| 过度融资对企业“脱实向虚”的影响——来自A股非金融上市企业的证据 |
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| 引用本文：汤凌霄,陈亿,阳旸,黄玉婷.过度融资对企业“脱实向虚”的影响——来自A股非金融上市企业的证据[J].财经理论与实践,2026,(3):110-117 |
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| 中文摘要:依据2014—2022年A股非金融上市企业数据，考量过度融资对企业“脱实向虚”的影响。结果显示：企业过度融资通过增加金融资产配置加剧“脱实向虚”，国有企业、持有金融资产占比较少的企业表现更显著；企业金融资产持有水平与“脱实向虚”之间存在U形非线性关系。鉴于此，应加快金融供给侧结构性改革进度、加大创新型企业配置优质金融资源支持强度、加强上市公司投融资业务监管力度，提升金融服务实体经济质效。 |
| 中文关键词:投资风险 脱实向虚 金融资产 过度融资 |
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| Excessive Financing Demand and Enterprises’ Shift from Real to Virtual Economy: Evidence from A-share Non-financial Listed Companies |
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| Abstract:Based on the annual data of A-share non-financial listed enterprises from 2014 to 2022, this study analyzes the impact and mechanism of excessive financing demand on the “shift from real to virtual” tendency. The results show that excessive financing demand leads to the “shift from real to virtual”, and this conclusion remains valid after a series of robustness tests. Mechanism tests indicate that excessive financing further exacerbates the “shift from real to virtual” by increasing the allocation of financial assets. Heterogeneity analysis reveals that the impact of excessive financing on the “shift from real to virtual” is stronger in state-owned enterprises than in non-state-owned enterprises, and more pronounced in enterprises with a relatively low proportion of financial asset holdings. Additionally, the study finds a U-shaped nonlinear relationship between the level of financial asset holdings and the “shift from real to virtual”. In light of these findings, policy recommendations are proposed, including advancing structural reform on the financial supply side, strengthening supervision of investment and financing activities of listed companies, and ensuring that innovation-oriented enterprises have access to high-quality financial resources.Thereby enhancing the effectiveness and efficiency of financial services in supporting the real economy. |
| keywords:investment risk shift from real to virtual financial assets excessive financing |
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