Abstract: Combined with the special institutional environment of China, this paper focuses on the impact of the non-coordinated development of virtual economy on the industrial investment profitability of non-financial enterprises, and analyzes the relationship between them in-depth from two aspects of heterogeneity and impact mechanism.The results show that: first of all, the non-coordinated development of virtual economy has significantly inhibited the industrial investment profitability of non-financial enterprise and compared with R&D investment, this inhibition effect is more significant in fixed asset investment.Secondly, under the influence of property right nature (micro factor), industry competition degree (meso factor) and regional financial environment (macro factor), the inhibitive effect of non coordinated development of virtual economy on the industrial investment profitability of enterprise has significant heterogeneity.Third, the further study of the influence mechanism shows that the decline of the scale of industrial investment of non-financial enterprises and the increase of their preference for financial channel profit are the possible channels for the non-coordinated development of virtual economy to restrain the profit-making ability of enterprise industrial investment.In view of the negative impact of “getting rid of the real to the virtual” on the industrial investment of non-financial enterprises, we should deepen the reform of the financial system, guide the virtual capital to help the high-quality development of the real economy, promote the transformation and upgrading of the real economy, and improve the internal governance mechanism and supervision mechanism of enterprises.

Key words: virtual economy, real economy, industrial investment profitability