Industry-Finance Integration and the Efficiency of Financial Services in the Real Economy——A Quasi-Natural Experiment Based on Pilot Cities
The construction of pilot cities for industry-finance integration aims to strengthen financial support for the real economy and actively guide financial resources to empower the development of the real e-conomy.Based on balanced panel data from 257 prefecture-level cities(2013-2019),and utilizing the Difference-in-Differences policy evaluation method,this study examines the impact and mechanism of industry-finance integration on the efficiency of financial services in supporting the real economy.The research finds that industry-finance integration contributes to enhancing the efficiency of financial ser-vices in supporting the real economy.Heterogeneity analysis reveals that the policy effects are more pro-nounced in regions with lower levels of marketization,smaller increases in residential property prices,and in the western regions.Mechanism analysis indicates that industry-finance integration can alleviate financing constraints for enterprises through the credit allocation effect and curb the financialization of enterprise assets through the investment allocation effect,thereby improving the efficiency of financial services in supporting the real economy.
NETL
NSTL
万方数据
