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<article xsi:noNamespaceSchemaLocation="http://jats.nlm.nih.gov/publishing/1.1/xsd/JATS-journalpublishing1-mathml3.xsd" dtd-version="1.1" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><front><journal-meta><journal-id journal-id-type="publisher-id">SE</journal-id><journal-title-group><journal-title>Society and Economy</journal-title></journal-title-group><issn>2995-4959</issn><eissn>2995-4975</eissn><publisher><publisher-name>Art and Technology</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.61369/SE.2026030044</article-id><article-categories><subj-group subj-group-type="heading"><subject>Article</subject></subj-group></article-categories><title>企业金融化对实业投资的影响研究</title><url>https://artdesignp.com/journal/SE/4/3/10.61369/SE.2026030044</url><author>刘利丽</author><pub-date pub-type="publication-year"><year>2026</year></pub-date><volume>4</volume><issue>3</issue><history><date date-type="pub"><published-time>2026-03-20</published-time></date></history><abstract>本文基于2009-2018年沪深A 股非金融上市公司数据，从金融收益与支出双维度实证考察了企业金融化对实业投资的影响机制。研究发现，企业金融化程度加深显著抑制了实业投资，表现出明显的&amp;ldquo;挤出效应&amp;rdquo;。本研究为厘清实体经济投资困境提供了微观证据，并对政府引导资本&amp;ldquo;脱虚向实&amp;rdquo;具有现实参考价值。</abstract><keywords>企业金融化,实业投资,挤出效应</keywords></article-meta></front><body/><back><ref-list><ref id="B1" content-type="article"><label>1</label><element-citation publication-type="journal"><p>[1]Stockhammer E. Financialisation and the slowdown of accumulation[J]. Cambridge Journal of Economics, 2004, 28(5): 719-741.[2]Orhangazi &amp;Ouml;. Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973&amp;ndash;2003[J].Cambridge Journal of Economics, 2008, 32(6): 863-886.[3]Demir F. Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets[J]. Journal of Development Economics, 2009,88(2): 314-324.[4] 张慕濒, 孙亚琼. 金融资源配置效率与经济金融化的成因&amp;mdash;&amp;mdash;基于中国上市公司的经验分析[J]. 经济学家,2014,(04):81-90.[5] 张成思, 张步昙. 中国实业投资率下降之谜: 经济金融化视角[J]. 经济研究,2016,51(12):32-46.[6] 刘笃池, 贺玉平, 王曦. 企业金融化对实体企业生产效率的影响研究[J]. 上海经济研究,2016,(08):74-83.[7] 彭俞超, 韩珣, 李建军. 经济政策不确定性与企业金融化[J]. 中国工业经济,2018,(01):137-155.[8] 张昭, 朱峻萱, 李安渝. 企业金融化是否降低了投资效率[J]. 金融经济学研究,2018,33(01):104-116.[9]Denis D J, Sibilkov V. Financial constraints, investment, and the value of cash holdings[J]. The Review of Financial Studies, 2010, 23(1): 247-269.[10]Aivazian V A, Ge Y, Qiu J. The impact of leverage on firm investment: Canadian evidence[J]. Journal of Corporate Finance, 2005, 11(1-2): 277-291.[11]Kliman A, Williams S D. Why &amp;lsquo;financialisation&amp;rsquo;hasn&amp;rsquo;t depressed US productive investment[J]. Cambridge Journal of Economics, 2015, 39(1): 67-92.[12] 钱浩. 经济金融化对中国实业投资的挤出效应研究[D]. 安徽财经大学,2018.[13]Tori D, Onaran &amp;Ouml;. The effects of financialization on investment: evidence from firm-level data for the UK[J]. Cambridge Journal of Economics, 2018, 42(5): 1393-1416.[14] 胡奕明, 王雪婷, 张瑾. 金融资产配置动机:&amp;ldquo;蓄水池&amp;rdquo;或&amp;ldquo;替代&amp;rdquo;?&amp;mdash;&amp;mdash;来自中国上市公司的证据[J]. 经济研究,2017,52(01):181-194.</p><pub-id pub-id-type="doi"/></element-citation></ref></ref-list></back></article>
