金融学院知识库

目前，我国实体企业金融化趋势的加强，深刻影响了企业的创新活动。实体企业金融化主要表现为企业本身在发展过程中持续不断提升金融资产在总资产中配置占比的活动。现阶段的中国的整体经济结构正逐步处在经济转型升级的一个重要阶段初期,以依靠技术创新来促进中国实体经济的成功和转型的优化与升级将是现阶段我们关注的一个重中之重。本文研究内容对进一步把握好发挥金融业特色优势和进一步助推我国实体经济的发展以及金融管理机制改革的进程，提供了十分必要的理论基础。

文章以中远海运为案例，围绕企业金融化与企业创新投入之间存在的影响。首先，本文在全面梳理、总结国内外相关文献资料的基础上，对我国上市公司“金融化”的成因及作用进行了分析，并对其进行了界定。其次，对案例进行详细介绍，中远海运主营业务聚焦于集装箱运输业，且盈利能力强势。公司在创新方面逐渐加大内外两方面的投入，不仅注重利用传统交通行业的资源进行二次发展，还积极拓展了智慧港口，为公司的发展注入了活力。中远海运把金融业作为公司的发展方向，其在长期权益投资的进程中，其财务收入对公司的盈利起到了很大的促进作用。通过对中远远洋的融资行为进行实证，发现投资人对于中远海运的融资方式是正面的，综合考虑了投资回报对公司盈利增长的强大通道，具有资金的“蓄水池”特性；其次，以Tobin－Q方程理论为基础，对金融化给中远海运创新投资的积极影响进行了论证；基于投资替代的维度分析发现，中远海运在金融企业的持股相对稳定。由于金融投资的高回报率，该公司不会大幅增加其持有的金融类资产，同时也会持续支持企业的科研和创新活动，最终希望通过投资收益来增加公司的资本；从套利投机的角度来看，中远海运在销售创收方面的能力较为出众，且长期持有较大规模的金融类资产。相比较为其营业收益来看，中远海运通过金融投资获取收益的稳定性相对较差，以金融化这一路径进行套利需要承担较大的机会成本。根据最近几年的企业利润和财务利润数据对比发现，二者之间的差距在逐步地缩小。不仅如此，中远海运在杠杆率方面并为未表现出明显的优势，甚至处于行业较低水平，因此中远海运不会过多地通过增加债务的方式来提高金融资产占比。由此表明，中远海运并不存在明显的套利投机的动机；从公司融资的约束的角度上来看,随着近几年中远海运公司金融化的程度逐步的在提高,公司SA指数在缓慢的降低,证明了公司已经通过金融化来逐渐的减少了对公司的融资的约束,从而来反哺对公司的创新和研发能力的支持。

最后,我们希望在这些案例的研究过程中能够获得启迪，并提出了一些建议，以期能够为我国实体经济企业规避金融化风险、促进企业创新发展、深入培育主营业务发展方向提供有效的帮助。

At present, the strengthening of the financialization trend of China's entity enterprises has a profound impact on the innovation activities of enterprises. The financialization of entity enterprises is mainly reflected in the activities that enterprises themselves continuously improve the proportion of financial assets in the allocation of total assets in the development process. At this stage, China's overall economic structure is gradually in the early stage of an important stage of economic transformation and upgrading. Relying on technological innovation to promote the success of China's real economy and the optimization and upgrading of transformation will be a priority among priorities at this stage. The research content of this paper provides a very necessary theoretical basis for further grasping the characteristics and advantages of the financial industry and further boosting the development of China's real economy and the process of financial management mechanism reform.

Taking COSCO Shipping as a case, this paper focuses on the influence between enterprise financialization and enterprise innovation investment. First of all, on the basis of a comprehensive review and summary of relevant literature at home and abroad, this paper analyzes the causes and effects of financialization of listed companies in China, and defines it. Secondly, the case is introduced in detail. COSCO Shipping's main business focuses on the container transportation industry, and its profitability is strong. In terms of innovation, the company gradually increases investment in both internal and external aspects. It not only pays attention to the secondary development of traditional transportation industry resources, but also actively expands the smart port, injecting vitality into the development of the company. COSCO Shipping takes the financial industry as its development direction. In the process of long-term equity investment, its financial income plays a significant role in promoting the company's profitability. Through the empirical study of COSCO’s financing behavior, it is found that investors are positive to COSCO Shipping's financing method. Considering the strong channel of investment return to the company's earnings growth, it has the characteristics of "reservoir" of funds. Secondly, based on Tobin-Q equation theory, the positive impact of financialization on COSCO Shipping's innovation investment is demonstrated. Based on the dimensional analysis of investment substitution, it is found that COSCO Shipping's shareholding in financial enterprises is relatively stable. Due to the high rate of return of financial investment, the company will not significantly increase its financial assets, but will continue to support the scientific research and innovation activities of the enterprise, and ultimately hope to increase the company's capital through investment income. From the point of view of arbitrage speculation, COSCO Shipping is superior in sales and income generation, and it holds large-scale financial assets for a long time. Compared with its operating income, COSCO Shipping has a relatively poor stability in obtaining income from financial investment, and it needs to bear a large opportunity cost to carry out arbitrage through financialization. A comparison of corporate profits and financial profits in recent years shows that the gap between the two is gradually narrowing. Moreover, COSCO Shipping has no obvious advantage in leverage ratio, even at a low level in the industry. Therefore, COSCO Shipping will not increase the ratio of financial assets by increasing debts too much. This shows that COSCO Shipping does not have obvious motive of arbitrage speculation; From the perspective of corporate financing constraints, with the gradual improvement of the financialization of COSCO Shipping Company in recent years, the SA index of the company is slowly decreasing, which proves that the company has gradually reduced the financing constraints of the company through financialization, thus feeding the support for the company's innovation and research and development capabilities.

Finally, we hope to gain enlightenment from the study of these cases and put forward some suggestions in order to provide effective help for China's real economy enterprises to avoid financial risks, promote enterprise innovation and development, and further cultivate the development direction of main business.