摘要
In 2018,China implemented the Guidelines on Regulating the Asset Management of Financial Institutions,a financial regulation aimed at restricting enterprises'financial investments through asset management products.This policy sought to curb corporate financialization and potentially impact other corporate activities.Treating this policy as a quasi-experiment,the present study employed a generalized difference-in-differences regression model to examine its effect on corporate research and development(R&D)from the perspective of de-financialization.Using data from Chinese listed companies spanning 2013 to 2022,the key findings are as follows:(i)The policy significantly boosted corporate R&D intensity.Enterprises with higher levels of financialization before the policy experienced a more substantial increase in R&D intensity after its implementation.(ii)Heterogeneity tests reveal that the positive effect of the policy on R&D was more pronounced for firms in high-tech industries,those with greater corporate transparency,and those receiving more government subsidies.(ii)The policy's impact on R&D was driven by the reallocation of resources from financial to real assets,as well as the alleviation of firms'financing constraints.
