摘要
中国经济由高速增长阶段转向高质量发展阶段,加大金融对实体经济的支持力度对实现经济结构转型升级意义重大。基于这一背景,以2008—2018年中国A股上市公司为样本,从企业主营业务能力视角,审视金融发展对企业发展质量的影响机制。研究发现:金融发展整体上促进了企业发展质量提升,但这一效应具有异质性。企业主营业务能力作为中介渠道发挥遮掩效应,即企业主营业务能力提高能够促进企业发展质量提升,但金融发展抑制了企业主营业务能力从而遮掩了其正面效应。这与金融发展背景下企业金融资产配置对主营业务产生的负面影响有关。由此提出应当逐步优化金融结构并促进资本市场健康发展,从而减少信息不对称和资本错配,使金融发展真正服务于实体经济。
China’s economy is undergoing a change from the stage of high-speed growth to high-quality development,during which strengthening supports of finance for the real economy is vital for achieving economic transformation and upgrading.Base on this background,Chinese A-listed firms during 2008 to 2018 is used as samples in this paper to study the overall influence of financial development on firm development quality as well as the influencing mechanism from the perspective of main business ability.Overall positive effect of financial development on firms’development quality is found,with some heterogeneity being discovered.The suppressing effect of main business ability is revealed as a mediating channel.While financial development is beneficial for firms’development quality,it also poses threat on firms’main business,therefore illustrates a suppressing effect,which is in relation to the negative effect of financial asset on main business under financial development.It is necessary to optimize financial structure and promote healthy development of capital market to decrease information asymmetry and capital misallocation,so as to realize the serving function of financial development on the real economy.
作者
张倩肖
李佳霖
董嘉昌
ZHANG Qianxiao;LI Jialin;DONG Jiachang(School of Economics and Finance, Xi’an Jiaotong Unversity, Xi’an 710061, China)
出处
《当代经济科学》
CSSCI
北大核心
2021年第6期89-98,共10页
Modern Economic Science
基金
国家社会科学基金一般项目“产业共生视角下中国对‘一带一路’国家产业转移模式及演化路径研究”(18BJY002)。
关键词
金融发展
企业发展质量
主营业务
金融化
脱实向虚
financial development
firm development quality
main business
financialization
from real to fictitious
