金融化对实体企业风险承担的影响研究
中文摘要
近年来，我国实体经济“脱实向虚”的现象日益明显，在实体投资收益率逐
渐下降的情况下，实体企业将越来越多的资金用于金融投资，并过于依赖金融投
资获取的收益，导致企业出现减少实体投资，忽视主业发展，创新动力不足等问
题，进一步增大了企业收益的不稳定性，从而形成恶性循环，影响企业的长期价
值提升。而实体企业风险承担作为宏观经济风险的重要组成部分，反映了企业决
策时的风险偏好，并深刻影响着实体企业主营业务未来发展的稳定性。因此，深
入研究金融化对实体企业风险承担水平的影响，对实现实体经济的稳定健康发展
具有重要意义。
本文选取 2010-2021年中国沪深 A股上市实体企业的数据作为样本，使用经
行业调整后资产收益率的三年滚动标准差衡量企业风险承担水平，金融资产规模
占资产总额的比重衡量企业金融化水平，通过实证探究金融化对实体企业风险承
担的影响。本文首先检验了金融化对实体企业风险承担水平的线性影响，并探究
二者之间是否存在非线性的二次关系，然后分别考察了不同企业产权性质、行业
性质以及货币政策环境下这种影响的异质性。本文的研究结论表明：（1）实体企
业金融化的“挤出”效应占主导，显著提升了企业的风险承担水平；（2）相对于
国有企业，非国有企业的金融化行为对其风险承担水平的提升作用更为显著；（3）
相对于低技术密集型行业的企业，高技术密集型行业的企业金融化行为对其风险
承担水平的扩大作用更加明显；（4）宽松的货币政策环境会削弱金融化对实体企
业风险承担水平的提升效应。
根据以上相关结论，本文分别从政府和企业角度提出了针对性的建议：政府
应帮助实体企业建立实时风险预警系统和防范机制，并针对企业金融投资行为实
施差异化监管，同时疏通货币政策传导机制，引导实体企业“脱虚向实”；实体
企业应减少以投机为动机的金融投资，回归实体投资和主业经营，积极进行技术
创新，增强自身的风险控制能力。
关键词：企业金融化，企业风险承担，实体经济，货币政策环境
I
A STUDY ON THE IMPACT OF FINANCIALIZATION
ON THE RISK ASSUMPTION OF REAL ENTERPRISES
Abstract
In recent years, China's real economy "to take off the real to virtual" increasingly
obvious trend, in the real rate of return on investment gradually decline, entity
enterprise will be a large amount of capital investment in financial assets, and too
dependent on financial channels to obtain benefits, resulting in reduce physical
investment companies, the main waste, lack of innovation power It further increases
the volatility of the overall earnings of real enterprises, thus forming a vicious circle,
which is ultimately not conducive to the long-term value improvement of enterprises.
In addition, the financialization of real enterprises increases the linkage of risks
between the real sector and the virtual economic sector, which is not conducive to the
stability of future earnings of enterprises, further aggravates the overall level of risk
taking of enterprises, and is not conducive to the sound development of enterprises.
The real economy is the lifeblood of China's economic development, and also the
foundation for China's economy to win the initiative in international economic
competition. In-depth study on the impact of financialization on the risk taking level
of real enterprises is of great significance to realize the stable development of real
economy and promote the high-quality development of economy.
Based on the 2010-2020 China's Shanghai and Shenzhen A-share listed entity
enterprise's financial data as sample, using the industry after the third phase of rolling
standard deviation of the return on assets adjustment measure entity enterprise risk
bearing level,the proportionof financialassets tototal assets measurethe
financialization of entity enterprise level, makes A research on the financialization
entity enterprise riskexposures. First, this papertests the positive impactof
financialization of entity enterprises on their risk taking level, and then investigates
the difference of such impact under different property rights, industry nature and
monetary policy. The conclusions of this paper are as follows :(1) the "crowding out"
effect of financialization is dominant, which significantly improves the risk taking
II
levelofrealenterprises;(2)Comparedwithstate-ownedenterprises,the
financialization behavior of non-state-owned enterprises plays a greater rolein
improving their risk taking level; (3) Compared with enterprises in low-technology
intensive industries, high-tech intensive industries.
Keywords: financialization of enterprises, enterprise riskbearing, the real
economy, monetary policy environment
III