Financial Reform Policy and Urban Entrepreneurial Vitality——A Quasi-natural Experiment Based on the Establishment of Financial Reform Pilot Zones
Based on the exogenous event of the batched establishment of financial reform pilot zones,this paper investi-gates the effects of financial reform policy on urban entrepreneurial vitality using the Difference-in-Differences method.It is found that the establishment of financial reform pilot zones significantly increases regional entrepreneurial vitality.The result remains robust after a number of robustness and endogeneity tests.It is further found that promoting bank competi-tion,fostering capital markets and attracting venture capital are potential mechanisms through which financial reform policy exerts its effects on urban entrepreneurial vitality.The heterogeneity results show that the effects are particularly pro-nounced in cities with high levels of economic development or marketisation,and in the service retail industry.
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