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| Has Innovation-driven Policy Restrained the Entity Enterprises from "Shifting from the Real Economy to the Virtual Economy"?A Quasi-natural Experiment from the National Innovative City Pilot Policy |
| Zhang Bo1,Xie Jiazhi1,Wu Jingru2 |
| (1.School of Economics and Management, Southwest University, Chongqing 400715, China;2.School of Economics and Finance, Chongqing University of Technology, Chongqing 400054, China) |
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Abstract 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.#br#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.#br# It is concluded that, first, the national innovative city pilot policy has an inhibitory effect on the financialization of entity enterprises. Specifically, after the implementation of the national innovative city pilot policy, compared with non-pilot cities, the financialization level of entity enterprises in pilot cities has dropped significantly.Second, the national innovative city pilot policy inhibits the financialization of entity enterprises by increasing corporate innovation investment, reducing corporate tax burdens and transaction costs.Finally, there are obvious differences in the inhibitory effect of the national innovative city pilot policy on the financialization of enterprises.When the business environment is poor, the management of the enterprise is pessimistic, and the enterprise is in recession, the national innovative city pilot policy has a more significant inhibitory effect on the financialization of enterprises.#br#This paper provides a certain basis for evaluating the implementation effect of urban innovation policies. It further analyzes the logic and internal mechanism of the relationship between the national innovative city pilot policy and corporate financialization, and elucidates whether and how the national innovative city pilot policy can play a role in corporate financialization; in further research, the heterogeneous impact of regions and corporate characteristics is analyzed, thus providing decision support for implementing pilot policies that are appropriate for each location and enterprise. In the period of reform and transformation, the cities serve as important platforms for implementing innovation-driven development strategies. It can better solve the endogenous problems caused by the selection of urban innovation indicators, and improve the reliability of the research results by taking the pilot policy of innovative cities as a quasi-natural experiment and constructing a multi-period double-difference model to examine the impact on corporate financialization.Thus, this paper provides the following policy implications. First, it is necessary to continue to promote the construction of national innovative city pilots to prevent entity enterprises from shifting from the real economy to the virtual economy. Secondly, it is essential to attach importance to the role of the national innovative city pilot policy in promoting corporate innovation capabilities, reducing corporate tax burdens and transaction costs so as to further unblock the channels for the pilot policy to restrain the financialization of enterprises. Finally, the implementation effect of the national innovative city pilot policy has significant heterogeneity. In the process of policy implementation, it is necessary to fully consider the differences in the internal and external environments of entity enterprises in order to enhance the policy pertinence.#br#
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Received: 03 January 2023
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