How Do Financial Inclusion Reforms Affect Corporate Financial Risk?
Applying the annual financial data of A-share listed companies from 2008 to 2023,and taking the establishment of inclusive financial reform pilot zones as a quasi-natural experiment,a DID model was constructed to assess the impact of the establishment of inclusive financial reform pilot zones on corporate financial risk.The results show that the establishment of inclusive financial reform pilot zones can significantly decrease corporate financial risk.The mediation effect test finds that the establishment of inclusive financial reform pilot zones improves corporate financial risk by weakening the financing constraints faced by enterprises.The heterogeneity of the impact of the establishment of inclusive financial reform pilot zones on corporate financial risk is further examined,and it is found that the improvement effect of the pilot zones in the eastern region is better than that in the central and western regions,and that the magnitude of the improvement effect of the pilot zones on corporate financial risk is related to the size of the enterprises,and the improvement effect is better for the small-sized enterprises.
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