The Impact of Coordinated Development of Urban Agglomeration on Financing Constraints of the Construction Industry——A Quasi-Natural Experiment Based on the Guangdong-Hong Kong-Macao Greater Bay Area
This paper takes the establishment of Guangdong-Hong Kong-Macao Greater Bay Area as a quasi-natural experiment,selects the data of China's A-share-listed construction enterprises from 2013 to 2022,and uses the difference-in-differences model to assess the impact of the Greater Bay Area on the financing constraints of construction enterprises and its pathway of action.The research shows that the establishment of the Greater Bay Area can significantly ease the financing constraints of construction enterprises in the region,and the effect is sustainable.Further mechanism analysis shows that:in terms of macro mechanism,the construction of the Greater Bay Area can effectively promote the capital financing of construction enterprises in the region by strengthening the legal environment and expanding the opening up to the outside world;in terms of heterogeneity,compared with larger construction enterprises,the Greater Bay Area shows a more prominent effect in alleviating the financing constraints of small and medium-sized construction enterprises.Un-der the heterogeneity of property rights,the Greater Bay Area can alleviate the financing constraints of non-state-owned construction en-terprises,but the easing effect of state-owned construction enterprises is non-significant.
Guangdong-Hong Kong-Macao Greater Bay Areafinancing constraintsconstruction industrylegal environmentopen to the outside world
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