Impacts of Financial Inclusion on Urban Innovation:Empirical Evidence from Pilot Zone of Financial Inclusion
Taking the pilot construction of inclusive finance reform pilot zones as a quasi-natural experiment,based on panel data of all prefecture level cities and listed companies on the SME and GEM boards in the provinces where the pilot areas are located,a multi time point double difference estimation method is used to empirically study the impact and mechanism of pilot construction of inclusive finance reform pilot zones on urban innovation level.Research has found that the construction of inclusive finance reform pilot zones has an innovative driving effect on pilot cities,and the conclusion remains valid after a series of robustness tests.Through mechanism re-search,it has been found that the construction of inclusive finance reform pilot zones helps to upgrade industrial structure and thereby improve innovation levels.The sample at the enterprise level once again confirms the innova-tive effect of the construction of inclusive finance reform pilot zones.Heterogeneity analysis found that the pilot zone for inclusive finance reform significantly promotes innovation in private enterprises and has a restraining effect on stimulating the innovation vitality of state-owned enterprises.In small-scale enterprises,the pilot construc-tion has a more significant promoting effect on innovation level.
financial inclusionpilot zone constructionurban innovation
万方数据
