Empirical Study on Financial Market Support for the Development of Equipment Manufacturing Industry:——Comparative Analysis Based on Panel Data on National,Regional,and Liaoning Province
The heterogeneity in the development of the financial markets may lead to the imbal-anced regional development of the equipment manufacturing industry.Based on data from the national,regional,and provincial levels of Liaoning Province,this paper employs EViews for empirical analysis to explore the impact of heterogeneous development of financial markets on the development of the equipment manufacturing industry.The study finds that the development of bank credit has not effectively promote the growth of the equipment manufacturing industry at the national,regional,and provincial levels.The development of the bond market effectively identi-fies the differences between production capacity and value creation capacity of the equipment manufacturing industry at these levels,demonstrating market efficiency.The development of the stock market effectively supports the development of equipment manufacturing industry at the na-tional level,while its support is not significant at the regional and provincial levels.The macro non-financial factors affect GDP growth play a major role in the development of the equipment manufacturing industry at the national and regional levels,but have no significant impact on the development of the industry in Liaoning Province.The research results provide reference for pro-moting the development of the equipment manufacturing industry at the national,regional,and provincial levels.
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