产业链链主地位对企业金融化的影响研究

Research on the Influence of the Dominant Position of the Industrial Chain on the Financialization of Enterprises

摘要: 随着产业链现代化进程的加快，龙头企业在产业链资源整合和推动创新中的作用日益明显，然而，实体企业金融化的总体趋势可能对产业链长期发展带来挑战。基于金融数据库CSMAR (国泰安)中2018~2024年A股上市企业的数据，实证探究产业链链主地位对企业金融化的影响，结果表明，链主企业由于在供应链中的主导地位，可以显著降低企业金融化水平，同时，为了促进长期价值创造和加强链主企业在产业链中的地位，企业可以通过缓解融资约束和经营风险问题机制从而强化实体投资，降低企业金融化水平；异质性检验结果显示，国有企业享有政府政策支持，链主地位的抑制效果在非国有企业中更为显著。研究结果为链主企业引导实体企业脱虚向实和促进产融协同发展提供了理论依据。

Abstract: With the acceleration of the modernization process of the industrial chain, the role of leading enterprises in the integration of industrial chain resources and the promotion of innovation is becoming more and more obvious. However, the overall trend of the financialization of real enterprises may pose challenges to the long-term development of the industrial chain. Based on the data of A-share listed companies in the financial database CSMAR (CSMAR) from 2018 to 2024, this paper empirically explores the impact of the status of the chain leader of the industrial chain on the financialization of enterprises. The results show that the chain owner can significantly reduce the level of corporate financialization due to its dominant position in the supply chain. At the same time, in order to promote long-term value creation and strengthen the position of the chain owner in the industrial chain, enterprises can strengthen physical investment and reduce the level of corporate financialization by alleviating financing constraints and operational risk mechanisms. The results of heterogeneity test show that state-owned enterprises enjoy government policy support, and the inhibitory effect of chain leader status is more significant in non-state-owned enterprises. The research results provide a theoretical basis for the chain main enterprises to guide the entity enterprises to move from the virtual to the real and promote the coordinated development of industry and finance.