过度融资对企业"脱实向虚"的影响OACHSSCD

Based on the annual data of A-share non-financial listed enterprises from 2014 to 2022,this study analyzes the impact and mechanism of excessive financing demand on the"shift from real to virtual"tendency.The results show that excessive financing demand leads to the"shift from real to vir-tual",and this conclusion remains valid after a series of robustness tests.Mechanism tests indicate that excessive financing further exacerbates the"shift from real to virtual"by increasing the allocation of fi-nancial assets.Heterogeneity analysis reveals that the impact of excessive financing on the"shift from re-al to virtual"is stronger in state-owned enterprises than in non-state-owned enterprises,and more pro-nounced in enterprises with a relatively low proportion of financial asset holdings.Additionally,the stud-y finds a U-shaped nonlinear relationship between the level of financial asset holdings and the"shift from real to virtual".In light of these findings,policy recommendations are proposed,including advancing structural reform on the financial supply side,strengthening supervision of investment and financing ac-tivities of listed companies,and ensuring that innovation-oriented enterprises have access to high-quality financial resources.Thereby enhancing the effectiveness and efficiency of financial services in supporting the real economy.