Lending Specialization and the Development of Corporate New Quality Productive Forces
In the face of global changes unseen in a century,the development of industrial fi-nance based on sectoral specialization has a catalytic effect on accelerating the formation of new quality productive forces.Based on the fundamental connotation of new quality productive forces,this paper constructs a firm-level indicator and examines the impact mechanism of lending spe-cialization on new quality productive forces sampling with A-share listed companies from 2011 to 2022.Evidence has been found that lending specialization promotes the development of corporate new quality productive forces by optimizing capital structure,improving investment efficiency,and enhancing risk-taking.Heterogeneity analysis shows that the contribution of lending specializa-tion to new quality productive forces is more pronounced among smaller private firms,those with weaker bank-business linkages,and those with lower corporate transparency.Moreover,bank competition,financial digitalization,technology-based financial policies can exert synergistic effects.Therefore,banks should be encouraged to formulate distinctive and specialized develop-ment strategies,as well as pay attention to the banking competition landscape and the construction and improvement of technology finance ecosystems,so as to accelerate the formation of new quali-ty productivity to achieve Chinese-style modernization.
lending specializationcorporate new quality productive forcesbanking competi-tionfinancial digitalization
NETL
NSTL
万方数据
