产业政策对产融结合的影响研究:来自中国A股上市公司的经验证据  

The Influence of Industrial Policies on the Integration of Industrial-Financial Capital:Empirical Evidence from A-Share Listed Companies in China

作　　者：杨秀云[1] 刘岳虎 从振楠 YANG Xiu-yun;LIU Yue-hu;CONG Zhen-nan(School of Economics and Finance,Xi'an Jiaotong University,Xi'an 710061,China)

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《经济体制改革》2023年第4期88-96,共9页Reform of Economic System

基　　金：国家自然科学基金面上项目“文化产业融合发展的机理、演化及实现路径研究”(71974158)。

摘　　要：以国家“十二五”和“十三五”规划纲要中提及的重点产业为依据,将2011~2020年A股上市公司作为研究对象,分别从产融结合深度和产融结合广度两方面刻画企业的产融结合,并借助面板数据模型实证检验产业政策对产融结合的影响与机制。研究发现:产业政策显著提升了相应行业内企业的产融结合程度,这一作用对国企以及成熟期企业的促进效果更为明显,而对衰退期企业的影响效果甚微;产业政策通过增强行业竞争程度,进而影响企业的产融结合。因此,在产业走向融合发展的大趋势下,竞争性产业政策不可或缺,企业应根据实际情况做出恰当的产融结合策略选择。This article is based on the key industries mentioned in the national 12th Five Year Plan and 13th Five Year Plan.It focuses on the listed A-share companies from 2011 to 2020 as the research object.The article depicts the degree of IIFC of enterprises from both depth and breadth aspects and empirically tests the impact and mechanism of industrial policies on IIFC with panel data models.The research findings reveal that industrial policies have significantly improved the IIFC of enterprises in the corresponding industry as a whole during the sample period.The heterogeneity analysis indicates that this effect is more effective in promoting state-owned and mature enterprises,while having little effect on recessionary enterprises.Industrial policies mainly affect the IIFC of enterprises by strengthening the industrial competitiveness.In the current trend of industrial convergence and development,competitive industrial policies have become indispensable.Enterprises need to make informed decisions on IIFC strategies that align with their specific circumstances.

关 键 词：产业政策 产融结合 产业政策效果 双重差分法 

分 类 号：F207.3[经济管理—国民经济]