产融合作与金融服务实体经济效率——基于试点城市的准自然实验  

Industry-Finance Integration and the Efficiency of Financial Services in the Real Economy--A Quasi-Natural Experiment Based on Pilot Cities

作　　者：刘治彦[1,2] 哈秀珍 曹建萍 Liu Zhiyan;Ha Xiuzhen;Cao Jianping

机构地区：[1]中国社会科学院生态文明研究所,北京100710 [2]中国社会科学院大学,北京102488 [3]中国社会科学院大学应用经济学院,北京102488 [4]新疆大学马克思主义学院,新疆乌鲁木齐100710

出　　处：《江西社会科学》2024年第12期44-58,206,207,共17页Jiangxi Social Sciences

基　　金：国家社会科学基金社科学术社团主题学术活动资助项目“迈向现代化的城乡高质量发展研究”(21STA017)。

摘　　要：产融合作试点城市建设旨在加强金融支持实体经济力度,积极引导金融资源赋能实体经济发展。基于2013—2019年257个地级市的平衡面板数据,借助双重差分政策评价方法,考察产融合作对金融服务实体经济效率的影响及作用机制。研究发现:产融合作有助于提升金融服务实体经济效率。异质性分析显示,在西部、市场化程度较低、住宅价格上涨幅度较小的地区政策效果更为显著。机制分析表明,产融合作能够通过信贷配置效应缓解企业的融资约束,通过投资配置效应遏制企业资产金融化,从而提升金融服务实体经济效率。The construction of pilot cities for industry-finance integration aims to strengthen financial support for the real economy and actively guide financial resources to empower the development of the real economy.Based on balanced panel data from 257 prefecture-level cities(2013-2019),and utilizing the Difference-in-Differences policy evaluation method,this study examines the impact and mechanism of industry-finance integration on the efficiency of financial services in supporting the real economy.The research finds that industry-finance integration contributes to enhancing the efficiency of financial services in supporting the real economy.Heterogeneity analysis reveals that the policy effects are more pronounced in regions with lower levels of marketization,smaller increases in residential property prices,and in the western regions.Mechanism analysis indicates that industry-finance integration can alleviate financing constraints for enterprises through the credit allocation effect and curb the financialization of enterprise assets through the investment allocation effect,thereby improving the efficiency of financial services in supporting the real economy.

关 键 词：产融合作 金融服务实体经济效率 双重差分 

分 类 号：F832.51[经济管理—金融学]