产业政策是否纠正了经济“脱实向虚”?

Has the Industrial Policy Corrected the Economy’s“Removing from Reality to Virtual”?

以2008~2018年沪深A股非金融类上市公司为样本,讨论作为宏观经济调控"抓手"的产业政策是否纠正了以企业金融化为表征的经济"脱实向虚"现象。结果表明:产业政策抑制了企业的金融化趋势与长期金融资产的增持,其中主要依靠缓解企业融资约束而起作用。进一步,异质性分析中,产业政策的纠偏作用在国有企业中作用更为明显;当企业面临的经济不确定性较低、融资约束较弱时,产业政策对企业金融化的抑制作用更强,其"锦上添花"作用强于"雪中送炭"作用。因此,我国产业政策在纠正经济"脱实向虚"时应"一视同仁",着重纠正长期金融资产的增持,针对企业所处的环境随机应变,提升产业政策的层次与维度。

This article uses the 2008~2018 Shanghai and Shenzhen A-share non-financial listed companies as a sample to discuss whether the industrial policy,which is the"starter"of macroeconomic regulation,has corrected the phenomenon of economic"removal from reality to virtuality"characterized by corporate financialization.The results show that:Industrial policies have restrained the financialization of enterprises and the increase of long-term financial assets through the way of easing the financing constraints of enterprises.Furthermore,in the analysis of heterogeneity,the corrective effect of industrial policies is more obvious in state-owned enterprises;when enterprises face lower economic uncertainty and weaker financing constraints,industrial policies have a more restrictive effect on enterprise financialization,and its"icing on the cake"effect is stronger than"sending charcoal in the snow".Therefore,China’s industrial policy should focus on correcting the increase of long-term financial assets,adapt to the environment of enterprises,and improve the level and dimension of industrial policy.