Can Financial Reform Policies Promote the Modernization of the Industrial Chain?——A Study Based on the National Financial Comprehensive Reform Pilot Zone Policy
This paper examines the impact of the National Financial Comprehensive Reform Pilot Zone Policy on the modernization of the industrial chain,using the establishment of the pilot zone as a quasi-natural experiment and panel da-ta from 277 prefecture-level cities in China during 2005-2021.The empirical analysis demonstrates that the policy pro-motes the modernization of the industrial chain.This conclusion remains valid after conducting tests for policy superposi-tion effects,robustness,and endogeneity.The main channels through which this policy promotes industrial chain modern-ization are optimizing credit availability and improving credit allocation efficiency.Furthermore,implementing the National Financial Comprehensive Reform Pilot Zone Policy in cities with higher levels of financial development and marketization is found to be more effective in enhancing the modernization level of the industrial chain compared to cities with lower levels of financial development and marketization.
financial reform policymodernization of the industrial chainmulti-period Difference-in-Difference modelNational Financial Comprehensive Reform Pilot Zone Policy
NETL
NSTL
万方数据
