Research on the impact of industrial policy on corporate financialization

Hanmei Di, Qingzhi Liu and Shanshan Liu

Finance Research Letters, 2025, vol. 80, issue C

Abstract: This paper selects China's A-share listed companies from 2011 to 2022 as the research subject to investigate the impact of industrial policy on enterprise financialization. The findings indicate that industrial policy significantly elevates the level of financialization among real economy enterprises, driven primarily by stronger profit-seeking motives rather than preventive motives. Heterogeneity analysis further reveals that industrial policy in the central and western regions plays a more prominent role in enhancing the level of enterprise financialization. Additionally, the level of financialization among private enterprises is positively influenced by industrial policy.

Keywords: Industrial policy; Enterprise financialization; Precautionary motive; Profit-seeking motive (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:80:y:2025:i:c:s1544612325006191

DOI: 10.1016/j.frl.2025.107358

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