提升企业财务韧性，是保障实体企业稳健发展的内在要求，也是增强国家经济韧性的重要路径。本文基于2010—2023年A股实体企业数据，检验金融化对实体企业财务韧性的影响。研究发现，金融化会对实体企业财务韧性产生抑制作用。机制分析表明，金融化会通过减少创新投入、降低企业绩效抑制实体企业财务韧性。异质性分析表明，企业金融化对财务韧性的抑制作用在重污染企业、非高科技企业及财务风险水平较高的企业中更为显著。进一步分析表明，投机性金融化会显著削弱企业财务韧性，而预防性金融化则未对企业财务韧性产生明显影响。

Enhancing corporate financial resilience is both an inherent requirement for safeguarding the steady development of real-economy enterprises and a vital approach to strengthening national economic resilience. Based on the data of A-share listed real-economy enterprises from 2010 to 2023, this study investigates the impact of financialization on corporate financial resilience. The results show that financialization exerts a significant inhibitory effect on corporate financial resilience. Mechanism analysis reveals that financialization erodes real-economy enterprises’ financial resilience by reducing innovation input and weakening corporate performance. Heterogeneity analysis indicates that the inhibitory impact is more pronounced in heavily polluting firms, non-high-tech enterprises, and firms with high financial risks. Further analysis demonstrates that speculative financialization significantly undermines corporate financial resilience, whereas precautionary financialization exerts no significant adverse effect on corporate financial resilience.

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湖南省社会科学基金项目（25YBA048）；湖南省教育厅科学研究项目（24A0179）；湖南省研究生科研创新项目（CX20251132）