产业政策、企业投资风险承担和创新活动

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-22 DOI:10.1016/j.frl.2025.108526

Bing Zhou , Mengyuan Qin , Feng Zhan

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引用次数: 0

摘要

政策环境是决定企业生存和发展的重要外部环境。本文基于2011 - 2021年中国上市公司的数据分析，探讨了产业政策对企业投资风险的影响及其机制。我们发现，产业政策通过增强管理者的乐观预期显著降低了投资风险。此外，我们发现，当企业的创新水平越高时，产业政策对降低企业投资风险的影响越大。产业政策对非国有企业和位于经济发展较低地区的企业也有更强的影响。我们的研究为弥合宏观层面产业政策与微观企业投资行为之间的差距提供了理论见解，为政府合理规划产业政策、帮助企业正确认识投资风险提供了实践指导。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Industrial policy, enterprise investment risk taking and innovative activities

The policy environment is an important external environment which determines the survival and development of enterprises. Our study examines the impact of industrial policy on corporate investment risk and its mechanisms based on an analysis of Chinese public-listed firms from 2011 to 2021. We find that industrial policy significantly reduces investment risk by bolstering managers' optimistic expectations. Moreover, we find that industrial policy has a greater impact on mitigating enterprise investment risk when the innovation level of enterprises is higher. Industrial policy also has a stronger impact for non-SOE firms and for firms located in regions with lower economic development. Our research offers theoretical insights that bridge the gap between macro-level industrial policy and micro-enterprise investment behavior, and practical guidance to help governments plan industrial policy rationally and help enterprises gain a better understanding of investment risks appropriately.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance