In this paper, we review the burgeoning literature on the study of corporate financialization, distinguishing three strands of empirical, quantitative studies: (1) national-level and macro-comparative analysis, (2) sector- and firm-level analysis, and (3) econometric studies. We argue that corporations should be studied in their spatial organization. The spatial organization of the firm can be used to obscure corporate activity. Geography is not simply one of the many features of corporate structure but is key to it and therefore fundamental to shaping corporate financialization, although this is insufficiently expressed in accounting principles that provide consolidated accounts. Finally, we suggest four avenues for future studies: (1) to expand the geographical and temporal scope of research; (2) to pay close attention to how indicators are constructed; (3) to deconstruct large categories of analysis, such as ‘financial assets’; (4) to systematically include liabilities in the analysis of non-financial corporations, especially in the face of the abundance of credit.

中文翻译：

---

企业金融化何去何从？文献综述

在本文中，我们回顾了关于公司金融化研究的新兴文献，区分了三个方面的实证、定量研究：（1）国家层面和宏观比较分析，（2）部门和公司层面的分析，以及（ 3) 计量经济学研究。我们认为应该研究公司的空间组织。企业的空间组织可以用来模糊企业活动。地理不仅是公司结构的众多特征之一，而且是其关键，因此是塑造公司财务化的基础，尽管这在提供合并账目的会计原则中没有得到充分表达。最后，我们提出了未来研究的四个途径：（1）扩大研究的地理和时间范围；（二）密切关注指标的构建方式；(3) 解构大类分析，如“金融资产”；(4) 在非金融企业的分析中系统地包括负债，特别是在信贷充裕的情况下。