理财产品市场服务了实体经济吗?——基于投资收益税改政策的准自然实验

Does the Wealth Management Products Market Serve the Real Economy?Evidence from a Quasi-natural Experiment of Investment Income Tax Reform Policy

对于理财产品市场是导致了企业金融化,还是优化了企业融资、促进实体经济的发展,现有研究莫衷一是。本文基于金融产品对整个市场的流动性配置效应来客观评价理财产品市场,并利用理财产品投资收益税改政策的准自然实验,提供了金融产品市场服务实体经济发展的微观证据。实证研究表明,税改政策激励了企业购买更多理财产品而减少现金持有,这种现象在融资成本较低、主营业务占比较低以及发展空间较小的企业中较为突出。更为重要的是,理财产品市场流动性供给的提高,使得融资约束较强的企业获得了更多的短期债务融资。进一步地,本文收集并分析企业发行短期融资券的数据,发现理财产品市场流动性的增加降低了受融资约束企业的短期融资成本,其实体经营投入也随之增加。本文明确了理财产品市场对资金供给、需求双方的流动性配置功能;在严控底层产品风险和募资用途时,理财产品市场确实对实体经济的发展产生了积极的溢出效应。

Previous studies have different opinions on the wealth management products market.Does this market transform the economy from substantial to fictitious,or improve corporate financing to serve the real economy?In this paper,we exploit the investment income tax reform policy as a quasi-natural experiment,empirically test the liquidity-allocating effects of wealth management products on the market,and provide micro evidence that financial product market serves the real economy.The results show that the policy encourages companies to buy more wealth management products and reduce their cash holdings,which is prominent in enterprises with lower financing cost,lower proportion of main business,and smaller potential for development.More importantly,the improvement of liquidity supply of wealth management products market helps companies with tighter financing constraints raise more short-term debts of lower costs,and as a result,increases their operating investment.We provide evidence of the liquidity allocating effects of wealth management products market on the fund supply side and demand side.When the base product risk and fundraising purpose are well controlled,financial product market has a positive spillover effect on the real economy.