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

Hanbo Zhang, Guiyang Zhang, Yong Qi, Yuchen Gao, Dong Wang and Xing Li

PLOS ONE, 2023, vol. 18, issue 8, 1-16

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.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0288229

DOI: 10.1371/journal.pone.0288229

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