Industrial policy and non-financial corporations’ financialization: evidence from China
利用2007-2015年中国上市公司数据，研究发现产业政策降低了非金融企业的金融化水平，主要通过缓解融资约束和降低经营风险实现，且在市场化程度高和政府财政能力强的地区效果更显著。
Using the Chinese listed firms from 2007 to 2015 as a sample, we examine how industrial policy affects the financialization of non-financial corporations (NFCs). We find that industrial policy reduces the level of the financialization of NFCs. Further evidence shows that industrial policy lowers firms’ motivation to ease financial constraints and mitigates operating risks. This effect becomes more substantial in the regions with a higher level of marketization and stronger government financial capacity. Our findings have important policy implications for the emerging countries to promote real economic growth and curb the ‘shifting from the real economy to the virtual economy'.