地方产业政策能否治理企业脱实向虚?——基于政府行为视角下的中国经验

Can Local Industrial Policies Govern the Financialization of Enterprises?--Based on the Chinese Experience from the Perspective of Government Behavior

在脱实向虚的大背景下,本文运用2007—2017年中国上市企业及宏观数据,研究地方产业政策对企业金融化的影响。研究发现,地方产业政策驱动了企业的"去金融化"过程,然而不同属性的产业政策效果有所差异,法规型产业政策对企业金融化具有明显抑制作用,而规章型产业政策效力不明显。在区分不同企业属性、地区的情况下,产业政策的具体效果也有所差异。进一步,地方产业政策能够有效降低企业税负、抑制金融套利动机、提升企业技术创新能力并带来主营业务发展水平的提升。这些都能够驱动企业降低自身金融化水平。上述机制中,法规型产业政策发挥着更强劲的作用。特别地,恰当的地方政府激励结构能够引导地方产业政策驱动企业去金融化。鉴于此,抑制企业的脱实向虚偏向,既要充分考虑产业政策的属性差异,也要考虑产业政策的传导机制有效性,更应当注重优化政府的激励制度安排,以增强产业政策的科学性和有效性。

In the new stage of high-quality development of China’s economy,it is of high theoretical and practical value to solve the enterprise’s detachment from reality.The purpose of this study is to verify whether local industrial policies can effectively reduce the level of corporate financialization.This paper uses OLS regression,intermediary effect and moderating effect models to match the data of A-share listed companies from 2007 to 2017 with macro data,and establishes the analysis framework of"local industrial policy-financialization of enterprises",and introduces local government incentives to carry out in-depth discussion.The results show that local industrial policies do drive the"de-financialization"of enterprises.Regulatory industrial policies have a significant inhibitory effect on corporate financialization,but they are not as effective.Furthermore,local industrial policies can effectively reduce corporate tax burdens,suppress financial arbitrage motivations,enhance corporate technological innovation capabilities,and bring about an increase in the level of main business development,all of which can drive companies to lower their level of financialization.In particular,an appropriate local government incentive structure can guide local industrial policies to drive enterprises towards definancialization.Based on this,this article proposes the following policy recommendations:adhering to differentiated industrial policy supply;forming an industrial policy supporting system;standardizing market development and optimizing the government incentive system.