Marine Financial Policies and Financing Constraints of Marine-Related Enterprises:Who Can Benefit?
The marine financial policy,as a crucial tool for promoting the high-quality development of the marine economy,has garnered significant attention.However,its substantive impact on the growth of ma-rine-related enterprises and heterogeneous effects have been overlooked.This paper takes the implementation of the"Guidance on Improving and Strengthening Financial Services for the Development of the Marine Econo-my"as a quasi-natural experiment,utilizing data from listed companies in coastal provinces of China from 2010 to 2022.It employs the difference-in-differences method to evaluate the policy implementation effects.The research findings demonstrate that the implementation of the marine financial policy significantly alleviates the financing constraints of marine-related enterprises,especially when the proportion of state-owned capital in enterprises is higher,the policy effect is more pronounced.Further research reveals that the heterogeneity of policy effects among enterprises with different proportions of state-owned capital can be explained from the per-spective of information asymmetry,rather than political connections or asset collateralization.Therefore,finan-cial services should continue to be optimized,with targeted support provided to different types of marine-relat-ed enterprises.Additionally,efforts should be made to enhance information disclosure among these enterpri-ses,thereby maximizing the effectiveness of maritime financial policies in alleviating the financing constraints faced by marine-related businesses.
marine economymarine financial policiesfinancing constraintsinformation asymmetryhigh-quality development
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