| Against the background of economic destabilization,this article builds an empirical model based on 2007-2017 Chinese listed companies and their macro data sets to study the impact of local industrial policies on corporate financialization.Different from the existing research,this article not only explores the relationship between "local industrial policy-corporate financialization",but also further introduces the incentive structure of local government into the above research framework.The research results show that local industrial policies do inhibit the “financialization” process of enterprises.However,the effects of different industrial policies vary according to their attributes: regulatory industrial policies can significantly inhibit the financialization of enterprises,while regulatory industrial policies do not have a significant inhibitory effect..In the case of different enterprise attributes and regions,industrial policies also show the specific effects of differentiation.Further,local industrial policies can drive companies to reduce their own financialization by effectively suppressing financial arbitrage motives,improving their technological innovation capabilities,reducing corporate tax burdens,and increasing the level of main business development.Among the above mechanisms,the driving effect of regulatory industrial policies is particularly strong.In particular,a suitable incentive structure for local governments can guide local industrial policies to drive enterprises to lower their financialization level.In view of this,to curb the tendency of corporate financialization,it is necessary to fully consider the differences in the attributes of local industrial policies,and also whether the transmission mechanism of local industrial policies is effective.It is also necessary to make great efforts to adjust the institutional arrangements of the government's incentive structure,Strengthen the scientific and effective local industrial policies. |
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