关键词: 商业银行监管, 企业金融化, 金融资产收益, 信息披露质量

Abstract: In recent years，the problem of “removal from reality” in Chinas real economy has become increasingly serious，and the risks in financial system are accumulatingIn this context，this paper takes Ashare nonfinancial listed companies from the first quarter of 2009 to the third quarter of 2019 as samples，from the perspective of microentities，examines the impact of commercial bank supervision on the financialization of entities and explores whether the commercial bank supervision policy can play an important role in making the real economy “removing back to reality”This paper finds that strengthening commercial bank supervision has significantly reduced the level of financialization of entitiesThis result is still valid after considering the endogenousness and testing the sensitivity of the regression modelThe mechanism test shows that the supervision of commercial banks can narrow the gap between financial income and entity income，improve the transparency of corporate information，and thereby inhibits its financializationFurther research has shown that microprudential supervision of commercial banks has a more significant inhibitory effect on corporate financialization，but the coordination of macroprudential supervision and microprudential supervision can enhance their respective effectsThis paper clarifies the role of financial regulation on micro enterprises，constructs a prudential supervision indicator system for Chinese commercial banks，and further explores its micro impact，providing a decisionmaking basis for the authorities to guide the real economy through macro regulation to “move back to reality”

Key words: commercial bank supervision, financialization of enterprises, returns of financial investment, information disclosure quality