基于企业脱虚向实视角的双支柱调控微观效应研究

Research on the Micro-Effect of Two-Pillar Framework Based on the Perspective of Enterprises from Virtual to Real

采用2008~2021年我国A股上市实体企业面板数据,基于企业脱虚向实视角,实证考察双支柱调控微观效应。研究表明:宽松的双支柱政策能够显著提高企业实物资产投资率,尤其对过度金融化企业调控力度更大,可有效发挥微观稳定效应。影响机制检验显示:双支柱政策通过“蓄水池”和“投资替代”动机促进过度金融化企业脱虚向实,而适度金融化企业则是“蓄水池”动机。进一步分析发现:双支柱调控政策能够优化企业投资结构,降低金融资产占比。异质性检验表明:双支柱调控政策微观效应会受到行业、规模和所有制因素的影响。鉴于此,政府应重视双支柱政策变动对企业脱虚向实的影响,抑制企业金融化动机,引导金融回归实体经济。同时,企业应合理配置金融资产,防止过度金融化。

Based on the panel data of real enterprises from 2008 to 2021,this paper empirically examines the micro-effects of two-pillar regulation from the perspective of enterprises moving from virtual to real.The research results show that the loose two-pillar policy can significantly improve the investment rate of enterprises'physical assets,especially the regulation of over-financialized enterprises,and effectively play the micro-stability effect.The impact mechanism test shows that the two-pillar policy promotes the overfinancialized enterprises to move from virtual to real through"reservoir"and"investment substitution"motivation,while the moderately financialized enterprises are"reservoir"motivation.It is further found that the two-pillar regulatory policy can optimize the investment structure of enterprises and reduce the proportion of financial assets.The heterogeneity test shows that the micro-effect of the two-pillar regulatory policy are affected by industry,scale and ownership factors.In view of this,the government should pay attention to the impact of the change of dual-pillar policies on enterprises'transition from virtual to real,alleviate the motivation of enterprises'financialization,and guide the return of finance to the real economy.At the same time,enterprises should reasonably allocate financial assets to prevent excessive financialization.