【摘要】 本文选取2011-2023年中国沪深A股上市公司作为研究对象，检验政府投资基金对企业金融化的治理效应。研究发现，政府投资基金显著降低了企业的金融化水平。机制检验表明，政府投资基金通过提升企业主营业务相对收益、抑制管理层短视行为和增强金融支持，有效抑制了企业的金融化倾向。异质性检验表明，当企业投资机会较少、管理层持股比例较低以及融资约束较严重时，政府投资基金的治理作用更加显著。此外，政府投资基金主要抑制短期金融资产投资。拓展性分析发现，政府投资基金不仅可以推动企业“脱虚”，还可以推动企业“向实”。更多还原

【Abstract】 The real economy serves as a solid carrier for promoting Chinese-style modernization and is a core engine for accelerating the construction of a new development pattern. However, in an economic environment where the investment return rate of real-economy enterprises is declining, some of these enterprises, in pursuit of new profit growth points, invest funds originally intended for main business operations into the financial sector, leading to the phenomenon of corporate financialization. Different from traditional fiscal and tax policies, government investment funds integrate fiscal capital with social capital,operate in a market-oriented manner, and focus on supporting strategically important industries and underdeveloped sectors as identified by national strategies, thereby providing strong support for the development of the real economy. Against this backdrop, the impact of government investment funds on corporate financialization behavior is a question worthy of in-depth exploration.This paper selects Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2023as the research sample to examine the governance effect of government investment funds on corporate financialization. The research finds that government investment funds significantly reduce the level of corporate financialization. Regarding specific mechanisms, government investment funds effectively curb the tendency towards financialization of enterprises by enhancing the relative returns of the main business, restraining managerial myopia, and strengthening effective financial support. Heterogeneity tests reveal that the governance effect of government investment funds is more pronounced when firms have fewer investment opportunities, lower managerial shareholding ratios, and face more severe financing constraints. Furthermore, government investment funds primarily inhibit investment in short-term financial assets. Extended analysis confirms that government investment funds can not only drive enterprises to“shift away from the virtual”but also guide them to“move towards the real”.The marginal contributions of this paper are as follows: First, it takes government investment funds as the research entry point to explore the methods and effectiveness of government participation in governing corporate financialization, enriching research related to corporate financialization governance. Second, unlike existing literature that often analyzes the motives for corporate financialization from a single perspective, this paper posits that the “investment substitution”motive and the“precautionary savings”motive coexist and jointly influence corporate decision-making regarding financialization behavior. Third,it provides new empirical evidence from the perspective of invested enterprises on how government investment funds guide capital flow towards the real sector, offering a useful supplement to research in the field of government investment funds.更多还原