政府行为如何影响企业融资效率

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-16 DOI:10.1016/j.frl.2025.107792

Chonglei Dang , Liangzhu Sun , Xingdong Wang , Zhen Lin

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引用次数: 0

摘要

本文以我国上市公司为研究对象，探讨乡镇政府行为与企业融资效率之间的关系。研究结果表明：产业政策的实施可以显著提升融资效率；产业政策对大型企业融资效率的影响与对小型企业融资效率的影响不同；产业政策对重点扶持对象企业与非重点扶持对象企业融资效率的影响存在显著差异；地方经济支持水平在产业政策与企业融资效率的关系中起调节作用。

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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How government actions influence corporate financing efficiency

This study examines Chinese listed companies to explore the relationship between township government actions and corporate financing efficiency. The findings indicate that the implementation of industrial policies can significantly enhance financing efficiency; the impact of industrial policies on the financing efficiency of large-scale enterprises differs from that of small-scale enterprises; there are significant differences in the effect of industrial policies on the financing efficiency of enterprises that are key targets of support versus those that are not; and the level of local economic support plays a moderating role in the relationship between industrial policies and corporate financing efficiency.

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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