摘要
如何从政策层面推动实体经济“脱虚向实”,迈向高质量发展是构建中国式现代化经济体系需要关注的重要议题。以2002—2021年中国沪深A股上市公司数据为研究样本,构建多期双重差分模型,探讨以国家创新型城市试点政策为代表的创新驱动政策对企业金融化的影响。结果表明,国家创新型城市试点政策能够显著抑制实体企业金融化。机制检验发现,试点政策能有效增加企业创新投入、降低企业税负和交易成本,进而抑制实体企业金融化。进一步研究发现,上述政策效应在管理层语调悲观、区域营商环境较差和处于衰退期的企业中更为显著。研究结论可为进一步优化创新驱动政策,引导企业“脱虚向实”提供经验证据,同时也为加快建设创新引领、协同发展的产业体系提供借鉴。
In recent years,there has been a clear trend of“shifting from the real economy to the virtual economy”in China's economic development,leading to excessive inflation of the virtual economy and instability of the financial system,and a potential decline in the proportion of fixed asset investment in the real economy and insufficient development momentum.In the critical period of China's economic transformation,it is necessary to identify the factors that affect the financialization of entity enterprises and prevent them from being diverted out of the real economy.At the same time,restraining the financialized trend of entity enterprises has important theoretical and practical significance for preventing and resolving financial risks,boosting the real economy,and modernizing national governance capabilities and systems.The entity enterprises in the market-oriented reform are easily influenced by the external policy environment.How to create a good institutional environment with reasonable policies through mechanism and system innovation is the key to guiding entity enterprises to shift from the real economy to the virtual economy.For this reason,this paper attempts to explore whether China's innovation-driven policy has an impact on the financialization of entity enterprises,and its mechanism.The enterprises in the national innovative city pilot promulgated by the Ministry of Science and Technology and the Development and Reform Commission are taken as the treatment group,and the enterprises in the non-national innovative city pilot are taken as the control group to construct the multi-period double difference model.A quasi-natural experiment is used to empirically test the influence and channel of the national innovative city pilot policy on the financialization of entity enterprises.The samples are China's Shanghai and Shenzhen A-share non-financial listed companies from 2002 to 2021.It is concluded that,first,the national innovative city pilot policy has an inhibitory effect on the financialization of entity
作者
张博
谢家智
吴静茹
Zhang Bo;Xie Jiazhi;Wu Jingru(School of Economics and Management,Southwest University,Chongqing 400715,China;School of Economics and Finance,Chongqing University of Technology,Chongqing 400054,China)
出处
《科技进步与对策》
CSSCI
北大核心
2023年第14期114-122,共9页
Science & Technology Progress and Policy
基金
国家社会科学基金一般项目(22BJY034)。
关键词
创新驱动政策
脱实向虚
金融化
试点政策
国家创新型城市
Innovation-driven Policy
Shifting from the Real Economy to Virtual Economy
Financialization
Pilot Policy
National Innovative City
