Do SASAC Inspections Promote Firms to"Return from Virtual to Real"?Evidence from Fi-nancialization
State-owned enterprises(SOEs)are the mainstay of the real economy.Ensuring that SOEs focus on their core businesses and prevent the shift from tangible to speculative operations is a critical issue for state asset supervision.Current studies have focused on the impact of shareholder heterogeneity on the financialization of SOEs,but have overlooked the important role of a new supervision method—SASAC inspections.Based on manually collected data on SASAC inspections,the study finds that these inspections significantly curb the financialization of SOEs,promoting the"Return from Virtual to Real"of SOEs.Strengthening the leadership of the party organisation and optimising corporate governance are important mechanisms of SASAC inspections.Heterogeneity analysis reveals that the inhibitory effect of SASAC inspections is more pronounced are more pronounced in firms with lower group status,less external attention and greater willingness to be corrected.This paper offers a new perspective on evaluating the effectiveness of inspection supervision and provides useful insights for promoting the shift from speculative to tangible operations in SOEs,thereby supporting the high-quality development for SOEs.
SASACinspection and supervisionfinancializationhigh-quality development
NETL
NSTL
万方数据
