实体部门产业政策是否降低了企业的金融化?

Does Industrial Policy of Real Sectors Reduce Firm Financialization?

本文以2011-2017年中国A股上市公司数据,以《中国制造2025》为一项准自然试验,检验了实体部门产业政策对实体企业"脱虚向实"的影响。研究发现:实体部门产业政策能显著降低实体企业的金融化水平;该作用主要通过缩小实体企业与金融类行业利润率差异、进而削弱金融化"替代"动机(即"收益效应")实现,且仅在非国有企业和处在市场化水平较高地区的企业中显著;对投资活动而言,实体部门产业政策能削弱企业金融化对实体资产投资的挤出。

Based on the data of China’s A-share listed companies from 2011 to 2017 and on the policy Made in China 2025, this paper tests the impact of the industrial policy of real sectors on the financialization of non-financial companies. Using a differencein-differences method, this paper finds that the industrial policy of real sectors can significantly reduce the financialization level of industrial companies. The channel is by narrowing the profit difference between real sector firms and the financial sector, the motivation of"substitution"can be reduced(i. e. the "profit effect" channel). Also, this influence can only play a role in non-stateowned enterprises and companies in regions with higher levels of marketization. Furthermore, there is a significant mitigation of the squeeze-out effect on firms’ real asset investment.