Financial reform and innovation: Evidence from China’s Financial Reform Pilot Zones

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-01-13 DOI:10.1080/19761597.2021.2022985

Bole Zhou, Xiulu Huang, Xiaoxu Wu

引用次数: 6

Abstract

ABSTRACT Innovation is a channel through which financial reform promotes economic growth. Drawing on the quasi-experiment of China’s Financial Reform Pilot Zones, panel data from 293 prefecture-level cities in China from 2003 to 2019, and a difference-in-differences method, this paper evaluates the effect of financial reform on innovation. We find that financial reform significantly motivated innovation by promoting financial development, such as equity market development and credit market development. Moreover, the effect of financial reform on innovation shows diminishing marginal utility: in cities that started with a lower level of financial development, the policy effect on innovation is stronger.

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金融改革与创新:来自中国金融改革试验区的证据

创新是金融改革促进经济增长的重要途径。本文利用中国金融改革试验区准实验、2003 - 2019年中国293个地级市的面板数据，采用差分法对金融改革对创新的影响进行了评估。我们发现，金融改革通过促进金融发展，如股权市场的发展和信贷市场的发展，显著地促进了创新。金融改革对创新的影响表现为边际效用递减，金融发展水平越低的城市，政策对创新的影响越强。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.