| 政治关联加剧了企业金融化吗——来自中国民营企业的经验证据 |
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| 引用本文：毛振华1，谭 曼2，曾淑桂2.政治关联加剧了企业金融化吗——来自中国民营企业的经验证据[J].湖南大学学报社会科学版,2022,(2):35-42 |
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| 中文摘要:以2007-2017年中国A股民营上市企业为研究样本，采用面板固定效应模型，实证检验了政治关联对企业金融化的影响及其作用机制。研究发现：政治关联加剧了企业金融化，在考虑内生性、改变政治关联和企业金融化的衡量方式、更换样本等稳健性检验后，上述结论仍然成立；机制分析表明，抑制全要素生产率和降低企业绩效是政治关联影响企业金融化的重要方式；异质性分析显示，政治关联对企业金融化的影响在高壁垒行业和产能过剩行业更为突出。 |
| 中文关键词:政治关联 金融化 全要素生产率 脱实向虚 |
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| Political Connection Exacerbates Corporate Financialization？ Evidence from China’s Private Enterprises |
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| Abstract:Using China’s A-share private listed companies over the period of 2007-2017, this study examines the impact of political connection on the financialization of firms and its main channels. We find that political connection intensifies the financialization of firms, and the results hold after a series of robustness checks. The mechanism analysis shows that political connection intensifies the financialization of firms by restraining total factor productivity and reducing firm performances. And heterogeneity analysis shows that the impact of political connection on the financialization of firms is more prominent in high-barrier and overcapacity industries. |
| keywords:political connection financialization TFP off the real to the virtual |
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