The Effect of the Availability of County Finance on the Growth of Wood Processing Enterprises
⑴ Background——Promoting the growth of wood processing enterprises is the internal requirement of practicing the"Two Mountains"theory and realizing the goal of"carbon peak and carbon neutrality".The inter-nal capital accumulation of many wood processing enterprises cannot support the expansionary investment,and it is urgent to effectively allocate credit resources of financial institutions.At present,there are few literature to em-pirically examine the effect and internal mechanism of the availability of regional finance on the growth of wood processing enterprises,and can not provide micro-evidence that county finance promotes the growth of wood pro-cessing enterprises.⑵ Methods——The sample enterprises covered 31 provinces(municipalities and autonomous regions),270 prefecture-level cities and 1,374 counties(cities and districts)in China.Based on the unbalanced panel da-ta of wood processing enterprises from 2008 to 2016 and the number of branches of county financial institutions,this paper comprehensively used the individual and time fixed effect panel model,panel tool variable model,sys-tem GMM method and other methods to explore the effect of the availability of county finance on the growth of wood processing enterprises.The three-step method,Sobel test method and Boostrap test method are used to test the influence paths of the availability of county finance.⑶ Results——First,the availability of financial products and services of wood processing enterprises grad-ually improved from 2008 to 2016.Second,the improvement of the availability of county finance could signifi-cantly promote the growth of wood processing enterprises.Third,the availability of county finance had an indirect positive effect on the growth of sample enterprises by reducing financing costs and promoting technological inno-vation.Fourth,the availability of county finance could promote the growth of large,medium and small wood pro-cessing enterprises,and had a positive effect on the growth of enterprises with low and medium asset-liability rati-o,while it had no significant effect on the growth of micro-enterprises and enterprises with high asset-liability ra-tio.In addition,the availability of county finance had a positive effect on the growth of enterprises in central and western China and non-municipal districts,but had a negative effect on the growth of enterprises in eastern China and municipal districts.Fifth,the development of county digital finance and the availability of county finance synergistically promoted the growth of wood processing enterprises.⑷ Conclusions and Discussions——Based on the above research conclusions,the following policy sug-gestions are put forward:First,the counties(cities and districts)where wood processing enterprises gather should establish and improve the financial system with multiple subjects,multi-level and wide coverage.Expand the spatial coverage of financial institutions'outlets to wood processing enterprises,deepen the competition mechanism of the banking industry,and create a comprehensive financial service system corresponding to the life cycle of wood processing enterprises.Second,pay attention to the construction of financial system in non-munici-pal districts and the credit supply of special wood processing enterprises.The governments of non-municipal dis-tricts should improve the support policies such as site supply,site rent concessions.In addition,further optimize financial services and innovate financial products.Third,improve the credit support policy for micro wood pro-cessing enterprises.Further guide and support commercial banks in innovating service mechanisms for small and micro enterprises,broaden the financing channels of micro wood processing enterprises.
wood processing enterprisesfinancial availabilitydigital financepanel data modelmediating effect
万方数据
维普
