The effect of the establishment of City Commercial Banks on the high-quality development of local manufacturing enterprises:evidence from a quasi-natural experiment
Based on the data of Shanghai and Shenzhen A-share manufacturing listed companies from 2004 to 2020,taking the establishment of City Commercial Banks(CCB)as a quasi-natural experiment,a multi-period difference-in-differences model is constructed to test the influence of the establishment of CCB on the high-quality development of local manufacturing enterprises.The research shows that:first,the establishment of CCB has a significant role in promoting the high-quality development of local manufacturing enterprises,especially for labor-intensive and capital-intensive manufacturing enterprises;second,the establishment of CCB promotes the high-quality development of local manufacturing enterprises by improving the regional credit scale and FDI inflow,promoting the investment level and innovation level of manufacturing enterprises;third,the positive effects brought by the CCB are concentrated in the regions with higher marketization degree,as well as small and medium-sized manufacturing enterprises which are closely related to banks.Therefore,cities should make full use of the high-quality resources brought by CCB,and promote the investment and innovation ability of manufacturing enterprises,so as to achieve the high-quality development of local manufacturing enterprises.
City Commercial Bankshigh-quality development of manufacturing enterprisesmulti-period difference-in-differences modelfinancing constraints
万方数据
维普
