政府引导基金能促进企业“脱虚向实”吗?

Can the Government Guidance Funds Promote Enterprises"Move From Virtual To Real"?

作为矫正市场失灵和进行有效资源配置的重要手段,政府引导基金能否促进实体企业“脱虚向实”对于金融体系稳定和实体经济健康发展均具有重要意义。本文基于2009—2022年中国沪深A股上市公司样本,使用交错双重差分模型实证检验了政府引导基金对实体企业金融化的影响程度及内在机制。基准回归结果表明,政府引导基金能够显著降低企业的金融化水平,即可以有效引导企业“脱虚向实”。其原因在于,政府引导基金能够通过缓解融资约束、降低代理成本、提升创新水平等途径抑制企业金融化。异质性结果表明,政府引导基金促进实体企业“脱虚向实”的政策效果集中体现在短期借款压力较大、内部控制水平较低、盈利能力较弱以及技术更迭速度较慢的企业。

As an important means of correcting market failures and efficient resource allocation,whether gov-ernment guidance funds can lead real enterprises to"move from virtual to real"is of great significance to the stability of the financial system and the healthy development of the real economy.Based on a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2009 to 2022,this paper empirically examines the extent of the influence of government guidance funds on the financialisation of real enterprises and its internal mechanism using a staggered difference-in-differences model.Baseline regression results show that government guidance funds can significantly reduce the level of financialisation of enterprises,and they can effectively guide enterprises to"move from the virtual to real".The reason is that government guidance funds can curb the finan-cialization of enterprises by alleviating financing constraints,reducing agency costs,and enhancing innovation.Heterogeneity results show that the policy effect of government guidance funds in guiding real enterprises to"move from virtual to real"is more pronounced in enterprises with greater short-term debt repayment pressure,lower internal control level,weaker profitability,and slower technological change.