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Can industry-finance cooperation firm enhance total factor productivity: evidence from listed companies

Unknown author

Journal of Competitiveness2025https://doi.org/10.7441/joc.2025.02.05article
AJG 2
Weight
0.37

What the paper says

Industry-finance cooperation is a key step for advancing financial reform.It is of profound significance to study the mechanism and policy structure of industry-finance cooperation.Taking China's industry-finance cooperation as a quasi-natural experiment, the difference-in-difference (DID) approach is used to analyze listed enterprises from 2013 to 2020.We find that industry-finance cooperation promotes enterprises' total factor productivity (TFP).To bolster the credibility of empirical results, we conduct a series of robustness checks, such as the parallel trends assumption verification, placebo test, and alternative variable definitions.To control for endogeneity, we further utilize methods such as PSM-DID and instrumental variable estimation.Our findings indicate heterogeneous effects: industry-finance cooperation exerts a stronger impact on TFP for (1) state-owned enterprises, (2) capital-intensive and traditional manufacturing firms, and (3) enterprises located in provincial capitals or central cities.Furthermore, industry-finance cooperation is to improve TFP by reducing the R&D expenditure, improving the investment efficiency, and reducing the internal costs.In light of the foregoing conclusions, the Chinese government should continue advancing and refining the pilot and mechanism of industry-finance collaboration.By adopting a localized policy approach tailored to regional conditions, it can better leverage finance's role in bolstering the real economy.

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https://doi.org/https://doi.org/10.7441/joc.2025.02.05

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@article{unknown2025,
  title        = {{Can industry-finance cooperation firm enhance total factor productivity: evidence from listed companies}},
  author       = {Unknown author},
  journal      = {Journal of Competitiveness},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.7441/joc.2025.02.05},
}

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Can industry-finance cooperation firm enhance total factor productivity: evidence from listed companies

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Evidence weight

0.37

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.16 × 0.4 = 0.06
M · momentum0.53 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.