【摘要】 信息消费是重塑消费结构、激发产业升级潜能的重要引擎。运用多时点双重差分模型，基于A股2010—2022年上市公司数据，实证检验了信息消费与企业“脱实向虚”的因果效应。研究发现：(1)信息消费试点政策驱动了我国企业金融化，加剧了企业“脱实向虚”。(2)信息消费通过数字金融和金融化的“传染效应”两条路径推动企业金融化。(3)信息消费的企业金融化驱动效应在民营企业、规模较小的企业和营商环境较差地区的企业中更为显著。(4)信息消费试点政策促进企业金融化的同时加剧了经营风险、提高了企业价值。研究结论为地方政府引导企业充分利用消费转型“红利”,缓解“三重压力”、防范信息消费发展带来的金融资产泡沫风险，促进制造业企业回归本业、聚焦主业提供依据。更多还原

【Abstract】 Information consumption is an important engine for reshaping the structure of consumption and stimulating the potential for industrial upgrading. This paper uses a multi-period difference-in-differences model and data from A-share listed companies from 2010 to 2022 to empirically test the causal relationship between information consumption and the “de-realization” of enterprises. The research findings are as follows:(1) The information-consumption pilot policy has driven the financialization of Chinese enterprises and exacerbated the “de-realization” of enterprises.(2) Information consumption promotes the financialization of enterprises through two paths, digital finance and the “contagion effect”.(3) The positive effect of information consumption on financialization is more significant in private and smaller-sized enterprises, and those in regions with poorer business environments.(4) While the information-consumption pilot policy promotes the financialization of enterprises, it also intensifies operational risks and increases enterprise value. The research conclusions offer local governments a basis for guiding enterprises to fully utilize the “dividends” of consumption transformation, alleviate the “triple pressure, ” prevent the risks of financial-asset bubbles brought about by the development of information consumption, and encourage manufacturing enterprises to return to their core business.更多还原