Based on a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019. This paper finds that government subsidies can depress corporate financialization. Further research shows that only innovation subsidy significantly impacts corporate financialization,...

COVID-19 has a significant impact on businesses’ daily operations. This paper takes the quarterly data of China’s A-share listed companies from 2020 to 2021 as samples. Empirical results show the more the government emphasizes epidemic prevention, the fewer investment behaviors, and this...