How does the deleveraging policy affect the efficiency of financial services for the real economy?empirical evidence from Hainan Free Trade Port
As an important way to prevent and defuse the systemic financial risks and promote the high-quality economic development,it is of great significance to study how the deleveraging policy affects the efficiency of financial services for the real economy.Based on the measurement results of the efficiency of financial services for the real economy in 18 cities and counties in Hainan Free Trade Port from 2011 to 2020,the RDD is adopted to evaluate the impact of the deleveraging policies on the efficiency of financial services for the real economy of Hainan Free Trade Port,and the intermediary effect model is used to discuss the influenc-ing mechanism.The results show that:(1)After the implementation of deleveraging policy,the efficiency of financial services for the real economy in Hainan Free Trade Port experiences a"period of pain".The delever-aging policy has a significant adjustment effect on the efficiency.There is an optimal leverage to promote the improvement of the efficiency of financial services for the real economy.(2)After controlling other influencing factors in the financial and economic system,the leverage ratio has a promoting effect on the improvement of efficiency,indicating that the"optimal leverage"within a reasonable threshold has a positive effect.(3)The further intermediation mechanism test shows that the financial system structure and the financial industry scale are the two important mechanisms at the financial supply.The former can improve the efficiency by increasing the supply of high-quality financial resources,while the latter is limited by the risk superposition of limited scale and limited capital source channels,resulting in a negative effect on the improvement of effiiciency after the implementation of deleveraging policy.Accordingly,relevant countermeasures and suggestions are further proposed from the aspects of innovating the financial development mode of free trade port,financial instrument innovation and leverage optimization.
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