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Private economic support policies, enterprise financialization, and productivity

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  • Li, Bo
  • Hao, Yicai
  • Zhou, Yongqing

Abstract

This study examined panel data of privately listed companies in China from 2012 to 2022 for empirical analysis. Results indicate that enterprise financialization and economic policies supporting private enterprises strengthen production efficiency. Economic support policies had a heterogeneous impact on production efficiency at different lifecycle stages of the enterprises in the study sample. Assuming that other conditions remain unchanged, private economic support can indirectly increase enterprises’ production efficiency by enhancing R&D investment, thereby exerting a mediating effect.

Suggested Citation

  • Li, Bo & Hao, Yicai & Zhou, Yongqing, 2024. "Private economic support policies, enterprise financialization, and productivity," Finance Research Letters, Elsevier, vol. 69(PA).
    • Handle: RePEc:eee:finlet:v:69:y:2024:i:pa:s1544612324011528
    DOI: 10.1016/j.frl.2024.106123
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    Cited by:

    1. Bo Song & Xiandong Yang & Yao Xu, 2024. "The Impact of Financial Asset Allocation on Firms’ Total Factor Productivity: Evidence from China’s Non-Financial Companies," Sustainability, MDPI, vol. 17(1), pages 1-19, December.

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    More about this item

    Keywords

    Private economy; Enterprise financialization; Productivity;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • P23 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Factor and Product Markets; Industry Studies; Population

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