The impact of city financial ecology on firm financing efficiency: Evidence from China’s strategic emerging industries

Author:

Zhang HanboORCID,Zhang Guiyang,Qi YongORCID,Gao Yuchen,Wang Dong,Li Xing

Abstract

Based on the concept of bionics and the connotation of city financial ecology, this study constructs a 3-level and 27-indicator evaluation index system, including financial ecology growth, soil, and air. This study uses the entropy-TOPSIS model to weigh indicators objectively and evaluate the financial ecology of 343 China’s prefecture-level cities during 2009–2016. This study uses the DEA-Tobit method to assess the financing efficiency of 4013 China’s strategic emerging listed firms during 2010–2017 and runs random-effect Tobit panel regressions. Regression results suggest that a city’s financial ecology overall has a positive effect on strategic emerging firms’ financing efficiency. Therefore, the government should: improve the multi-tiered financial market system and encourage financial innovation; transform the economic growth model and optimize the industrial structure; establish an information-sharing mechanism and construct a social credit system.

Funder

National Natural Science Fund of China

National Social Science Fund of China

Philosophy and Social Science Fund of Jiangsu Province

Fundamental Research Funds for the Central Universities

Jiangsu Province's 14th Five-year Educational Science Planning Project

Young Teachers Research Foundation Project of School of Economics and Management in Nanjing University of Science and Technology

Publisher

Public Library of Science (PLoS)

Subject

Multidisciplinary

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