什么驱动了制造业金融化投资行为基于A股上市公司的经验证据

摘要

The financialization process in manufacturing is linked to assets bubble and deindustrializa-tion.Moreover,it would also restrain the long-term development of manufacturing industry.In the con-text of contemporary financialization process,financial capitals consolidated its control over industrial cap-itals.Affected by this,industry profit transfer from industrial capitals to financial capitals has been dra-matically accelerated.Besides,the restriction on capital transformation has also been reduced.The data from listed companies in China indicates that financialization has emerged in China's manufacturing.There are three major factors promoting the financialization process in China's manufacture industry:(1)manufac-ture innovation capacity weakening,(2)consolidated pessimistic profit forecast,(3)false financial invest-ment income and the changes of investment behavior caused by institutional investors.%制造业过度金融化将加剧“去工业化”和资产泡沫化矛盾，削弱制造业发展基础。现代经济金融化进程强化了金融资本对产业资本的控制，加速了产业利润向金融资本的转移，并降低了产业资本向金融资本转换的门槛。A股上市公司的相关数据表明，我国制造业日益显现金融投资倾向和行为。三个方面的因素共同驱动和强化了制造业的金融投资行为：(1)制造业创新发展能力弱化及盈利预期固化；(2)金融投机活动扩大及投资收益的虚高；(3)机构投资者参与的公司治理对企业投资行为的控制和改变。