产业政策影响企业经营的理论分析框架:基于融资视角的剖析

The Theoretical Analysis Framework of the Influence of Industrial Policy on Enterprise Management:An Analysis Based on the Perspective of Financing

产业政策不仅可以通过资本市场对股权融资、债券融资等直接融资施加影响,还可以通过信贷市场对银行信贷融资等间接融资产生作用,从而对企业融资产生实质性影响。进一步的研究表明,产业政策引致的融资变化会对产业链活动、企业投资产生丰富影响。此结论为未来结合具体实践开展实证研究提供了理论基础,也为政府有关部门制定优化产业政策提供了有价值的参考。

This paper constructs a concise theoretical analysis framework,from the perspective of financing,to explore the impact of industrial policy on corporate finance and its possible economic effects.This paper shows that industrial policy can exert influence not only on direct financing such as equity financing and bond financing through the capital market,but also on indirect financing such as bank financing through the credit market,thus having a substantial impact on corporate financing.Further research shows that changes in financing due to industrial policy can have a rich impact on industry chain activities and corporate investment.On this basis,this paper uses event analysis method to find that industrial policy effectively increases the availability of long-term liabilities while positively driving industrial chain activities.This paper provides a theoretical basis for future empirical research,and also provides valuable references for government departments to formulate optimized industrial policies.