Impact of non-financial listed companies' investment in wealth management products on industrial investment efficiency and R&D expenditure: A dual effect analysis
{"title":"Impact of non-financial listed companies' investment in wealth management products on industrial investment efficiency and R&D expenditure: A dual effect analysis","authors":"Jia Zhou","doi":"10.1016/j.irfa.2024.103818","DOIUrl":null,"url":null,"abstract":"<div><div>This study explores the impact of Chinese A-share non-financial listed companies' investment in wealth management products on their industrial investment efficiency between 2012 and 2022. The results indicate that such investments notably reduce current industrial investment efficiency, contributing to underinvestment, yet paradoxically enhance industrial investment in the subsequent period. Additionally, the allocation of wealth management products crowds out industrial investments, resulting in inefficient capital allocation. Notably, the redirection of funds from industrial activities to wealth management also adversely affects the investment efficiency of real enterprises, particularly by displacing R&D expenditures.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"97 ","pages":"Article 103818"},"PeriodicalIF":7.5000,"publicationDate":"2024-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521924007506","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study explores the impact of Chinese A-share non-financial listed companies' investment in wealth management products on their industrial investment efficiency between 2012 and 2022. The results indicate that such investments notably reduce current industrial investment efficiency, contributing to underinvestment, yet paradoxically enhance industrial investment in the subsequent period. Additionally, the allocation of wealth management products crowds out industrial investments, resulting in inefficient capital allocation. Notably, the redirection of funds from industrial activities to wealth management also adversely affects the investment efficiency of real enterprises, particularly by displacing R&D expenditures.
期刊介绍：
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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