Can Industrial Policies Govern the Financialization of Enterprises?
The industrial policies represented by the'five-year plan'were matched with the financialization data of China's non-financial enterprises from 2009 to 2018,and the fixed effect model of controlling industry and year was used to empirically study the relationship between industrial policies and corporate financialization,and robustness test and heterogeneity test were conducted.It is found that the implementation of industrial policies will improve the level of corporate financialization.After using the lagged explanatory variable method and the method of controlling the impact of the financial crisis,it is found that the research conclusions are robust.Further research finds that this effect is more significant in manufacturing enterprises.
government behaviorindustrial policycorporate financialization
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