混合所有制改革如何影响企业金融化?——以云南白药为例
How Does the Mixed-Ownership Reform Affect Corporate Financialization
赵彦锋 1侯睿昕1
作者信息
- 1. 河南财经政法大学 会计学院,河南 郑州 450046
- 折叠
摘要
金融化对企业的消极影响凸显,探讨其影响因素以寻求精准治理路径具有现实意义.以云南白药为对象,分析混合所有制改革影响金融化的机制及经济后果,丰富了混合所有制改革影响金融化的研究,为优化混改路径、抑制金融化提供启示.研究发现,混合所有制改革促进了企业金融化,表现为国有企业引入民营股东后,金融资产比例、金融收益占比提高;作用机制包括混改引入管理者、产权结构与治理模式变动、融资约束加剧等.最终发现,金融化挤出了实体投资与创新产出,损害财务绩效及长远发展.
Abstract
The negative impact of financialization on enterprises have become prominent,so it is of practical significance to explore its influencing factors in order to identify precise governance approaches.Taking Yunnan Baiyao as the object,this paper analyzes the mechanism and economic consequences of mixed-ownership reform influencing financialization.It enriches the research on the impact of mixed ownership reform on financialization and provides insights for optimizing the path of mixed ownership reform and inhibiting financialization.The study finds that the mixed-ownership reform promotes corporate financialization,as evidenced by the increased proportion of financial assets and financial income after the introduction of private shareholders in state-owned enterprises.The mechanism includes the introduction of managers through mixed ownership reform,the change of property rights structure and governance model,and the intensification of financing constraints.Ultimately,it is found that financialization crowded out physical investment and innovation output,hurting financial performance and long-term development.
关键词
混合所有制改革/金融化/融资约束/高管金融背景Key words
mixed-ownership reform/financialization/financing constraints/executive finance background引用本文复制引用
基金项目
2023年河南省哲学社会科学规划年度项目(2023BJJ003)
2022年河南省本科高校研究性教学改革研究与实践项目(2022SYJXLX044)
河南省科技厅软科学计划项目(242400412001)
出版年
2024
NETL
NSTL
万方数据