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

In: Proceedings of the 2025 6th International Conference on Management Science and Engineering Management (ICMSEM 2025)

Author

Listed:
  • Yijun Xia

    (Shanghai University, School of Economics)

  • Yingkai Yin

    (Shanghai University, School of Economics)

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.

Suggested Citation

  • Yijun Xia & Yingkai Yin, 2025. "Analysis of Financial Marketization and Economic Development based on Fixed Effect Model," Atlantis Highlights in Economics, Business and Management, in: Sameer Kumar & Xiongfeng Pan & Norhayati Zakuan & Kosga Yagapparaj (ed.), Proceedings of the 2025 6th International Conference on Management Science and Engineering Management (ICMSEM 2025), pages 478-487, Springer.
    • Handle: RePEc:spr:atlecp:978-94-6463-845-5_49
    DOI: 10.2991/978-94-6463-845-5_49
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