关键词: 理财产品, 融资约束, 流动性配置, 准自然实验

Abstract: Previous studies have different opinions on the wealth management products market. Does this market transform the economy from substantial to fictitious, or improve corporate financing to serve the real economy? In this paper, we exploit the investment income tax reform policy as a quasi-natural experiment, empirically test the liquidity-allocating effects of wealth management products on the market, and provide micro evidence that financial product market serves the real economy. The results show that the policy encourages companies to buy more wealth management products and reduce their cash holdings, which is prominent in enterprises with lower financing cost, lower proportion of main business, and smaller potential for development. More importantly, the improvement of liquidity supply of wealth management products market helps companies with tighter financing constraints raise more short-term debts of lower costs, and as a result, increases their operating investment. We provide evidence of the liquidity allocating effects of wealth management products market on the fund supply side and demand side. When the base product risk and fundraising purpose are well controlled, financial product market has a positive spillover effect on the real economy.

Key words: Wealth Management Products, Financing Constraints, Liquidity Allocating, Quasi-natural Experiment