With the rapid development of Chinese financial market,the challenges stemming from shadow banking have attracted great attention.In recent years,the trend of non-financial enterprises shifting from real to virtual economy has contributed to a decline in the real economy.As the first unified regulatory policy in the capital management industry,the New Capital Management Regulation aims to effectively mitigate the risks associated with shadow banking.Consequently,highly financialized entities have suffered severe impacts.Based on the data of A-share non-financial and non-real estate enterprises from 2016 to 2019,this paper empirically examines the influence of new capital management regulation on corporate innovation investment by constructing a generalized Difference-in-Difference model.The research reveals that the new capital management regulation mainly inhibits the innovation investment of highly financialized enterprises by raising debt financing costs and management risk expectations.Further research indicates that the new capital management regulation has a more significant impact on non-state-owned enterprises and enterprises whose management with financial background.The research provides micro-empirical evidence of the impact of the new capital management regulation on the real economy,and inspires policy makers to provide incentives for enterprises to improve their innovation capabilities while restraining their financializationmotives.
关键词
资管新规/创新投入/金融监管
Key words
new capital management regulation/innovation investment/financial regulation
万方数据