金融集聚与企业绩效的关系研究

Study on the Relationship between Financial Agglomeration and Firm Performance

摘要: 基于提高企业生存概率、确保民生稳定的政策背景，探究金融集聚对企业绩效的影响机理，并利用2010~2018年制造业A股上市企业数据进行实证检验。研究发现：金融集聚显著推动企业绩效提升，替换核心变量、改变样本容量的稳健性检验均支持上述结论。异质性分析发现，在沿海地区和小规模企业中，金融集聚对企业绩效的促进作用更为明显。进一步机制检验结果表明，金融集聚主要通过缓解企业融资约束、加快技术创新来推动企业绩效的提升。

Abstract: Based on the policy context of improving the probability of firm survival and ensuring the stability of people’s livelihood, the mechanism of the impact of financial agglomeration on firm performance is explored and empirically tested using the data of manufacturing A-share listed firms from 2010~2018. It is found that financial agglomeration significantly drives firm performance, and the robustness tests of replacing core variables and changing the sample size support these findings. Heterogeneity analysis finds that financial agglomeration contributes more significantly to firm performance in coastal areas and among small-scale firms. Further mechanism test results indicate that financial agglomeration mainly promotes firm performance by alleviating firm financing con-straints and accelerating technological innovation.