Study on the Influence of Government Key Customers on the Enterprise “from Real to Virtual”

Jiawei Xu


Taking China’s Shanghai and Shenzhen A-share listed companies from 2007 to 2020 as samples, this paper studies the influence of government background key customers on the financialization of real enterprises. The research finds that the government background big customers reduce the degree of financialization of real enterprises; The heterogeneity test found that, compared with state-owned enterprises, the inhibition effect of big customers with government background on the financialization of real enterprises was more significant in non-state-owned enterprises and industries with fierce competition; The mechanism test found that the government background large customers suppressed the financialization of real enterprises by easing the financing constraints and improving the net profit level. Research shows that the government, as a major customer of enterprises, is an important means to give play to the visible hand of the government, which can effectively reduce the level of financialization of real enterprises and promote high-quality economic development, and can be an important starting point for the country to prevent systemic financial risks.

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