贵州财经大学学报

贵州财经大学学报 ›› 2020 ›› Issue (03): 40-48.

• 金融经济 • 上一篇    下一篇

实体企业金融投资收益对中国宏观经济波动的影响分析

王帅1,2, 张友祥1,3   

  1. 1. 东北师范大学 经济学院, 吉林 长春 130117;
    2. 吉林省科技金融研究中心, 吉林 长春 130022;
    3. 潍坊科技学院 经济管理学部, 山东 寿光 262700
  • 收稿日期:2019-10-16 出版日期:2020-05-15 发布日期:2020-05-14
  • 作者简介:王帅(1984-),女,吉林白山人,经济学博士在读,副教授,研究方向为区域经济;张友祥(1971-),男,山东寿光人,经济学博士,教授,博士生导师,研究方向为区域经济。
  • 基金资助:
    吉林省社会科学基金项目"吉林省科技创新的金融支持研究"（2017JD31）。

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

WANG Shuai1,2, ZHANG You-xiang1,3   

  1. 1. School of Economics, Northeast Normal University, Changchun 130117, China;
    2. Science and Technology Center for Finance Research, Changchun 130022, China;
    3. Department of Economic Management, Weifang University of Science and Technology, Shouguang 262700, China
  • Received:2019-10-16 Online:2020-05-15 Published:2020-05-14

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摘要： 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。

关键词: 实体企业, 金融投资, 宏观经济波动, 多元回归模型, 过度金融化

Abstract: 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.

Key words: Real enterprise, financial investment, macroeconomic fluctuation, multiple regression model, over financing

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