ABSTRACT

In recent decades, corporate net lending has been increasing in several developed countries. This paper discusses the impact of financialisation and income distribution on the level of net lending of listed non-financial corporations in G7 countries. We argue that financialisation affects the level of corporate net lending through firms' re-organisation towards a model of accumulation based on the maximisation of ‘shareholder value’ and through its negative impact on investment. Moreover, the reduction in the wage share can increase corporate capacity for liquidity accumulation, thus increasing the gap between corporate savings and investment, contributing to the rise in net lending. We test our hypotheses using panel data of publicly listed non-financial corporations for the period 1990–2015. According to our findings the process of financialisation has a positive impact on the level of net lending after 2001, while the wage share at the firm level has a strong negative impact on the level of net lending throughout the whole period.

摘要

在最近的几十年中，一些发达国家的公司净贷款一直在增加。本文讨论了七国集团国家中金融化和收入分配对上市非金融公司净贷款水平的影响。我们认为，金融化通过使公司重组为基于“股东价值”最大化及其对投资的负面影响的积累模型，从而影响公司净贷款水平。此外，工资份额的减少可以增加公司的流动性积累能力，从而增加公司储蓄与投资之间的差距，从而导致净贷款增加。我们使用1990-2015年期间公开上市的非金融公司的面板数据来检验我们的假设。