产业政策、基金投资与企业股权再融资  

Industrial Policy, Fund Investment and Corporate Equity Refinancing

作　　者：彭文平[1] 胡艳 肖继辉[3] PENG Wenping;HU Yan;XIAO Jihui(School of Economics and Management,South China Normal University,Guangzhou 510006;Jiaxing Central Branch of the People's Bank of China,Jiaxing 314001;School of Management,Jinan University Guangzhou 510006)

机构地区：[1]华南师范大学经管学院,广东广州510006 [2]中国人民银行嘉兴中心支行,浙江嘉兴314001 [3]暨南大学管理学院,广东广州510006

出　　处：《南京审计大学学报》2024年第3期62-75,共14页Journal of Nanjing Audit University

基　　金：国家社科基金(22BJL022,19BGL057),广东省哲学社科规划项目(GD20HGL02)。

摘　　要：如何有效引导资金流向政策支持的产业,是产业政策发挥效果、促进金融服务经济的关键。根据“产业政策引导基金投资,基金投资与产业政策的有机结合影响企业再融资”的思路,研究了产业政策对基金投资行为的影响,并进一步研究了产业政策影响下的基金投资能否促进企业再融资问题。研究发现:产业政策能引导基金投向政策支持的企业;基金持股与产业政策的交互作用引导资本市场资金流向政策支持的企业,促进企业再融资。研究有助于深入理解产业政策、资本市场主体行为和市场资源配置之间的关系,更好发挥产业政策的导向作用和金融支持实体经济的功能。How to effectively guide funds flow to the policy-supported industries is the key to the effectiveness of the industrial policies and the promotion of financial service economy.According to the idea of“Industrial policies guide fund investments,the organic combination of the fund investments and industrial policies affects corporate refinancing”,this paper studied the effect of industrial policies on the fund investment behavior.Besides,the paper discussed whether the fund investment could promote enterprise refinancing under the influence of industrial policies.The study found that industrial policies can guide the fund flows into policy-supported enterprises.The interaction between fund holdings and industrial policies guides capital market funds to flow to policy-supported enterprises and promotes corporate refinancing.This paper helps to have an in-depth understanding of the relationship between industrial policy,capital market players behavior and market resource allocation,so as to better play the guiding role of industrial policy and the function of financial support for the real economy.

关 键 词：产业政策 基金投资 企业再融资 脱实向虚 企业金融化 资源配置 融资成本 

分 类 号：F832.51[经济管理—金融学] F270