金融科技创新能否抑制制造业中小企业“脱实向虚”？[*]

Does Financial Technology Innovation Restrain Manufacturing MSEs’ Financialization? A Quasi-Natural Experiment Based on the Pilot Policy of Combining Science and Technology with Finance in China

摘要:

金融科技创新战略能否破除融资约束瓶颈,关乎制造业企业在主营业务和金融业务之间的资本配置结构。本文基于“促进科技和金融结合试点”的金融科技创新准自然实验,结合2007—2019年制造业中小企业微观数据,采用PSM-DID方法评估了中国金融科技创新试点政策对制造业中小企业“脱实向虚”的影响及其作用机制。研究发现:(1)金融科技创新显著抑制了制造业中小企业“脱实向虚”。金融科技创新通过提升杠杆率,促进生产性资本回流,从而抑制制造业企业过度金融化；(2)首批试点对制造业中小企业“脱实向虚”的抑制作用更为显著且具有瞬时效应；(3)金融科技创新政策试点降低了制造业中小企业一般金融资产的持有份额,但对其他金融资产的持有份额影响不明显；(4)金融科技创新政策试点显著降低了劳动和技术密集型制造行业企业的“脱实向虚”水平；(5)金融科技创新政策试点在抑制行政等级较低的城市制造业中小企业“脱实向虚”的效果更显著。本文结论对推动我国制造业企业转型升级和防范企业“脱实向虚”具有重要政策参考价值。

Abstract:

Taking the pilot policy of combining science and technology with finance in China as the quasi-natural experiment of financial technology innovation, this paper uses a PSM-DID method to systematically examine the impact of financial technology innovation on the manufacturing medium-sized and small enterprises’ (MSEs’) financialization based on the matching panel data of A-share listed companies and prefecture-level cities in the period 2007-2019. The results show: (1) Financial technology innovation pilot has a significant negative effect on the manufacturing MSEs’ financialization, and the leverage ratio plays a key role of adjustment. (2) The first batch of pilot policy has a more significant inhibition effect on the manufacturing MSEs’ financialization, but the inhibition effect is instant. (3) Financial technology innovation pilot reduces the manufacturing MSEs’ share of common financial assets instead of their other financial assets. (4) Financial technology innovation pilot restrains the labor- and technology-intensive manufacturing MSEs’ financialization. (5) Financial technology innovation pilot plays a better role in restraining the manufacturing MSEs’ financialization in the cities with low administrative level. Based on the above conclusions, this paper provides useful policy implications to promote the manufacturing booming through the financial technology innovation.