2017年再融资新规对实体企业金融化的抑制作用研究

Research on the Restraining Effect of New Refinancing Regulations on the Financialization of Real Enterprises

2017年2月15日,中国证监会发布了修订的《上市公司非公开发行股票实施细则》,坚持以金融服务实体经济发展为导向,引导资金流向最需要的实体经济,避免经济“脱实向虚”。本文以2013-2020年A股非金融、非房地产上市公司为样本,采用双重差分DID模型实证检验了2017年再融资政策调整对于新规实施之后有再融资行为企业的金融资产配置的影响。结果表明:2017年再融资新规显著抑制了有再融资行为上市公司的金融化,但再融资新规只能在企业进行再融资时有短期的抑制作用,且对民营企业金融化的抑制作用要大于国有企业,这一结论对更好治理实体企业金融化具有一定指导意义。

On February 15,2017,the China Securities Regulatory Commission(CSRC)issued the revised Implementation Rules for the Private Offering of Shares of Listed Companies,which adheres to the guidance of financial services for the development of the real economy,guides the capital flow to the real economy that needs it most,and avoids the economy from"real to virtual".This paper takes A-share non-financial and non-real estate listed companies from 2013 to 2020 as samples and uses the DID model to empirically test the impact of refinancing policy adjustment in 2017 on the financial asset allocation of enterprises with refinancing behavior after the implementation of the new regulations.The results show that the new refinancing regulations in 2017 significantly inhibited the financialization of listed companies with refinancing behavior,but the new refinancing regulations can only have a short-term inhibitory effect on the refinancing of enterprises,and the inhibitory effect on the financialization of private enterprises is greater than that of stateowned enterprises.This conclusion has certain guiding significance for better governance of the financialization of entity enterprises.