实体企业金融化与债务融资成本——基于沪深两市制造业企业的实证分析
Financialization of Entity Enterprises and the Cost of Debt Financing—Research Based on Manufacturing Enterprises in Shanghai and Shenzhen Stock Markets

本文基于2012到2021年沪深两市制造业企业数据，探究企业金融化对债务融资成本的影响及其影响路径，并进一步考察不同期限的金融资产配置对企业债务融资成本影响的差异性。研究结果表明：总体上，企业金融化程度的提升显著提高了其面临的债务融资成本。进一步来讲，企业长期金融资产配置增加会导致经营风险升高，进而引起债务融资成本上升；而短期金融资产的分配具有明显的“蓄水池”效应，通过降低企业的经营风险减少其债务融资成本。本文的研究拓展了实体企业金融化方面的研究视角，有助于更全面地认识实体企业金融化带来的影响，对引导企业合理配置金融资产、推动国内经济高质量发展具有一定的现实启示。
This study is based on manufacturing enterprise data from the Shanghai and Shenzhen stock markets from 2012 to 2021. It explores the impact of corporate financialization on the cost of debt financing and its influencing pathways. Furthermore, the study examines the differential effects of financial asset allocation with different time horizons on the cost of corporate debt financing. The research findings indicate that, overall, the increased level of corporate financialization significantly raises the cost of debt financing. Specifically, an increase in the allocation of long-term financial assets by enterprises leads to higher operational risks, subsequently causing an increase in the cost of debt financing. On the other hand, the allocation of short-term financial assets exhibits a distinct “reservoir” effect, reducing operational risks and, in turn, lowering the cost of debt financing. This study broadens the research perspective on the financialization of real enterprises, contributing to a more comprehensive understanding of the implications of corporate financialization. It provides practical insights for guiding enterprises in rational financial asset allocation and promoting high-quality development in the domestic economy.