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Impact of non-financial listed companies' investment in wealth management products on industrial investment efficiency and R&D expenditure: A dual effect analysis

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  • Zhou, Jia

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.

Suggested Citation

  • Zhou, Jia, 2025. "Impact of non-financial listed companies' investment in wealth management products on industrial investment efficiency and R&D expenditure: A dual effect analysis," International Review of Financial Analysis, Elsevier, vol. 97(C).
    • Handle: RePEc:eee:finana:v:97:y:2025:i:c:s1057521924007506
    DOI: 10.1016/j.irfa.2024.103818
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