宏观审慎政策如何影响企业金融化?

本文分析了宏观审慎政策对企业金融化的影响及其传导机制,研究发现,宏观审慎政策通过限制银行信贷影响企业从事投资活动的资金来源,进而抑制企业的金融投资。这一过程可以概括为"宏观审慎政策-银行信贷-企业金融化"。本文以2000-2016年沪深两市A股非金融行业上市公司的年度财务数据为样本,进行实证分析,结果表明,宏观审慎政策能够显著降低非金融企业的金融投资增长率,有利于抑制企业金融化趋势,回归主营业务,避免经济脱实向虚。考察不同的宏观审慎工具,本文发现,相比于准备金要求,贷款价值比工具对降低企业金融投资增长率的作用更显著。本文通过中介效应检验,验证了银行信贷是宏观审慎政策影响企业金融化的部分中介变量,其中介效应在总效应中占比约为20%。

How Does Macro-Prudential Policy Affect the Financialization of Enterprises?

This paper analyses the influence of macro-prudential policy on the financialization of enterprises. Theoretically,macro-prudential policy have impacts on loans from banks, through which restricting investment activities of enterprises. Consequently, financial investments of enterprises are limited by macro-prudential policy. The mechanism is summarized as"macro-prudential policy-bank credit financialization of enterprises".Based on the annual financial data of A-share non-financial listed companies in Shanghai and Shenzhen Stock Exchanges from 2000 to 2016, this paper tests the relationship between macro-prudential policy and financialization of enterprises. Further, we study the mediating effect of loans and the impacts of economic conditions.The empirical results are as follows. First, macro-prudential policy significantly depresses the growth rate of financial investment of enterprises. Second, there are significant differences in the impacts of different macro-prudential instruments on financialization. Compared with reserve requirements, limits on loan-to-value ratio have a greater impact on the speed of financialization. Third, loan is a partial mediation for macro-prudential policy and financialization of enterprises. The mediating effect accounts for about 20% of the total effect. Fourth, the speed of financialization of enterprises with loose financing constraints are more affected by macro-prudential policies than those with tight constraints. Finally, the depressing effect of macro-prudential policy is stronger under better economic conditions, such as higher economic growth, higher monetary growth and higher asset prices.For the implementation of macro-prudential policy, this article suggests that the policy should be taken into full consideration when investments in financial activities are overheated since the depressing effect of macro-prudential policy is evidenced. In addition, not only the direction and degree of policy, but also the economic condition in which the policy is implemented have influences on the effectiveness of the policy. Noticing that macro-prudential policy and monetary policy may have different impacts on the same economic variable, it is important to coordinate and cooperate these policies, thus obtaining the consistency of policy orientation.