Do Financial Support Policies Catalyse the Development of New Consumption Field?—Evidence from China’s New Consumer Enterprises

Qin Lu () and Zongyi Zhang
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Qin Lu: School of Finance, Southwestern University of Finance and Economics, Chengdu 611130, China
Zongyi Zhang: School of Economics and Business Administration, Chongqing University, Chongqing 400044, China

Sustainability, 2022, vol. 14, issue 20, 1-23

Abstract: The development of the new consumption field is crucial to China’s sustained economic growth at this stage, and it is also of significance to catch-up economies in a shift period of economic growth in order to achieve a breakthrough in development. From a micro perspective, relying on propensity score matching and the difference-in-differences method, this paper is the first study to examine the impact of financial support policies on the growth of new consumer enterprises by using the data of A-share-listed enterprises from 2012 to 2021 and to systematically explore this impact mechanism on the basis of the heterogeneity of property rights and regions. The results show the following: First, the implementation of financial support policies is beneficial to catalyse both current growth and the growth potential of new consumer enterprises. Second, financial support policies play a role in the allocation of credit resources for new consumer enterprises and promote their growth by improving credit supply. Third, financial support policies have a more obvious effect on the growth of non-state-owned new consumer enterprises than those that are state-owned, and they play a greater role in promoting the growth of new consumer enterprises in the northern region than that in the southern region. Our conclusions provide a theoretical reference and path reference for achieving targeted assistance for new consumer enterprises and accelerating the sustainable development of the new consumption field.

Keywords: financial support policy; new consumption field; enterprise growth; growth potential; heterogeneity (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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