在经济“脱实向虚”的宏观背景下，本文以2009-2020年A股所有上市公司作为研究对象，结合长期及短期两方面探究企业金融化对企业收益的影响。研究结果表明：短期来看，金融资产对企业经营收益主要产生负面影响，且金融市场的高景气度会加剧这一负面影响；长期来看，企业金融化对企业可持续发展能力的影响表现为“倒U型”曲线。进一步异质性分析可知，短期来看，企业金融化对非国有企业的负面影响更严重；对非工业企业不存在显著影响。长期来看，企业金融化对国有企业未来成长能力影响不显著；对工业企业影响则主要表现为负面的“挤出”效应。影响机制探究表明，企业金融化对企业经营收益的正面影响路径为“配置金融资产-融资约束缓解-改善企业主业收益”，负面影响路径为“配置金融资产-实物投资减少-企业主业收益恶化”。本文研究结论将为政府制定相关措施引导企业配置适量金融资产提供一定参考价值。

This article takes all the listed companies on A-shares from 2009 to 2020 as research object, and explores the effect of corporate financialization on corporate earnings from long-term and short-term aspects. The results show that: in the short term, the corporate financialization has negative effect on operating income, and the prosperity of the financial market will exacerbate this effect; In the long run, The effect of corporate financialization on corporate sustainability is shown as an "inverted U" curve. Further analysis shows that in the short term, the negative effect of corporate financialization on non-state-owned corporate is more serious; the impact on industrial corporates is significantly negative, while there is no significant impact on non-industrial corporates. In the long run, corporate financialization will not have a significant impact on the development of state-owned corporates, and the impact on industrial corporates is mainly negative. The research on the mechanism of impact shows that the positive impact path of corporate financialization on corporate earnings is "allocation of financial assets—relief of financing constraints—increase of earnings", and the negative impact path is "allocation of financial assets—reduction of physical investment—reduction of earnings". The results of this research will provide valuable advice for the government to take necessary measures to induce corporates to allocate financial assets more appropriately.