退市新规能否抑制实体经济金融化?

Can the New Rules for Delisting Restrain the Financial Development of Real Economy?

本文以2012年退市新规的出台作为准自然实验,选取2007-2017年A股上市企业的样本数据,利用双重差分模型实证检验趋严的退市监管对实体经济金融化的影响。研究发现:退市新规与实体经济金融化为抑制关系,即趋严化的退市监管能够抑制实体经济金融化。该结论在进行一系列稳健性检验后依然成立。机制检验表明,退市新规可能通过提升实业投资和完善内部控制抑制实体经济金融化。通过异质性检验发现,这一抑制效应在高绩效的非国有企业更显著,且对于长期金融化的抑制作用更加明显。本文为研究实体经济金融化提供了退市监管的宏观视角,从完善退市监管角度为抑制实体经济金融化提供一定的经验证据。

This paper takes the new rules of delisting in 2012 as quasi natural experiment,selects the sample data of A-share listed enterprises from 2007 to 2017,and empirically tests the influence of tighter delisting supervision on the financial of real economy by using double difference model.The results show that the new rules of delisting and the financial of real economy are the restraining relations,that is,the tighter delisting regulation can restrain the financial of real economy.The conclusion is still established after a series of robustness tests.The mechanism test shows that the new rules of delisting may inhibit the financial of real economy by improving industrial investment and improving internal control.Through the heterogeneity test,it is found that this inhibition effect is more significant in high performance non-state-owned enterprises,and it is more obvious for long-term finance.This paper provides a macro perspective of delisting supervision for the study of the suppression of the financial of real economy,and provides some empirical evidence for the improvement of delisting supervision.