Do Selective Industrial Policies Reduce the Tendency of Enterprises to Economic “Off real to virtual”--Evidence based on the qualification of high-tech enterprises

Abstract

The accreditation of high-tech enterprises is an important policy which is put forward by the state to support and encourage the development of high-tech enterprises. This paper takes the policy of high-tech enterprises accreditation as the research object, adopts the staggered difference in differences (DID) research method, and based on the relevant data of A-share listed companies from 2007 to 2021 to explores the relationship between the selective industrial policies and the tendency of enterprises to economic “off real to virtual”. The economic “off real to virtual” of enterprises is manifested in the rise of the financial level of enterprises. When an enterprise holds too much financial assets, it has a crowding out effect on its main business and brings certain negative impacts on the enterprise and the economy, which is not conducive to the development and smooth operation of the industry and the national real economy. The results show that the policy of high enterprise accreditation significantly inhibits the level of financialization of enterprises, and the degree of influence on the level of enterprise financialization is related to the property nature of enterprises, the size of enterprises and other characteristics. On this basis, the degree of influence is discussed in groups according to the liquidity difference of financial assets. From the perspective of influence mechanism, the policy of high-tech enterprise accreditation mainly reduces the degree of enterprise financialization from the aspect of tax relief.