Impact of non-financial listed companies' investment in wealth management products on industrial investment efficiency and R&D expenditure: A dual effect analysis

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-11-22 DOI:10.1016/j.irfa.2024.103818

Jia Zhou

引用次数: 0

Abstract

This study explores the impact of Chinese A-share non-financial listed companies' investment in wealth management products on their industrial investment efficiency between 2012 and 2022. The results indicate that such investments notably reduce current industrial investment efficiency, contributing to underinvestment, yet paradoxically enhance industrial investment in the subsequent period. Additionally, the allocation of wealth management products crowds out industrial investments, resulting in inefficient capital allocation. Notably, the redirection of funds from industrial activities to wealth management also adversely affects the investment efficiency of real enterprises, particularly by displacing R&D expenditures.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.