金融学院知识库

  党的二十大报告指出，要建设现代化产业体系，坚持把发展经济的着力点放在实体经济上，要健全宏观经济治理体系，发挥国家发展规划的战略导向作用。实体经济是我国经济发展的基础，但是随着金融市场的快速发展与金融产品的创新和更迭，特征事实分析表明我国实体经济与企业近年来出现了愈发明显的金融化趋势，导致企业 “脱实向虚”，资本在金融市场空转，大幅延缓产业升级与转型的步伐。同时，我国制造业外临欧美、东南亚等国激烈竞争，内有大而不强、产能过剩的隐忧，为了在危机中孕育新机，在变化中把握发展机遇，我国于2015年颁布《中国制造2025》，意在引导资金回流实体产业，赋能产业转型升级。在上述背景下，本文试图研究《中国制造2025》实施对企业金融化的影响，以期能对后续政策如何进一步引导企业脱虚向实提供参考依据。

       本文以2009至2023年中国A股非金融、房地产上市公司数据作为样本，将2015年颁布的《中国制造2025》视为一项准自然实验，研究其对企业金融化的影响方向与机制。研究发现：（1）受政策扶持的企业金融化水平显著更低，表明《中国制造2025》实施对企业金融化水平存在抑制效应。（2）机制方面，《中国制造2025》实施是通过降低企业金融风险与融资成本、提高企业创新能力这三种机制来降低企业金融化水平的。（3）异质性方面，通过样本分组回归可以发现，《中国制造2025》实施对企业金融化的抑制效应在小规模企业、位于东部地区的企业、处于衰退期的企业以及民营企业中更为显著。基于研究结论，本文对后续政策的完善提出建议：（1）多措并举，降低企业融资成本。（2）定向支持，引导企业创新发展。（3）因企制宜，制订差异化政策。本文的研究拓展了企业金融化理论以及评估《中国制造2025》政策效应的相关研究，为政府未来制订政策以及企业经营决策提供了参考。

      The report of the 20th National Congress of the Communist Party of China emphasizes the need to build a modern industrial system and persistently focus economic development efforts on the real economy. It calls for improving the macroeconomic governance system and leveraging the strategic guidance of national development plans. The real economy serves as the foundation of China's economic growth. However, with the rapid expansion of financial markets and continuous innovation and iteration of financial products, stylized facts indicate an increasingly pronounced trend of financialization in China's real economy and enterprises in recent years. This has led businesses to "shift from real to virtual," causing capital to circulate idly in financial markets and significantly hampering the pace of industrial upgrading and transformation. Simultaneously, China's manufacturing sector faces fierce external competition from Europe, the United States, Southeast Asia, and others, while internally grappling with the latent challenges of being "large but not strong" and excess production capacity. To seize new opportunities amidst crises and grasp developmental chances within change, China launched the "Made in China 2025" initiative in 2015, aiming to redirect capital back to the real industrial sector and empower industrial transformation and upgrading. Against this backdrop, this paper seeks to investigate the impact of "Made in China 2025" implementation on corporate financialization, with the goal of providing reference for future policies on further guiding enterprises back toward the real economy. 

      Using data from China's A-share non-financial and non-real estate listed companies from 2009 to 2023, this study treats the 2015 enactment of "Made in China 2025" as a quasi-natural experiment to explore its directional impact and mechanisms on corporate financialization. The findings reveal: (1) Enterprises receiving policy support exhibited significantly lower levels of financialization, indicating that "Made in China 2025" has an inhibiting effect on corporate financialization. (2) Mechanistically, "Made in China 2025" reduces corporate financialization through three channels: lowering financial risks and financing costs, and enhancing innovation capacity. (3) Regarding heterogeneity, subsample regression analysis shows that the policy's inhibitory effect is more pronounced in small-scale enterprises, enterprises in eastern regions, enterprises in the decline stage of their life cycle, and private enterprises. Based on the conclusions, this paper proposes recommendations for refining subsequent policies: (1) Implement multiple measures to reduce corporate financing costs. (2) Provide targeted support to guide enterprise innovation and development. (3) Adopt differentiated policies tailored to specific enterprise contexts. This research expands the theory of corporate financialization and contributes to the literature evaluating the policy effects of "Made in China 2025," offering valuable insights for future government policymaking and corporate operational decisions.