国资委巡视促进企业“脱虚向实”了吗?——来自企业金融化的经验证据

Do SASAC Inspections Promote Firms to"Return from Virtual to Real"?Evidence from Financialization

国有企业是实体经济的顶梁柱,如何确保国有企业聚焦主业、防范国有企业“脱实向虚”是国资监管的重要命题。现有研究聚焦于股东异质性对国有企业金融化的影响,但却忽视了国资委巡视这一新兴监督方式的重要作用。基于手工收集的国资委巡视数据,研究发现,国资委巡视显著抑制了国有企业的金融化,促进了国有企业的“脱虚向实”;加强党组织领导、优化公司治理是国资委巡视的重要机制。异质性分析显示,国资委巡视的治理作用在集团内地位较低、外部关注较少以及整改意愿更强的企业中更明显。文章为评估巡视监督的有效性提供了新的视角,也为推动国有企业“脱虚向实”、助力国有企业高质量发展带来有益启示。

State-owned enterprises(SOEs)are the mainstay of the real economy.Ensuring that SOEs focus on their core businesses and prevent the shift from tangible to speculative operations is a critical issue for state asset supervision.Current studies have focused on the impact of shareholder heterogeneity on the financialization of soEs,but have overlooked the important role of a new supervision method-SASAC inspections.Based on manually collected data on SASAC inspections,the study finds that these inspections significantly curb the financialization of sOEs,promoting the"Return from Virtual to Real"of sOEs.Strengthening the leadership of the party organisation and optimising corporate governance are important mechanisms of SASAC inspections.Heterogeneity analysis reveals that the inhibitory effect of SASAC inspections is more pronounced are more pronounced in firms with lower group status,less external attention and greater willingness to be corrected.This paper offers a new perspective on evaluating the effectiveness of inspection supervision and provides useful insights for promoting the shift from speculative to tangible operations in SOEs,thereby supporting the high-quality development forSOEs.