Could the Enlargement of Yangtze River Delta Improve Capital Misallocation?—An Empirical Analysis Based on Synthetic Control Methods
Whether the enlargement of the Yangtze River Delta can improve capital misallocation is the prerequisite and important guarantee for high-quality development of regional economy in the Yangtze River Delta.This paper selected the data of 285 cities above prefecture level in China from 2003 to 2019 as samples,used the synthetic control methods to analyze the impact of the enlargement of the Yangtze River Delta on capital misallocation of the whole cities,incumbent cities and new cities in 2010.This paper further used the mediation effect model to empirically verify the influence mechanism of the enlargement of Yangtze River Delta on capital misallocation.The results showed that the enlargement of Yangtze River Delta in 2010 can significantly improve capital misallocation,the improvement effect of the new cities are the largest,followed by the overall cities,and the incumbent cities are the smallest,and various tests had confirmed the validity and robustness of the results.Further analysis of the influence mechanism showed that the enlargement of the Yangtze River Delta can not only directly improve capital misallocation,but also indirectly improve capital misallocation through the mediation effect of transport infrastructure and capital flow.The research conclusions of this paper have enlightenment on promoting the process of regional integration of city clusters,improving resource misallocation,and promoting high-quality development of regional economy.
Enlargement of Yangtze River DeltaCapital MisallocationInfluence MechanismSynthetic Control Methods
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