实体企业金融投资收益对中国宏观经济波动的影响分析

实体企业热衷于从金融市场获取投资收益，个别企业甚至出现了过度金融化的倾向，成为经济新常态大背景下的一种独特的经济现象。对2009~2018年我国宏观经济的发展动向及实体企业金融化的具体数据展开研究，并以同期沪深两市3567个有效面板数据为研究对象，建立一种多元回归统计分析模型，研究实体企业金融投资收益对宏观经济波动所产生的影响。实证分析结果表明，实体企业投资金融收益与宏观经济波动显著相关，这种过度金融投资行为增加了金融市场的不稳定性，给宏观经济的平稳发展带来了新的阻力。

An analysis of the impact of financial investment income of real enterprises on China's macroeconomic fluctuations

Real enterprises are keen to obtain investment income from the financial market, and some enterprises even tend to over finance, which has become a unique economic phenomenon under the background of the new normal of economy. This paper studies the development trend of China's macro-economy in the 10 years from 2009 to 2018, as well as the specific data of real enterprise financialization. Taking 3567 effective panel data of Shanghai and Shenzhen stock markets in the same period as the research object, a multiple regression statistical analysis model is established to study the impact of financial investment income of real enterprise on macro-economic fluctuation. The empirical analysis results show that the financial returns of the real enterprise investment are significantly related to the macroeconomic fluctuations. This kind of excessive financial investment behavior increases the instability of the financial market and brings new resistance to the stable development of the macroeconomic.