素生产率具有显著的负向影响，表明实体企业金融化“挤出”效应占主导。对投资不足的样本而言，实体企业金融化对其全要素生产率具有更强的抑制作用，这表明实体企业金融化非但没有扮演“蓄水池”角色，反而通过降低企业创新和商业信用的路径抑制了全要素生产率提升。此外，实体企业金融化也显著降低了高融资约束组企业的全要素生产率。研究结论对于丰富企业金融化以及提升全要素战略目标的实现具有重要的现实意义。 |
| 关键词: 关键词：实体企业金融化；全要素生产率；蓄水池效应；挤出效应 |
| DOI： |
| 分类号:F832.4 |
| 基金项目:基金项目：国家社会科学基金一般项目“金融科技增强金融普惠性的理论逻辑与路径优化研究”（21BJL086）；重庆市金融学会2023年两江金融基金项目课题年度课题“金融支持打造成渝科创走廊研究”（23LJND05）；重庆市社会科学规划项目“‘双碳’目标下中国农业资源配置扭曲与优化路径研究”（2022BS051）；重庆工商大学派斯学院2022年度校级科学研究项目“数字经济赋能重庆乡村产业振兴机制与实现路径研究”（KY202213）。 |
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| Financialization of Real Enterprises and Total Factor Productivity：“Reservoir” Effect or “Crowding Out” Effect? |
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LI Ya-mei1，HU Jiang-feng2，HUANG Qing-hua3,41,2,3,4
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1.（1.Pass College of Chongqing Technology and Business University;2.Chongqing Academy of Social Sciences Reform Magazine;3.School of Economics and Management,Southwest University;4.Institute of Intelligent Finance and Digital Economy,Southwest University）
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| Abstract: |
| Abstract：The development of real enterprises is an important engine to promote high-quality economic development,However,more and more physical companies have begun to allocate financial assets,and their economic consequences are worthy of in-depth research.Based on the panel data of Chinese A-share listed companies from 2010-2021,this article is empirical to inspect the impact of the financial melting of physical enterprises on the entire factor productivity.The results showed that the financial impact on the entire factors of physical enterprises had a significant negative impact,indicating that the financial “Crowding” effect of physical enterprises dominated.Especially for samples with insufficient investment,the financial melting of physical enterprises has a stronger inhibitory effect on its full factor productivity,which indicates that the financial melting of physical enterprises not only does not play the role of “Reservoir”,but instead reduces corporate innovation and commercial credit by reducing corporate innovation and commercial credit.Path suppressing the entire factor productivity improvement.In addition,the finance of physical enterprises has also significantly reduced the full factor productivity of high-financing constraint companies.The research conclusions have important practical significance for enriching the financialization of enterprises and improving the realization of the total factor strategic goals. |
| Key words: Key words：Financialization of Entity Enterprises;Total Factor Productivity;Reservoir Effect;Crowding Effect |
