The Effect of Industrial Policy on Financialization of Real Firms: Evidence from China's A-share Listed Companies

LIU Wei-tao; YANG Xia; LIU Wei

Volume 36 Issue 1

Apr. 2021

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LIU Wei-tao, YANG Xia, LIU Wei. The Effect of Industrial Policy on Financialization of Real Firms: Evidence from China's A-share Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(1): 37-49.

Citation:

LIU Wei-tao, YANG Xia, LIU Wei. The Effect of Industrial Policy on Financialization of Real Firms: Evidence from China's A-share Listed Companies[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(1): 37-49.

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The Effect of Industrial Policy on Financialization of Real Firms: Evidence from China's A-share Listed Companies

1.
Guangzhou Institute of Urban Strategy, Guangzhou Academy of Social Sciences, Guangzhou 510410
2.
School of Economics & Trade, Guangdong University of Finance, Guangzhou 510520
3.
International Business College, South China Normal University, Guangzhou 510631, China

Received Date: 2020-08-12
Available Online: 2021-04-15
Publish Date: 2021-01-28

Abstract

Abstract

Macroeconomic policies have a non-negligible guiding effect on the behavior of micro-enterprise. Based on the industrial policy information from the Tenth Five-Year Plan to the Thirteenth Five-Year Plan and the microscopic data of China's A-share listed companies, this paper empirically tests the impact of industrial policies on the financialization of real firms. The results show that industrial policies generally inhibit the financialization of real firms, and the effect increases with the improvement of product market competition; compared with private enterprises, the inhibitory effect of industrial policies on the financialization of real firms is stronger in state-owned enterprises; further examination of the influence mechanism shows that industrial policy mainly restrains the financialization of entity companies by optimizing the investment environment of companies and relieving the financing constraints of companies. Therefore, it is suggested to adhere to the general direction driven by industrial policies, implement the strategy of driving industrial development with innovation, standardize the investment behavior of enterprises, and adhere to the "combination of fictitious and and real economy" in order to enhance the overall vitality of China's economic operation.
- industrial policies,
- real firm,
- financialization,
- financial assets allocation,
- transformation from the fictitious economy into a real economy,
- investment environment,
- financing constraint

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References(29)

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