Industrial Policy And Enterprises' Transcendence From Virtual To Reality: Internal Mechanism And Empirical Test

Since the global economy entered the "New normal of economy",the scale of global financial assets has been expanding,the virtual economy has been gradually separated from the real economy for "self-circulation",and "crowding out effect" has been generated on the real economy.The current China's economy is at a critical stage of transformation and upgrading.Real to virtual economy has a negative impact on macroeconomic indicators.Therefore,further explore the drive enterprises to take off the virtual to physical factors and effective path,and guide the financial return to the real economy,realizing the sustainable and healthy development of economy has become the focus of current research.One of the characteristics of China's institutional background is government intervention.As an important policy tool for the government to intervene in the economy in order to achieve the economic and social goals,industrial policy not only represents the direction of the key development of the country and industry in the future,but also can play the role of resource allocation to guide the flow of resource elements.Industrial policy can have a profound impact on micro enterprises,but whether it can promote enterprises from virtual to real is still a problem to be tested.In addition,whether national policies can effectively play the role of "baton" also needs to consider the interpretation and cognition of policy signals by enterprise decision makers.Based on this,this article based on the enterprise to take off the real to the reality of virtual problem,using the method of combining theoretical analysis and empirical analysis,explore the evidence that whether the industrial policy support will promote enterprises to take off the virtual to real.In particular,it explores the transmitting effect of executive innovation consciousness,government resource allocation means(government subsidy,tax preference)and bank credit.In addition,the characteristics of the company and the external environment are further introduced to consider the heterogeneous difference of the influence of industrial policies on the transformation from virtual to real.Therefore,the research in this paper has important theoretical and practical significance for the government to boost the real economy,promote the transformation of economic growth mode and how to shape a good basic environment for the implementation of industrial policies through rational industrial planning under the "new normal" of economy.This paper finds that: the support of industrial policy can promote the enterprise from virtual to real;Among them,executives' innovation consciousness,tax incentives,government subsidies and bank credit are the intermediary variables between industrial policies and enterprises' transformation from virtual to real.Further research shows that the promotion of industrial policy to enterprises from the virtual to the real is conditionally dependent.The non-state-owned enterprises,and the more market-oriented the enterprises are,the more developed the financial market and the more competitive the product market are,the more sensitive the enterprises are to the changes of the industrial policies,and the more sufficient corresponding supporting resources are,the more obvious promoting effect of the industrial policy to the enterprise from the virtual to the real.Based on the above conclusions,this paper puts forward relevant policy suggestions from the perspectives of government,enterprises and investors.