5019 
6307产业政策作为政府干预经济的重要手段，其实施效果一直是学术界争论的热点问题。文章以中国2009年十大产业振兴规划的出台作为自然实验，运用双重差分法从企业资产金融化的角度检验了产业政策对资金脱虚向实的影响。实证结果表明：（1）十大产业振兴规划出台显著促进了非金融企业的资产金融化水平，导致资金由实体经济流向虚拟经济，这一结论在经过多项稳健性检验后依然成立；（2）机制分析表明十大产业振兴规划通过缓解融资约束渠道加剧了非金融企业的资产金融化程度，而且其影响程度呈现逐年增强的态势；（3）分样本检验结果显示，相对于小型和非国有企业，大型企业和国有企业在十大产业振兴规划出台以后，其资产金融化程度显著提高。本文的研究有助于从产业政策视角理解经济脱实向虚现象，可为政府设计差异化产业政策提供理论依据。
产业政策与企业资产金融化
摘要
参考文献
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引用本文
步晓宁, 赵丽华, 刘磊. 产业政策与企业资产金融化[J]. 财经研究, 2020, 46(11): 78-92.
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