文献类型：期刊文献

中文题名：产业政策、营商环境与企业脱虚向实——基于国家五年规划的经验证据

英文题名：Industrial Policy,Business Environment,and Enterprises Shifting from Virtual to Real:Empirical Evidence Based on the National“Five-Year Plan”

作者：郭飞[1];马睿[1];谢香兵[2]

第一作者：郭飞

机构：[1]中南财经政法大学会计学院,湖北武汉430073;[2]河南财经政法大学会计学院,河南郑州450046

第一机构：中南财经政法大学会计学院,湖北武汉430073

年份：2022

卷号：48

期号：2

起止页码：33-46

中文期刊名：财经研究

外文期刊名：Journal of Finance and Economics

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;社科基金资助期刊;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：国家社会科学基金一般项目(20BJY029)。

语种：中文

中文关键词：产业政策;企业脱虚向实;营商环境

外文关键词：industrial policy;enterprises shifting from virtual to real;business environment

摘要：防止经济脱实向虚是实现经济高质量发展的关键环节。现有关于企业脱虚向实的研究普遍将"抑制金融化"视为脱虚向实,然而需要注意的是降低金融资产投资水平并不一定意味着投资结构的转变。文章基于2011–2019年中国A股上市公司数据,同时考虑实业资产与金融资产两个方面的变动,设计了"二维"的企业脱虚向实变量,考察产业政策对企业脱虚向实的影响。研究发现,产业政策整体上促进了相关行业内的企业脱虚向实。机制检验表明,产业政策能够通过政府补助和银行信贷两种机制促进企业脱虚向实。从时间维度上看,与"十二五"相比,"十三五"时期的产业政策在促进企业脱虚向实方面的积极效果有所减弱,在此过程中,营商环境的改善可能对产业政策存在替代作用。进一步研究发现,产业政策对企业脱虚向实的促进作用在高管创新意识较低和产品市场竞争程度较低的企业中更显著。然而,区分金融资产的配置期限后发现,产业政策更能够显著促进长期金融资产脱虚向实,说明产业政策主要是靠降低企业的"投资替代"动机来发挥脱虚向实作用。文章的研究既能为优化产业政策设计以引导企业转变投资结构提供经验证据,也能为构建协同有效的宏观经济治理体系提供有益借鉴。
In recent years,with the rapid development of the financial capital market,the virtual economy has become more and more detached from the real economy for self-circulation.The national economy has gradually shown a clear trend of shifting from real to virtual(SFRTV).Since the reform and opening up,industrial policy has been widely used as an important means of national macro-control to guide the direction of national industrial development and promote the sustained and healthy development of the national economy.Therefore,scientific evaluation of the impact of industrial policy on enterprises shifting from virtual to real(ESFVTR)is of great practical significance for improving the macroeconomic governance system and promoting the high-quality development of China’s economy.In view of this,based on the data of China’s A-share listed companies from 2011 to 2019,and considering both changes in financial assets and industrial assets,this study reconstructs the“two-dimensional”index of ESFVTR,and tests the impact of the“Five-Year Plan”industrial policy on ESFVTR.The empirical evidence suggests that as a whole,industrial policy has promoted ESFVTR in related industries.The mechanism test shows that industrial policy can promote ESFVTR through government subsidies and bank credit.However,the positive effect of industrial policy on ESFVTR has weakened in the“13th Five-Year Plan”period,compared with the“12th Five-Year Plan”period.In this process,the improvement of the business environment may have a substitution effect on industrial policy.Heterogeneity analysis shows that the promoting effect of industrial policy on ESFVTR becomes more significant in enterprises with low executive innovation awareness and low product market competition.Finally,distinguishing the configuration period of financial assets finds that industrial policy plays a more significant role in promoting the long-term financial assets SFVTR,indicating that industrial policy mainly relies on reducing the“investment substitution”motivation of enterprises to play the role of SFVTR.The marginal contributions are as follows:Firstly,this paper provides direct evidence that industrial policy affects ESFVTR,and it fills the deficiency of existing literature in the measurement of ESFVTR.Secondly,new findings provide theoretical and empirical evidence for the existence of the positive effect of industrial policy,and also provide reference for optimizing industrial policy design.Thirdly,this paper explores the difference of industrial policy effect on ESFVTR in different planning periods from the time dimension,and further explains it from the perspective of the substitution effect of business environment improvement,which helps to deepen the understanding of the relationship between government,market and enterprise.