Industrial Policies and Enterprise Value under the Background of "Three Zones and One Base" Construction in Hebei Province:Empirical Testing Based on A-share Listed Companies
Industrial policy is an important means of government macroeconomic regulation.Since the proposal of the"Three Zones and One Base"construction plan in Hebei Province in 2015,as of December 2023,relevant government departments in Hebei Province have issued a total of 74 industrial policies.From the perspective of enterprise value,the economic consequences of industrial policy releases since the proposal of the"Three Zones and One Base"construction plan in Hebei Province were analyzed.Selecting A-share listed companies in Hebei Province from 2014 to 2022 as samples,following the influence mechanism of"industrial policy enterprise development capability enterprise value",a mediation model of enterprise development capability was constructed to empirically analyze whether enterprise development capability played a mediating effect between industrial policy and enterprise value.The results show that the release of industrial policies enhances the investment efficiency of enterprises,enhances their profitability,enhances their development capabilities,and thus enhances the value of enterprises within their jurisdiction.The industrial value of enterprises is also related to their financial risk,profitability,cash flow,equity structure,and year of listing.
"Three Zones and One Base"enterprise valueindustry policyenterprise development capability
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