贵州财经大学学报 ›› 2025 ›› Issue (04): 40-50.

• 金融经济 • 上一篇    

公平竞争审查制度与实体企业"脱虚返实

杨兴全, 龚泓西   

  1. 石河子大学 经济与管理学院, 新疆 石河子 832000
  • 收稿日期:2024-01-26 发布日期:2025-07-17
  • 作者简介:杨兴全(1969—),男,甘肃古浪人,石河子大学经济与管理学院/公司治理与管理创新研究中心教授,博士生导师,研究方向为公司治理与财务管理;龚泓西(1999—),女,重庆人,石河子大学经济与管理学院博士研究生,研究方向为公司治理与财务管理。
  • 基金资助:
    国家自然科学基金项目"公平竞争审查制度与国有企业聚焦主责主业研究"(72372108);国家社会科学基金重大项目"构筑国有和民营企业高质量协同发展新格局新机制研究"(24&ZD083)。

The Fair Competition Review System and the "Return from Virtual to Real" of Real Enterprises

YANG Xingquan, GONG Hongxi   

  1. School of Economics and Management, Shihezi University, Shihezi, Xinjiang 832000, China
  • Received:2024-01-26 Published:2025-07-17

摘要: 引导实体企业"脱虚返实"是防范和化解系统性经济风险,筑牢现代化产业体系的关键路径。不同于已有研究多聚焦于政府调控干预制度,文章从规制行政垄断的视角出发,以2010—2022年A股上市公司为样本,运用双重差分模型考察了公平竞争审查制度对实体企业"脱虚返实"的影响。结果发现,该制度能够显著抑制行政垄断行业内的企业金融化。机制检验发现,公平竞争审查制度通过遏制政府过度补贴、优化信贷资源配置、加剧市场竞争以及缓解代理冲突抑制企业金融化。异质性检验发现,该制度对企业金融化的抑制作用在国有企业,尤其是特定功能类国企中更显著;当企业所处地区政府自我审查更严格或市场化水平较差时制度抑制金融化的效果越好。此外,公平竞争审查制度在抑制企业金融化的同时显著提升了实业投资规模和研发投入,积极引导实体企业"脱虚返实"。研究不仅拓展了公平竞争审查制度的微观治理效应研究,也为政府部门从宏观调控视角引导资本回归实业提供了参考与借鉴。

关键词: 公平竞争审查制度, 金融化, 脱虚返实, 行政垄断

Abstract: Guiding real enterprises to return to the real world is a key path to prevent and resolve systemic economic risks and to build a modern industrial system. Unlike existing studies that focus on government regulation and intervention, this paper examines the impact of the fair competition review system on real enterprises from the perspective of regulating administrative monopolies, using a double-difference model with a sample of A-share listed companies from 2010 to 2022. It is found that the system can significantly inhibit the financialisation of enterprises in administrative monopoly industries. The mechanism test finds that the fair competition review system suppresses financialisation by curbing excessive government subsidies, optimising the allocation of credit resources, intensifying market competition and mitigating agency conflicts. The heterogeneity test finds that the inhibitory effect of the system on corporate financialisation is more significant in SOEs, especially in functionally specific SOEs, and that the system’s inhibitory effect on financialisation is more effective when the government’s self-censorship is more stringent in the region where the firms are located, or when the level of marketisation is poorer. In addition, the fair competition review system significantly increases the scale of industrial investment and R&D investment while suppressing the financialisation of enterprises, which positively guides the real enterprises to 'return to the real world from the virtual world’. This study not only expands the research on the micro-governance effects of the fair competition review system but also provides valuable insights and practical references for government departments to suppress the economic trend of "shifting from real to virtual" from a macro-control perspective.

Key words: fair competition review system, financialization, return from virtual to real, administrative monopoly

中图分类号: