How does financial accessibility affect the resource allocation of enterprises? Micro-evidence from the financial geographical structure of investment-oriented enterprises

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-20 DOI:10.1016/j.frl.2025.107820

Wei Wang , Meilu Sun

引用次数: 0

Abstract

During the transition period, flaws in the financial system hinder the development of the real economy. Thus, improving financial service efficiency in the real economy is crucial. This study examines how the financial geographical structure affects resource allocation efficiency of investment-oriented enterprises. Empirical findings indicate that a closer proximity to financial institutions and sectors enhances resource allocation efficiency, particularly for non-state-owned enterprises, those grappling with severe financing constraints, and those in regions with advanced marketization level.

查看原文本刊更多论文

融资可及性如何影响企业的资源配置？投资型企业财务地理结构的微观证据

在转型时期，金融体制的缺陷阻碍了实体经济的发展。因此，提高实体经济中的金融服务效率至关重要。本研究考察了金融地域结构对投资型企业资源配置效率的影响。实证结果表明，与金融机构和部门的距离越近，资源配置效率越高，特别是对于非国有企业、融资约束严重的企业和市场化水平较高的地区。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance