政府监管能否缓解企业从实体经济向金融部门的偏离？来自中国的证据

IF 1.5 4区经济学 Q2 ECONOMICS

Economics & Politics Pub Date : 2024-02-17 DOI:10.1111/ecpo.12279

Shangkun Liang, Weizhi Xue, Dan Yang

{"title":"政府监管能否缓解企业从实体经济向金融部门的偏离？来自中国的证据","authors":"Shangkun Liang, Weizhi Xue, Dan Yang","doi":"10.1111/ecpo.12279","DOIUrl":null,"url":null,"abstract":"<p>In China, the deviation of enterprises from the real economy to the financial sector has raised concerns. Using a sample of listed companies held by central state-owned enterprises from 2009 to 2018, we investigate the influence of government supervision on this deviation. We find that government supervision effectively reduces investments in financial assets by central state-owned enterprises. The impact is more significant in enterprises with internal control deficiencies, especially in those related to finance. Further study finds that the effect of government supervision conducted for the first time, second time, and third time shows a decreasing trend.</p>","PeriodicalId":47220,"journal":{"name":"Economics & Politics","volume":"36 2","pages":"989-1019"},"PeriodicalIF":1.5000,"publicationDate":"2024-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Can government supervision alleviate the deviation of enterprises from the real economy to the financial sector: Evidence from China\",\"authors\":\"Shangkun Liang, Weizhi Xue, Dan Yang\",\"doi\":\"10.1111/ecpo.12279\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>In China, the deviation of enterprises from the real economy to the financial sector has raised concerns. Using a sample of listed companies held by central state-owned enterprises from 2009 to 2018, we investigate the influence of government supervision on this deviation. We find that government supervision effectively reduces investments in financial assets by central state-owned enterprises. The impact is more significant in enterprises with internal control deficiencies, especially in those related to finance. Further study finds that the effect of government supervision conducted for the first time, second time, and third time shows a decreasing trend.</p>\",\"PeriodicalId\":47220,\"journal\":{\"name\":\"Economics & Politics\",\"volume\":\"36 2\",\"pages\":\"989-1019\"},\"PeriodicalIF\":1.5000,\"publicationDate\":\"2024-02-17\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economics & Politics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/ecpo.12279\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economics & Politics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ecpo.12279","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

在中国，企业从实体经济向金融业的偏离引发了人们的关注。我们以 2009 年至 2018 年中央国有企业控股的上市公司为样本，研究了政府监管对这种偏离的影响。我们发现，政府监管有效减少了中央国有企业对金融资产的投资。这种影响在内部控制存在缺陷的企业中更为显著，尤其是与金融相关的企业。进一步研究发现，第一次、第二次和第三次政府监管的效果呈下降趋势。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Can government supervision alleviate the deviation of enterprises from the real economy to the financial sector: Evidence from China

In China, the deviation of enterprises from the real economy to the financial sector has raised concerns. Using a sample of listed companies held by central state-owned enterprises from 2009 to 2018, we investigate the influence of government supervision on this deviation. We find that government supervision effectively reduces investments in financial assets by central state-owned enterprises. The impact is more significant in enterprises with internal control deficiencies, especially in those related to finance. Further study finds that the effect of government supervision conducted for the first time, second time, and third time shows a decreasing trend.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Economics & Politics Multiple-

CiteScore

2.40

自引率

10.00%

发文量

期刊介绍： Economics & Politics focuses on analytical political economy, broadly defined as the study of economic and political phenomena and policy in models that include political processes, institutions and markets. The journal is the source for innovative theoretical and empirical work on the intersection of politics and economics, at both domestic and international levels, and aims to promote new approaches on how these forces interact to affect political outcomes and policy choices, economic performance and societal welfare. Economics & Politics is a vital source of information for economists, academics and students, providing: - Analytical political economics - International scholarship - Accessible & thought-provoking articles - Creative inter-disciplinary analysis