Can the Negative List System of Market Access Promote the Real Sectors to Return to the Real from the Virtual:From the Perspective of Entity Firms'Financialization
In recent years,the construction of a national unified large market and the suppression of economic"from real to virtual"have become the focus of macro policy,and it is essential to fully coordinate the relationship between these two and achieve synchronous progress.Based on the data of China's A-share listed companies from 2011 to 2018,this paper takes the negative list of market access implemented in stages as a quasi-natural experiment,and uses a multi-period difference-in-differences model to investigate the impact of this system on corporate financialization.The findings are as follows:(1)The negative list system of market access can significantly inhibit the financialization level of investment and profit.(2)The negative list system of market access can not only exert the effect of competition governance and resource allocation,thus reducing the financialization behavior of enterprises based on the motivation of investment for profit,but also exert the competitive incentive effect and the financing constraint effect,thus having a squeezing effect on the financialization behavior of enterprises based on the reservoir motivation.(3)The inhibitory effect of the negative list system on corporate financialization is more prominent among firms that are not state-owned,with fewer investment opportunities,in low-market-competitive industries,and in regions with high government decentralization willingness.(4)The negative list system of market access enhances the value of enterprises by inhibiting their financialization.The research conclusions enrich the related literature on the evaluation of the negative list system of market access and the influencing factors of corporate financialization,and have practical significance for promoting the establishment of the high-level market economy system and promoting the high-quality development of the real economy.
the negative list system of market accesscorporate financializationmarket competitionresource allocation
万方数据
