Analysis of Financial Marketization and Economic Development based on Fixed Effect Model

DOI

10.2991/978-94-6463-845-5_49How to use a DOI?

Keywords

financial marketization; economic development; total factor productivity of enterprises

Abstract

In order to reveal the micro-transmission mechanism of financial marketization affecting economic development, we empirically test the impact and mechanism of financial marketization on firms’ total factor productivity based on the panel data of China’s A-share listed companies from 2010 to 2020. The results show that there is a significant positive relationship between financial marketization and total factor productivity, which still holds after endogeneity and robustness tests. Financing constraints and financing costs are two important channels through which financial marketization affects firms’ total factor productivity. In addition, there is variability in the impact of financial marketization on total factor productivity in different regions.

Copyright

© 2025 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Yijun Xia
AU  - Yingkai Yin
PY  - 2025
DA  - 2025/09/16
TI  - Analysis of Financial Marketization and Economic Development based on Fixed Effect Model
BT  - Proceedings of the 2025 6th International Conference on Management Science and Engineering Management (ICMSEM 2025)
PB  - Atlantis Press
SP  - 478
EP  - 487
SN  - 2667-1271
UR  - https://doi.org/10.2991/978-94-6463-845-5_49
DO  - 10.2991/978-94-6463-845-5_49
ID  - Xia2025
ER  -