摘要
党的二十大报告明确提出实现高质量发展是中国式现代化的本质要求,而保持金融与实体经济协调是实现高质量发展的内在要求。近年来,作为实体经济细胞的实体企业,在多重因素的叠加影响下,金融资产投资的比重逐年加大,出现实体企业金融化的现象。本文以我国中药行业龙头企业云南白药作为研究对象,发现云南白药金融化的驱动因素主要是高管的金融背景、股权激励的实施和充沛的现金流,产生的经济后果主要有:金融化会抑制研发能力,进而对主业产生负面影响,会引发市场的反应,造成企业价值的下降。通过此研究,本文为如何正确引导实体企业避免过度金融化,防范可能发生的系统性金融风险,促进实体经济的健康发展提供了参考。
The Report to the 20th National Congress of the Communist Party of China clearly states that achieving high-quality development is an essential requirement of Chinese-style modernization,while maintaining the coordination between finance and the real economy is an inherent requirement for realizing high-quality de velopment.In recent years,affected by the superposition of multiple factors,real enterprises—regarded as the basic units of the real economy—have steadily increased the proportion of their investments in financial assets,giving rise to the phenomenon of the financialization of real enterprises.Taking Yunnan Baiyao,a leading enterprise in China's traditional Chinese medicine industry,as the research object,this paper finds that the main driving factors behind Yunnan Baiyao's financialization are the financial background of senior executives,the implementation of equity incentives,and abundant cash flow.The primary economic consequences are as follows:financialization inhibits the company's R&D capabilities,thereby exerting a negative impact on its core business;it also triggers market reactions,leading to a decline in enterprise value.Through this research,this paper provides references for correctly guiding real enterprises to avoid excessive financialization,preventing potential systemic financial risks,and pr omoting the he althy de velopment of the r eal economy.
作者
杨慧辉
陈盛洋
赵鑫
Yang Huihui;Chen Shengyang;Zhao Xin
出处
《管理会计研究》
2025年第6期65-77,共13页
MANAGEMENT ACCOUNTING STUDIES
基金
国家社会科学基金一般项目(19BGL069)的资助。
关键词
实体企业金融化
驱动因素
经济后果
Financialization of R eal Enterprises
Driving Factors
Economic Consequences
