Research On The Impact Of Financial Incentive Policies On Corporate Investment And Financing Based On The Background Of Financialization

After experiencing long-term rapid development,the Chinese economy has gradually transformed into a medium-to-high-speed development in structural transformation.Under the new normal,financial development is increasingly involved in the construction of the real economy,and the pattern of economic financialization is accelerating.In the wave of corporate financialization,corporate investment and financing behaviors have therefore undergone structural changes.In terms of corporate financing,corporate debt pressure is constantly increasing due to the impact of the financialization situation;corporate investment is constantly impacted by the economic financialization rate,and my country's corporate investment structure is unbalanced and investment efficiency is constantly fluctuating.The problem of corporate debt is the main culprit leading to systemic financial risks.Excessive accumulation of debt and an excessive increase in leverage during the business cycle have greatly harmed economic growth potential and investment efficiency,and can easily trigger a full-scale economic crisis.Existing studies have mainly focused on the study of monetary policy on the investment and financing behavior of enterprises.In recent years,a large number of fiscal incentive policies have also had an important impact on the investment and financing behavior of enterprises.Can fiscal incentive policies effectively change corporate investment and financing decisions? How will this effect be distorted due to changes in the degree of corporate financialization?How does the excessive financialization of enterprises hurt economic development?This article conducts in-depth and systematic research on these issues and draws the following conclusions.Firstly,this article extensively selects sample data of listed companies in my country to describe the characteristics of corporate investment and financing behavior and the evolution of fiscal incentive policies under the current economic financialization of China: the degree of financialization of my country's economy has been increasing in recent years,and the phenomenon of virtualized real economy is not tolerable.Ignore.In the environment of economic financialization,different types of enterprises have different choices of investment and financing methods,and the heterogeneity of enterprises leads to differences in financing costs and investment preferences.In vertical comparison,the investment and financing structure of enterprises has changed due to the economic and financial environment,and this change is also related to the policy environment.On this basis,this article summarizes the important fiscal incentive policies issued for enterprises in recent years.Through combing the fiscal incentive policies,it is found that in the environment of economic financialization,the policy direction has also changed differently.For large state-owned enterprises and financial enterprises with excessive leverage,the policy goal is to reduce corporate leverage and reduce corporate debt burdens by guiding corporate debt restructuring;for the majority of small and medium-sized enterprises with financing difficulties,the policy goal is to reduce taxes and fees,and establish Special development funds and the construction of financing channels for SMEs will ease the long-standing financing constraints of SMEs.Secondly,this article conducts an empirical study on the financial incentive policy to corporate financing options under the financial background.Fiscal incentive policies encourage enterprises to adopt internal financing,and the equity financing model is the preferred form of external financing.The economic and financial environment strengthens this conclusion.Continued heterogeneous research found that under the intervention of fiscal incentive policies,state-owned enterprises tend to choose equity financing,and non-state-owned enterprises tend to choose debt financing;industrial enterprises and public utility companies tend to choose internal financing first,and industrial enterprises tend to choose equity financing Model is the preferred form of external financing,and public utility companies use debt financing as the preferred form of external financing.Commercial enterprises prefer equity financing;small-scale enterprises prefer equity financing,and large-scale enterprises prefer debt financing.The heterogeneity of enterprises is different,and the financing method choices they make under the incentive of fiscal policies are also different,and economic financialization has different degrees of distortions to the above results.This paper further uses the financing market's credit rating of enterprises and the enterprise's expectations for the development of the real economy as intermediary variables to test the mechanism.It is found that fiscal incentive policies have significantly improved the credit ratings of enterprises and the optimism of enterprises' economic expectations,both of which have also driven Companies have a positive demand for external financing.Thirdly,this article sorts out the comprehensive influence of fiscal incentive policies on the investment structure of enterprises by constructing a PSM model,and adds the background of enterprise financialization as a controlling factor to the analysis.The study found that fiscal incentive policies have prompted companies to increase the proportion of equity investment,and the investment structure is biased toward the financial sector.The higher the degree of corporate financialization,the trend of corporate investment structure is "removing from reality to virtual".This paper conducts robustness tests by eliminating the impact of the "VAT reform",selecting samples of manufacturing enterprises,and selecting samples of high-tech enterprises.The estimation results support the research conclusions in the benchmark regression.On this basis,this article further discusses the heterogeneous effects of fiscal incentive policies.First,the intensity of fiscal incentive policies is used as the standard to divide enterprises into four types,and the enterprises of different intensity fiscal incentive policy groups are respectively subjected to regression tests.Studies have found that the higher the intensity of fiscal incentive policies,the more companies will increase the proportion of equity investment,but this promotion effect has shown a decline.The fiscal incentive policy is divided into three types: tax rebate,fiscal discount and R?D subsidy,and a comparative regression shows that the tax rebate policy will prompt enterprises to increase the proportion of equity investment;the fiscal discount policy has similar effects,but the promotion effect is significantly less Tax rebate policy;R?D subsidy policy encourages enterprises to increase the proportion of fixed asset investment,but this promotion effect is not significant.Finally,in order to dig deeper into the influence of fiscal incentive policies on the investment structure of enterprises,this chapter constructs a mechanism test model that takes corporate financing efficiency as an intermediary variable for verification.In order to test the robustness,this chapter also constructs three calculation methods of financing efficiency based on existing research.The mechanism test results show that fiscal incentive policies can further affect the investment structure of enterprises by changing the financing efficiency of enterprises.Finally,this paper uses a dynamic panel model to analyze the mechanism of fiscal incentive policies affecting the investment efficiency of enterprises with different financialization levels.The main findings are as follows: Fiscal incentive policies and monetary policies play an important regulatory role in the impact of changes in corporate investment efficiency,Fiscal incentive policies have a significant effect on the investment efficiency of enterprises.Compared with low-financial enterprises,the investment efficiency of high-financial enterprises is more responsive to the implementation of fiscal incentive policies.Monetary policy significantly affects corporate investment efficiency through two channels: money supply and interest rate adjustments.Corporate financing behavior significantly affects the effect of fiscal incentive policies on corporate investment efficiency.The higher the dependence on external financing and the lower the level of cash holdings,the stronger the effect of fiscal incentive policies on the investment efficiency of the enterprise;the higher the comprehensive financing cost of the enterprise,the higher the debt financing cost,and the higher the equity financing cost,fiscal incentive policies The stronger the effect on corporate investment efficiency.The impact of the level of corporate financialization on the efficiency of corporate investment also has different performances due to different corporate financing behaviors.The research in this article provides some new perspectives for the theoretical development of related fields,and provides some policy references for the government to use fiscal policy tools,cooperate with monetary policy,and encourage my country's entity enterprises to "remove from the virtual to the reality",and to help the balanced development of my country's enterprises.To achieve sustainable macroeconomic development under the new economic normal.