Qiu, Wei e al.
A icle
Resea ch on he impac o indus y- inance coope a ion
on g een o al ac o p oduc i i y om he pe spec i e o
indi ec inancing
Jou nal o Inno a ion & Knowledge (JIK)
P o ided in Coope a ion wi h:
Else ie
Sugges ed Ci a ion: Qiu, Wei e al. (2024) : Resea ch on he impac o indus y- inance coope a ion
on g een o al ac o p oduc i i y om he pe spec i e o indi ec inancing, Jou nal o Inno a ion &
Knowledge (JIK), ISSN 2444-569X, Else ie , Ams e dam, Vol. 9, Iss. 1, pp. 1-11,
h ps://doi.o g/10.1016/j.jik.2024.100470
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Resea ch on he impac o indus y−finance coope a ion on g een o al
ac o p oduc i i y om he pe spec i e o indi ec financing
Wei Qiu
a,b,1
, Yaojun Bian
c,2
, Siyu Ren
d,3
, Jingxia Chai
e, ,4
, Shang Gao
e,5
, Hai ao Wu
e,6,
*
a
School o Economics, Xinjiang Uni e si y o Finance and Economics, U umqi 830012, Xinjiang, PR China
b
Pos doc o al Resea ch S a ion o Applied Economics, Fudan Uni e si y, Shanghai 200433, PR China
c
School o Economics and Managemen , Xinjiang Uni e si y, U umqi 830046, Xinjiang, PR China
d
School o Economics, Nankai Uni e si y, Tianjin, 300071, PR China
e
School o Managemen and Economics, Beijing Ins i u e o Technology, Beijing, 100081, PR China
School o Economics and Managemen , Yan’an Uni e si y, Yan’an, 716000, PR China
ARTICLE INFO
A icle His o y:
Recei ed 16 Decembe 2022
Accep ed 27 Feb ua y 2024
A ailable online 11 Ma ch 2024
ABSTRACT
The Chinese go e nmen aims o use en i onmen al policy measu es o imp o e socie y’s o e all g een o al
ac o p oduc i i y (GTFP) and c ea e a new de elopmen pa e n in which he economy and he en i on-
men a e equally impo an . Based on he pe spec i e o indi ec financing, his s udy di ides 272 p e ec-
u e-le el indus y−finance coope a ion ci ies in China om 2015 o 2021 in o 109 esou ce-based ci ies and
163 non esou ce-based ci ies; we use he PSM-di e ence-in-di e ences (DID) model o explo e hei impac
on GTFP. The esea ch esul s a e as ollows. Fi s , indus y−finance coope a ion significan ly p omo es GTFP.
Second, al hough he non esou ce-based ci ies ha e insignifican indus y−finance coope a ion, esou ce-
based ci ies ha e significan ly posi i e indus y−finance coope a ion. Thi d, om he pe spec i e o indi ec
financing, indus y−finance coope a ion can e ec i ely imp o e GTFP. Fou h, he eliabili y o he conclu-
sions is e ified by successi ely using he pa allel end es , he placebo es , he dynamic ime window es ,
he coun e ac ual es , and he elimina ion o o he policy in e e ences. Based on he abo e findings, he
Chinese go e nmen mus always adhe e o he impo an “comp ehensi e egula ion and measu es acco d-
ing o local condi ions”policy and ully use “in o ma ion echnology and g een c edi .”
© 2024 The Au ho s. Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This
is an open access a icle unde he CC BY-NC-ND license
(h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/)
Keywo ds:
G een o al ac o p oduc i i y
Indus y−finance coope a ion
Indi ec finance
PSM-DID model
JEL codes:
O13
O15
P28
In oduc ion
The cen al con adic ion in Chinese socie y has ecen ly been
ans o med in o “ he con adic ion be ween he people’s e e -g ow-
ing needs o a be e li e and unbalanced and insu ficien de elop-
men .”China’s pollu an emissions anked fi s in he wo ld in 2009
(Lin e al., 2019), and en i onmen al pollu ion has become one o he
essen ial causes o majo social conflic s (Liu and Kali ajan, 2024;Qiu
e al., 2022b). The e o e, he Chinese go e nmen clea ly s a ed ha
p omo ing o al ac o p oduc i i y h ough supply-side s uc u al
e o ms is necessa y o ensu e he coo dina ion and uni y o eco-
nomic de elopmen and ecological en i onmen cons uc ion; how-
e e , adi ional o al ac o p oduc i i y does no eflec he impac
o en i onmen al pollu ion on social wel a e and sus ainable eco-
nomic de elopmen . The e o e, schola s ha e p oposed g een o al
ac o p oduc i i y (GTFP), a comp ehensi e indica o conside ing
economic de elopmen and ecological en i onmen cons uc ion.
China’s indus ial policy, implemen ed in he 1980s, has made
ema kable con ibu ions o he coun y’s apid economic g ow h
* Co esponding au ho .
E-mail add ess: [email p o ec ed] (H. Wu).
1
D . Wei Qiu is cu en ly a ull associa e p o esso a School o Economics, Xinjiang
Uni e si y o Finance and Economics
2
M . Yaojun Bian is cu en ly a Ph.D. s uden on economics a School o Economics
and Managemen , Xinjiang Uni e si y.
3
M . Siyu Ren is cu en ly a Ph.D. s uden on economics a School o Economics,
Nankai Uni e si y
4
Ms. Jingxia Chai is cu en ly a Ph.D. s uden on economics a School o Manage-
men and Economics, Beijing Ins i u e o Technology (BIT)
5
M . Shang Gao is cu en ly a Ph.D. s uden on Business Adminis a ion a School o
Managemen and Economics, Beijing Ins i u e o Technology (BIT)
6
D . Hai ao Wu is a highly ega ded schola a he School o Managemen and Eco-
nomics, Beijing Ins i u e o Technology (BIT). His- esea ch ocuses on mac oeconomics,
business economics, ecological economics, and ene gy economics. Wi h an imp essi e
ack eco d, he has au ho ed o e 80 pee - e iewed pape s in enowned SCI/SSCI-
indexed jou nals such as he Jou nal o Business E hics (FT50), En i onmen al and
Resou ce Economics (ABS/AJG 3), The Ene gy Jou nal (ABS/AJG 3), Ene gy Economics
(ABS/AJG 3), Kyklos (ABS/AJG 3), Technological Fo ecas ing and Social Change (ABS/
AJG 3), Business S a egy and he En i onmen (ABS/AJG 3), and Jou nal o En i on-
men al Managemen (ABS/AJG 3). No ably, he was selec ed as op 2 % o scien is s
(S an o d and Else ie ) and highly ci ed young scien is (Scili ).Fu he mo e, he was
hono ed wi h he Bes Pape Awa d in Ene gy Economics in 2022. D . Wu’s con ibu-
ions ha e ga ne ed significan a en ion, as e idenced by his H-index exceeding 40
and his pape s being ci ed o e 7000 imes acco ding o Google Schola .
h ps://doi.o g/10.1016/j.jik.2024.100470
2444-569X/© 2024 The Au ho s. Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open access a icle unde he CC BY-NC-ND license
(h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/)
Jou nal o Inno a ion & Knowledge 9 (2024) 100470
Jou nal o Inno a ion
&Knowledge
h ps://www.jou nals.else ie .com/jou nal-o -inno a ion-and-knowledge
(Cao e al., 2023,2024;Han e al., 2014;Huang e al., 2023;Zhang &
Feng, 2024;Zhang & Zhang, 2023), bu i has also caused inc easingly
se ious en i onmen al pollu ion p oblems. Fo example, in 2015, Chi-
na’s indus ial sul u dioxide emissions we e 27.5571 million ons
(see Fig. 1). Wi h he slogan "clea wa e s and g een moun ains a e
golden moun ains and sil e moun ains," he emission o indus ial
sul u dioxide espec i ely dec eased o 1.7518 million ons; how-
e e , GTFP dec eased om 1.011 in 2015 o 1.009 in 2021 (see Fig. 1).
This change may be due o he ailu e o exis ing indus ial policies o
e ec i ely p omo e echnological p og ess. Fu he mo e, imp o ing
he ecological en i onmen will be a he expense o apid economic
g ow h in he case o low-p oduc ion echnology. Gi en his, China’s
Minis y o Indus y and In o ma ion Technology and ou o he
depa men s launched he pilo p ojec o indus y−finance coope a-
ion in 2016, aiming o imp o e he financing en i onmen o eal
en e p ises and GTFP and comple e he upg ading o p oduc ion
echnology.
The esea ch on indus y−finance coope a ion mainly ocuses on
en e p ise inno a ion (Chen and Xia, 2019;Dzhambo a, 2024;S ice
e al., 2023;Xiong and Gui, 2019;Yang e al., 2024), en e p ise
g ow h (Lin, 2010;Shen e al., 2019), asse app ecia ion (Wu e al.,
2018), in es men e ficiency (Hu e al., 2019;Li e al., 2014), and
financing cons ain s (Wan e al., 2015;Yang e al., 2023). A he
same ime, he GTFP li e a u e mainly ocuses on en i onmen al eg-
ula ion (Ambec e al., 2013;Wu e al., 2024;Zhang, 2021;Zhuo e al.,
2022), In e ne de elopmen (Amin e al., 2019;Hao e al., 2024;Pop-
ko a e al., 2022;Zhang e al., 2022b), and a ificial in elligence (Zhao
e al., 2022); howe e , no unified opinions exis s on whe he indus-
y−finance coope a ion can e ec i ely imp o e GTFP. One iew is
ha he indus ial policy using indus y con e gence as an example
is e ec i e (Ba kho da e al., 2018;C iscuolo e al., 2012). Some
schola s sugges ha because di e en ypes o indus ial policies
will p oduce di e en e ec s (Schleich e al., 2017;Mao e al., 2023),
di e en indus ial policies need o be combined o e ec i ely p o-
mo e he coo dina ed de elopmen o he economy (Reicha d e al.,
2016;Webe e al., 2012;Wang e al., 2019,2020). Mo eo e , om
he pe spec i e o en e p ise owne ship change, indus y−finance
coope a ion can significan ly imp o e o al ac o p oduc ion e fi-
ciency (Ongena e al., 2009;Yang, 2017;Zhu e al., 2014), upg ade
p oduc ion echnology, and achie e he goal o GTFP imp o emen .
Con e sely, ano he iew is ha indus ial policy is ine ec i e (Bloni-
gen, 2016), and p oblems such as go e nmen co up ion will make
he indus ial policy wi h indus y−finance coope a ion, o example,
unable o e ec i ely achie e i s pu pose o p omo ing GTFP (Chang,
2006). Fu he mo e, indus y−finance coope a ion will lead o he
financializa ion o eal en e p ises and educe hei in es men in
p oduc i e inno a ion ac i i ies, he eby educing he o e all le el o
inno a ion in socie y (Wang e al., 2017), inhibi ing GTFP imp o e-
men . The la ge p ofi gap be ween he eal and i ual economies
and he high isk o p oduc i e inno a ion ac i i ies may be he c i i-
cal easons o he inhibi o y e ec o indus y−finance coope a ion
on GTFP. The e o e, o a oid he nega i e impac o indus y−finance
coope a ion on GTFP, he ma ke and go e nmen means should be
e ec i ely combined. Based on he pe spec i e o he combina ion o
ma ke and go e nmen , his pape elabo a es on he influence logic
o indus y−finance coope a ion on GTFP. A he same ime, in he
empi ical aspec , mo e schola s use he di e ence-in-di e ences
(DID) model o s udy GTFP (Li e al., 2022;Zhang e al., 2020;Zhang
e al., 2022a). Mo eo e , because he p opensi y sco e ma ching-DID
(PSM-DID) model can be e sol e he de ec , he adi ional DID
model mus mee he “ andom g ouping” equi emen . The e o e,
his pape uses he PSM-DID model o e i y he ela ionship
be ween indus y−finance coope a ion and GTFP.
Fu he mo e, he financing cons ain s aced by small- and
medium-sized en e p ises (SMEs) a e also one o he easons why
he inno a ion le el is low and GTFP canno be significan ly
imp o ed. The coope a ion be ween indus y and finance can sol e
he p oblem o financing cons ain s (Ma and Wang, 2017;Wang e
al., 2016;Zhou e al., 2018). Simul aneously, wi h he con inuous
de elopmen o digi al echnology, indi ec financing can b eak he
limi a ion o ime and space and p o ide di e se financial se ices o
people in emo e a eas (Chen and Chen, 2018;Fu e al., 2018;Ren e
al., 2019;Wang and Guo, 2022). Indi ec financing can also alle ia e
he asymme y be ween in o ma ion, inc ease he alloca ion e fi-
ciency o financial esou ces (Wu e al., 2022), imp o e he ecological
en i onmen (Adams and Klobodu, 2018;Tamazian e al., 2009;Sala-
huddin e al., 2015), and significan ly p omo e he imp o emen o
GTFP (Cheng e al., 2023). The e o e, based on he pe spec i e o indi-
ec financing, his s udy s a s om he ma ke and go e nmen le -
els o analyze he impac o indus y−finance coope a ion on GTFP.
The con ibu ions o his s udy include he ollowing poin s. Fi s ,
in e ms o opic selec ion, al hough many empi ical s udies examine
indus y−finance coope a ion, mos a e in he ma ke con ex ; how-
e e , li le li e a u e discusses he ela ionship be ween indus y
−finance coope a ion and GTFP by combining he ma ke and go -
e nmen . Second, o esea ch me hods, his s udy uses he PSM-DID
Fig. 1. Line cha o indus ial so
2
emissions and GTFP in China om 2015 o 2021.
W. Qiu, Y. Bian, S. Ren e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100470
2
model o empi ically analyze he ela ionship be ween indus y
−finance coope a ion and GTFP. Ou sample is based on he panel
da a o 272 p e ec u e-le el ci ies in China om 2015 o 2021, which
a oids selec i i y bias. Thi d, in e ms o esea ch pe spec i e,
al hough many s udies ha e examined he pai wise ela ionship
be ween indus y−finance coope a ion, indi ec financing, and GTFP,
he ex an li e a u e does no place he h ee in o he same ame-
wo k.
The emainde o his pape is s uc u ed as ollows. Sec ion
’Mechanisms and hypo heses’discusses he mechanism be ween
indus y−finance coope a ion, GTFP, and indi ec financing and
p esen s he co esponding esea ch hypo heses. Sec ion ’Me hods
and da a’b iefly expounds he basic o m o he PSM-DID model and
in oduces he calcula ion me hod o he ele an a iables. The
empi ical esul s a e discussed mainly in Sec ion ’Resul s and discus-
sion’. Sec ion ’Conclusions and policy ecommenda ions’b iefly sum-
ma izes his s udy’s conclusions and makes ele an
ecommenda ions.
Mechanisms and hypo heses
The influence mechanism o indus y
−
finance coope a ion on GTFP
The coope a ion be ween indus y and finance mainly comple es
upg ading p oduc ion echnology h ough benefi syne gy, manage-
men syne gy, and financial syne gy o imp o e GTFP. Fi s , om he
pe spec i e o benefi syne gy, in he case o en i y en e p ises pa ic-
ipa ing in financial en e p ises, he coope a ion be ween indus y
and finance can p omo e he g adual con e gence o in e es s
be ween en i y en e p ises and financial en e p ises, ease he dis-
pu es be ween he wo, and he eby educe ansac ion cos s. The
educ ion o ansac ion cos s be ween eal en e p ises and financial
en e p ises inc eases he in es men desi e o financial en e p ises,
enabling eal en e p ises o comple e hei financing goals and p o-
mo ing he imp o emen o GTFP. When a eal en e p ise holds mo e
sha es o a financial en e p ise, i can influence he decision-making
o he boa d o di ec o s o he financial en e p ise o a g ea e ex en ,
making i easie o he financial en e p ise o pass he isk assess-
men o inno a i e p ojec s. In his case, he in e es s o he en i y
en e p ise and he financial en e p ise a e mo e consis en , and he
en i y en e p ise can disclose he echnological inno a ion ha
eflec s i s compa a i e ad an age o a ce ain ex en . Disclosing his
in o ma ion can alle ia e he in o ma ion asymme y be ween en e -
p ises, hus alle ia ing hei financing cons ain s (Mye s e al.,
1984). Fu he mo e, e en i a eal company only holds a small sha e
o financial companies, i can mo e easily gain he us o financial
companies, educe ansac ion cos s be ween companies, and ob ain
loan suppo om financial ins i u ions. Second, om he pe spec i e
o managemen syne gy, he coope a ion be ween indus y and
finance makes he ele an unc ions o some depa men s o eal
en e p ises o e lap wi h hose o financial en e p ises, which
p omp s eal en e p ises o educe such cos s. Reducing p oduc ion
cos s can benefi en e p ises by allowing hem o concen a e unds
o upg ade p oduc ion echnology and main ain hei compe i i e
ad an ages while imp o ing GTFP (Si owe e al., 1997). Finally, om
he pe spec i e o financial syne gy, indus y−finance coope a ion
will u he educe p oduc ion cos s h ough easonable ax a oid-
ance, ensu e he smoo h de elopmen o inno a ion ac i i ies, and
imp o e GTFP. In he case o en i y en e p ises pa icipa ing in non-
lis ed financial ins i u ions, each subsidia y has di e en capabili ies,
and i s ma ginal p ofi and ma ginal cos also di e . The e o e, en i y
en e p ises can make ax paymen s unde he op imal p ofi scale by
s abilizing he p ofi scale o each subsidia y, he eby achie ing he
goal o easonable ax a oidance. Gi en his, he coope a ion be ween
indus y and finance will educe he di ficul y o loans o en e p ises,
educe he p oduc ion cos s o en e p ises, and easonably a oid he
ax cos s o en e p ises h ough benefi syne gy, managemen syn-
e gy, and financial syne gy, hus comple ing he echnological
upg ading and achie ing he goal o GTFP imp o emen .
None heless, elying solely on he ma ke ’s indus y−finance
coope a ion model can easily lead o p oblems such as o e -in es -
men and unde -in es men . In he ea ly s age o China’s economic
de elopmen , eal en e p ises ended o comple e p oduc i e expan-
sion h ough ex ensi e de elopmen me hods o ob ain excess p o -
i s. Financial companies ha e also elaxed financing cons ain s on
eal companies because o hei op imis ic economic o ecas s, which
has led o p oblems such as excessi e in es men . Mo eo e , as Chi-
na’s economy g adually en e s he “new no mal”s age, he p ofi gap
be ween he eal and i ual economies con inues o expand. To
imp o e he exis ing p ofi le el, s a e-owned en e p ises use hei
good ela ionship wi h financial en e p ises o ob ain loans and lend
o SMEs h ough asse secu i iza ion and o he me hods (Demi ,
2009). This beha io c owds ou he p oduc i e in es men o s a e-
owned en i y en e p ises and leads o he con inuous expansion o
he c edi chain. When financial ins i u ions end o issue loans o
la ge en e p ises, he c edi chain expansion u he inc eases SMEs’
financing cos s, esul ing in insu ficien in es men in socie y (O han-
gazi, 2008). Mo eo e , he indus y−finance coope a ion model
unde he ma ke backg ound can only sol e he p oblem o financ-
ing cons ain s o la ge en e p ises. A he same ime, SMEs wi h
inhe en ly insu ficien capi al canno ob ain su ficien unds h ough
equi y pa icipa ion o he es ablishmen o financial depa men s.
The e o e, as he “ isible hand,” he go e nmen mus supple-
men and imp o e he ma ke . Es ablishing a pilo p ojec o indus-
y- usion coope a ion can accu a ely eflec his pe spec i e. I can
be e inhe i he ad an ages o indus y−finance coope a ion unde
he ma ke backg ound and compensa e o he ma ke ’s sho com-
ings. Fi s , indus y−finance coope a ion will gi e ull play o i s
supe iso y e ec . Indus y−finance coope a ion can cu b he ex en-
si e de elopmen model o eal en e p ises h ough en i onmen al
egula ions and o he means and sol e p oblems such as excessi e
in es men and en i onmen al pollu ion. Second, due o he di ficul y
o e iewing small and mic o en e p ises and he low amoun o a
single loan, financial ins i u ions a e eluc an o lend o small and
mic o en e p ises, hus hinde ing hei long- e m de elopmen ;
howe e , indus y−finance coope a ion can e ec i ely exe i s long
ail e ec . Wi h he suppo o digi al in o ma ion echnology, finan-
cial en e p ises can mo e easily comple e basic asks such as loan
en e p ise e iews. Dec easing he e iew di ficul y will educe he
business cos o financial en e p ises, inc ease hei desi e o in es
in small and mic o en e p ises, esol e p oblems such as insu ficien
in es men , and imp o e GTFP. Finally, indus y−finance coope a ion
can also o m a ma ke signal. Because indus y−finance coope a ion
aims o c ea e an en i onmen ally iendly de elopmen model,
in es o s a e mo e inclined o in es in g een inno a ion p ojec s
based on his ma ke signal. The adjus men o in es men endency
will b oaden he di ec financing channels o SMEs engaged in p o-
duc ion and inno a ion ac i i ies, he eby imp o ing he o e all
GTFP le el o socie y.
Based on he abo e analysis, his s udy pu s o wa d he esea ch
hypo hesis H1: F om he ma ke and he go e nmen pe spec i e,
indus y−finance coope a ion significan ly p omo es GTFP.
The influence mechanism o indus y
−
finance coope a ion on indi ec
financing
Fi s , om he pe spec i e o en e p ises, financial ins i u ions
end o se highe isk le els o SMEs due o hei lack o asse colla -
e al, inc easing he se e i y o hei financing cons ain s. Howe e ,
he coope a ion be ween indus y and finance will educe he loan
isk o SMEs and ansac ion cos s and encou age financial ins i u-
ions o issue loans o hem (Lu e al., 2012). Specifically, wi h he
W. Qiu, Y. Bian, S. Ren e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100470
3
suppo o digi al echnology, indus y−finance coope a ion will
make ull use o he con enience o go e nmen depa men s o col-
lec and disclose in o ma ion on he p oduc i e ac i i ies o SMEs.
Imp o ing in o ma ion disclosu e will educe he isk le el o SMEs
and he ansac ion cos s be ween SMEs and financial ins i u ions.
A e wa d, indus y−finance coope a ion will p o ide small and
medium en e p ises wi h sui able loans h ough financing pla o ms
o sol e hei financing cons ain s (Ghise i e al., 2015). Compa ed
wi h la ge companies, indus y in eg a ion can imp o e he abili y o
indi ec financing o SMEs.
Second, om an indus y pe spec i e, indus y−finance coope a-
ion can be e p omo e he imp o emen o indi ec financing capa-
bili ies in highly compe i i e indus ies. In he ma ke con ex ,
monopolis ic indus ies wi h lowe compe i ion ha e a highe ma -
ke sha e and mo e subs an ial ba gaining powe o commodi ies.
The e o e, monopoly indus ies can con ol and adjus he quan i y
and p ice o ci cula ing p oduc s, ob ain highe p ofi s, and a oid all-
ing in o a "cash flow p edicamen "; howe e , indus ies wi h highe
le els o compe i ion a e mo e ulne able o h ea s om compe i-
o s. Such indus ies need su ficien unds o p oduc i e expansion
o main ain hei leading posi ion; he e o e, he p omo ion e ec o
he indus y−finance coope a ion on indi ec financing can be mo e
eflec ed in indus ies wi h inc eased compe i ion.
Finally, om a egional pe spec i e, indus y−finance coope a ion
can imp o e he indi ec financing le el o he socie y as a whole by
op imizing he edis ibu ion o capi al. Unde he influence o he
“siphon e ec ,”en e p ises in cen al and wes e n China ace mo e
se ious financing cons ain s. Howe e , wi h he assis ance o local
go e nmen s, indus y−finance coope a ion will guide he ans e o
capi al om he eas e n coas al a eas o he cen al and wes e n
egions by building a financing pla o m, he eby op imizing he
edis ibu ion o capi al and imp o ing he le el o indi ec financing
o en e p ises.
Based on he abo e analysis, his s udy pu s o wa d he esea ch
hypo hesis H2: Whe he a he en e p ise, indus y, o egional le el,
indus y−finance coope a ion has a significan ole in p omo ing
indi ec financing.
The influence mechanism o indi ec financing on GTFP
Fi s , in e ms o ac o alloca ion e ficiency, indi ec financing
mainly adop s g een c edi o imp o e capi al u iliza ion e ficiency,
he eby imp o ing socie y’s o e all GTFP. Specifically, financial ins i-
u ions se highe loan in e es a es o “ h ee high”companies,
which educes hei financing scale. Reducing he financing scale will
inhibi he p oduc i e expansion o “ h ee high”en e p ises, o cing
hem o in es unds in g een inno a ion ac i i ies (Zhang e al.,
2011). Con e sely, o en i onmen ally iendly en e p ises, financial
ins i u ions se lowe loan in e es a es and longe epaymen pe i-
ods o ensu e he smoo h de elopmen o hei g een inno a ion
ac i i ies (Qiu e al., 2023). The e o e, unde he guidance o g een
c edi , indi ec financing can imp o e socie y’s o e all ac o alloca-
ion e ficiency by adjus ing he loan in e es a es o “ h ee high”
en e p ises and en i onmen - iendly en e p ises, he eby imp o ing
GTFP (Li e al., 2018).
Second, in e ms o in es men in inno a ion, indi ec financing,
wi h he suppo o digi al in o ma ion echnology, expands he scale
o financial ins i u ions’ unds and esol es he p edicamen o insu -
ficien unds o he p omo ion o GTFP. Wi h he suppo o digi al
in o ma ion echnology, financial ins i u ions can abso b idle unds
in emo e a eas mo e e ficien ly and sa is y he p e e ences o a ious
in es o s by en iching he ypes o financial p oduc s hey o e . Con-
sequen ly, financial ins i u ions expand he scale o unds wi h he
suppo o digi al in o ma ion echnology (Gombe e al., 2017;
Li e al., 2020). Fu he analysis shows ha because financial ins i u-
ions ha e mo e su ficien unds, en e p ises ha we e ini ially acing
financing cons ain s can ob ain mo e loans, which is conduci e o
sol ing he p oblem o insu ficien unds o en e p ises’p oduc i e
inno a ion ac i i ies and imp o ing he o e all GTFP o socie y.
Finally, ega ding he equen exchange o in o ma ion, financial
ins i u ions will end o issue loans o g een in es men p ojec s and
p omo e he imp o emen o GTFP h ough echnological upg ading.
Wi h he con inuous imp o emen o economic de elopmen , he
public g adually ealizes he impo ance o ecological en i onmen
cons uc ion, so hey a e mo e inclined o buy en i onmen ally
iendly p oduc s. A he same ime, in he con empo a y e a o
inc easingly equen in o ma ion exchanges, i is easie o financial
ins i u ions o accu a ely analyze he pu chasing beha io o he pub-
lic h ough in o ma ion echnology and o judge ha g een and sus-
ainable p ojec s ha e la ge p ofi ma gins. The e o e, he
in es men willingness o p ofi -seeking financial ins i u ions will
shi om ex ensi e scale expansion o g een inno a ion o imp o e
he u iliza ion e ficiency o indi ec financing and hen imp o e GTFP
h ough upg ading p oduc ion echnology.
Based on he abo e analysis, his s udy p oposes esea ch hypo h-
esis H3: Indi ec financing has a significan ole in p omo ing GTFP in
h ee aspec s: ac o alloca ion e ficiency, in es men in inno a ion,
and equen exchange o in o ma ion. The mechanism analysis dia-
g am is as ollows (see Fig. 2).
Me hods and da a
Econome ic me hodology
Benchma k eg ession model
The adi ional DID model equi es he samples o mee he " an-
dom g ouping" assump ion, while he pilo ci ies o indus y
−finance coope a ion need a solid indus ial ounda ion, a high le el
o indus ial chain, and ich financial esou ces. The e o e, he ela-
ionship be ween indus y−finance coope a ion and GTFP canno be
empi ically analyzed using he adi ional DID model; howe e , he
PSM-DID model can e ec i ely esol e he abo e p oblems (Heck-
man e al., 1997). Specifically, he PSM-DID model fi s uses he PSM
me hod o find he con ol g oup samples simila o he expe imen al
g oup; hus, he samples mee he “ andom g ouping”assump ion
and balance equi emen s. A e ha , he PSM-DID model uses he
basic DID model o empi ically analyze he ela ionship be ween
indus y−finance coope a ion and GTFP (Rosenbaum e al., 1983).
The specific measu emen model is as ollows:
lnGTFPi; ¼b0þb1 imei; ci yi;
þb2X
6
k¼1
lnXk;i; þai
þm þei; :ð1Þ
He e, i ep esen s he p e ec u e-le el ci y, and ep esen s he
yea . ime
i,
is he ime dummy a iable—i is 2015 and 2016, hen
ime
i,
=0;i is 2017−2021, hen ime
i,
=1.ci y
i,
is a g ouping
dummy a iable. When iis he con ol g oup, ci y
i,
= 0; when iis he
expe imen al g oup, ci y
i,
=1.X
k,i,
ep esen s he con ol a iable. a
i
and m
deno e fixed e ec s o egion and yea , espec i ely. e
i,
deno e andom dis u bance e ms. Las ly, Fig. 3 illus a es he o e all
esea ch amewo k.
The design o he media ion model
This s udy explo es he impac o indus y−finance coope a ion
on GTFP om ac o alloca ion e ficiency o indi ec financing, in es -
men in inno a ion, and equen exchange o in o ma ion. Fi s ,
based on ac o alloca ion e ficiency, indus y−finance coope a ion
will gi e ull play o i s supe iso y e ec and examine he pollu an
emissions o en e p ises by implemen ing ollow-up supe ision and
o he measu es. Such inspec ions can op imize he alloca ion o he
W. Qiu, Y. Bian, S. Ren e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100470
4
whole socie y’s ac o s and p omo e he imp o emen o GTFP. Sec-
ond, om he pe spec i e o in es men in inno a ion, indus y
−finance coope a ion will ully abso b idle unds om socie y and
expand he scale o financial ins i u ions’ unds wi h he suppo o
digi al in o ma ion echnology. A e wa d, he indus y−finance
coope a ion associa ion will issue loans o en e p ises engaged in
inno a ion ac i i ies in he o m o “poin - o-poin ” o inc ease he
capi al in es men in p oduc i e inno a ion ac i i ies and hen
achie e he goal o imp o ing GTFP. Finally, om he pe spec i e o
equen exchange o in o ma ion, wi h he assis ance o local go -
e nmen s, indus y−finance coope a ion will p omo e g een and
en i onmen - iendly li es yles, inc ease he public’s desi e o buy
g een p oduc s, and expand he p ofi ma gins o en i onmen -
iendly p oduc s. The expansion o p ofi ma gins o en i onmen-
ally iendly commodi ies will encou age financial ins i u ions o
in es in hem, hus p omo ing he p omo ion o GTFP in socie y.
This s udy p oposes he ollowing media ion model o es he abo e
heo ies:
lnGTFPi; ¼b0þb1 imei; ci yi; lnIFi;
þb2X
6
k¼1
lnXk;i; þaiþm þei; :ð2Þ
He e, IF
i,
is he indi ec financing o egion iin yea .
Da a
Explained a iable
As a comp ehensi e indica o o economic de elopmen and ecologi-
cal en i onmen cons uc ion, GTFP is mainly calcula ed h ough inpu
and ou pu indica o s (Hu and Yang, 2011;Li, Peng, & Ouyang, 2013).
Fig. 2. Mechanis ic diag am be ween indus y-finance coope a ion, indi ec financing and GTFP.
Fig. 3. Resea ch amewo k.
W. Qiu, Y. Bian, S. Ren e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100470
5
Among hem, he inpu indica o s a e di ided in o labo inpu , capi al
inpu , and ene gy inpu . The labo inpu is he a e age numbe o
employees in he p e ec u e-le el ci ies, he capi al inpu is he cap-
i al s ock ob ained using he pe pe ual in en o y me hod, and he
ci ywide elec ici y consump ion da a measu e he ene gy inpu . In
addi ion, ou pu indica o s a e mainly di ided in o expec ed ou pu
and undesi ed ou pu . The expec ed ou pu is each ci y’sg oss
domes ic p oduc (GDP), and he en i onmen al pollu ion index
ep esen s he undesi ed ou pu . Specifically, his s udy uses he
en opy me hod o calcula e he comp ehensi e en i onmen al
pollu ion index acco ding o pollu an discha ge indica o s such as
indus ial was ewa e discha ge, indus ial was e gas discha ge, and
indus ial solid was e discha ge.
Co e explana o y a iable
In e ms o he yea be o e and a e he implemen a ion o indus-
y−finance coope a ion, ou depa men s, including he Minis y o
Indus y and In o ma ion Technology, launched he applica ion o
he pilo applica ion o indus y−finance coope a ion in 2016, and a
he end o 2016, announced he lis o 37 “China’s indus y−finance
coope a ion pilo ci ies”including Beijing. The e o e, his s udy akes
2017−2021 as he implemen a ion yea o indus y−finance coope a-
ion and se s 2015−2016 as he pe iod be o e he policy was in o-
duced. Addi ionally, in he di ision o he expe imen al g oup and
he con ol g oup, his s udy is based on he lis o “China’s Indus y
−finance coope a ion pilo ci ies”announced a he end o 2016. A e
excluding he coun y-le el ci y samples, 31 pilo ci ies, such as Ha -
bin and Xiamen, we e selec ed as he expe imen al g oup. The es o
he p e ec u e-le el ci y samples we e he con ol g oup.
Media o
Indi ec financing mainly e e s o he p ocess o capi al-sho age
uni s and capi al-su ficien uni s h ough financial ins i u ions o
achie e financial in eg a ion. Specifically, en i ies wi h su ficien
unds deposi idle unds in financial ins i u ions using deposi s, pu -
chase o secu i ies o financial ins i u ions, e c. A e ha , financial
ins i u ions can lend unds o capi al-s apped uni s h ough loans,
discoun s, e c. Fu he mo e, he measu emen me hod o indi ec
financing adop s he a io o he balance o deposi s and loans p o-
ided by financial ins i u ions o GDP.
Con ol a iables
Fi s , he seconda y p oduc ion o GDP a io e e s o indus ial
upg ading. Second, human capi al (HC), which is measu ed by he
numbe o college s uden s pe 10,000 people. Thi d, pe capi a GDP
(PGDP) is he a io be ween he egional g oss domes ic p oduc and
he o al popula ion a he end o he yea . Fou h, he ma ke iza ion
le el (ML) is ep esen ed by he p opo ion o fiscal expendi u e in
GDP. Fi h, he u baniza ion a e is calcula ed by he a io be ween
he u ban popula ion and he o al popula ion a he end o he yea .
Six h, he ade openness (TO) is he pe cen age o each p e ec u e-
le el ci y’s o al impo and expo o GDP.
Da a sou ces
Due o he lack o da a in Tibe , Hong Kong, and o he egions, his
s udy selec ed he panel da a o 272 p e ec u e-le el ci ies in China
om 2015 o 2021. Mo eo e , he da a used in his s udy a e om
he EPS da abase and “China U ban S a is ical Yea book.”Table 1 p o-
ides he names o he a iables in his s udy, a iable desc ip ions,
and desc ip i e s a is ics. This s udy di ided he da a om 2015 o
2021 in o wo pa s o examine he mean, s anda d de ia ion (SD),
minimum (Min), and maximum (Max) o each a iable. Al hough
he mean o GTFP in 2015−2017 was no significan ly di e en om
he mean in 2018−2021, he SD o GTFP dec eased significan ly in
2018−2021, indica ing a g adual dec ease in he gap be ween GTFP
in each ci y. Fo he con ol a iables, he mean o ML dec eased
significan ly, indica ing ha he na ional ma ke iza ion le el
inc eased significan ly. A he same ime, wi h he g adual de elop-
men o China’s economy, he a e age PGDP has inc eased signifi-
can ly.
Resul s and discussion
Baseline es ima e
Whe he he esul s o PSM a e eliable de e mines whe he he
samples mee he equi emen s o balance, a ec ing he s abili y o
he empi ical esul s. Gi en his, his s udy ca ies ou he ollowing
e ifica ions. Fi s , he PSM balance es is used o de e mine whe he
he esul s o he PSM sa is y he "condi ional independence assump-
ion" (see Table 2). Mos ma ched a iables (Ma ched) had s anda d
de ia ions less han 20 in absolu e alue, indica ing ha he esul s
o PSM we e alid (Rosenbaum and Rubin, 1983). Second, since he T
alues o mos o he ma ching a iables a e no significan a e
ma ching, he esul s o PSM con o m o he null hypo hesis ha he
means o ma ching a iables a e ma ching a e equal; ha is, he
esul s o PSM a e alid. Finally, o es he quali y o he PSM esul s,
his s udy compa ed whe he he o e lap o he nuclea densi y
maps be ween he con ol g oup and he expe imen al g oup be o e
and a e ma ching inc eased (see Fig. 4). The es esul s show ha
he o e lapping pa o he nuclea densi y maps o he con ol and
expe imen al g oups inc eased significan ly a e ma ching; ha is,
he ma ching quali y imp o ed. The e o e, he esul s o PSM a e
Table 1
Desc ip i e s a is ics.
Va iables To al 2015−2017 2018−2021
GTFP:G een o al ac o p oduc i i y
Mean 1.009 1.009 1.009
S.D. 0.025 0.029 0.023
Min 0.960 0.960 0.961
Max 1.060 1.060 1.060
IF:Indi ec financing (%)
Mean 2.762 2.554 2.917
S.D. 1.281 1.188 1.326
Min 0.910 0.910 1.201
Max 21.301 12.567 21.301
IU:Indus ial upg ading (%)
Mean 0.426 0.455 0.404
S.D. 0.105 0.105 0.100
Min 0.127 0.139 0.127
Max 0.745 0.745 0.729
HC:Human capi al (pe son/10,000 people)
Mean 183.343 187.745 180.042
S.D. 205.475 221.162 192.913
Min 6.000 6.000 8.000
Max 1294.000 1294.000 1003.000
PGDP:GDP pe capi a (RMB 10,000/pe son)
Mean 6.130 5.494 6.606
S.D. 3.390 3.129 3.499
Min 1.099 1.099 1.266
Max 21.812 21.549 21.812
ML:Ma ke iza ion le el (%)
Mean 4.025 5.633 2.819
S.D. 3.017 2.141 3.017
Min 0.059 1.448 0.059
Max 15.111 12.584 15.111
UR:U baniza ion a e (%)
Mean 0.565 0.549 0.577
S.D. 0.162 0.157 0.165
Min 0.001 0.001 0.001
Max 1.000 1.000 1.000
TO:T ade openness (%)
Mean 0.211 0.203 0.217
S.D. 0.496 0.330 0.591
Min 0.001 0.001 0.001
Max 11.836 2.773 11.836
W. Qiu, Y. Bian, S. Ren e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100470
6
mo e eliable. Th ough he PSM-DID model, his s udy can u he
e i y he ela ionship be ween indus y−finance coope a ion and
GTFP.
To accu a ely e i y esea ch hypo hesis H1, his s udy adop s
model (1) (a s a ic fixed-e ec model) and uses a dynamic fixed-
e ec model o empi ically analyze he ela ionship be ween indus-
y−finance coope a ion and GTFP (see Table 3). The specific s eps o
he dynamic fixed-e ec model a e as ollows. Since he s a yea o
he indus y−finance coope a ion is 2017, we se 2017, 2018, 2019,
2020, and 2021 as yea dummy a iables ha ake he alue o 1; he
o he yea s a e 0. A e ha , he abo e dummy a iables and g oup-
ing dummy a iables (ci y
i,
) a e used as in e ac ion e ms. I he coe -
ficien s a e significan , indus y−finance coope a ion has a dynamic
e ec (Xuan e al., 2020). On he one hand, he s a ic fixed e ec
shows ha he indus y−finance coope a ion coe ficien is signifi-
can ly posi i e a he 10 % le el, e i ying esea ch hypo hesis H1.
The p omo ing e ec o indus y−finance coope a ion on sho ening
he c edi chain may be an impo an eason o he abo e esul s.
Di e ences in he a i udes o financial ins i u ions owa d isk-he -
e ogeneous en e p ises and he p ofi gap be ween eal en e p ises
and he i ual economy a e essen ial easons o shadow banking,
which c owded ou he p oduc i e in es men o la ge en e p ises
and enla ged he c edi chain wi hin he financial sys em. The expan-
sion o he c edi chain inc eases he financing cos o high- isk SMEs,
educes he p oduc i e in es men o SMEs, and hus significan ly
educes he p oduc i e inno a ion ac i i ies o he whole socie y.
Howe e , he coope a ion be ween indus y and finance will p o-
mo e di ec communica ion be ween financial and eal en e p ises
by building a financing pla o m o sho en he c edi chain. Fu he
analysis shows ha sho ening he c edi chain educes SMEs’financ-
ing cos s, p omo es he expansion o hei p oduc ion scale, indi ec ly
na ows he p ofi gap be ween he i ual economy and he eal
economy, and educes he pa icipa ion o la ge en e p ises in
shadow banking. Mo eo e , he sho ening o he c edi chain can
e ec i ely alle ia e sys emic isks, inc ease he willingness o finan-
cial ins i u ions o in es in inno a i e p ojec s and imp o e socie y’s
o e all GTFP. The e o e, indus y−finance coope a ion has a signifi-
can p omo ing e ec on he GTFP. On he o he hand, om he pe -
spec i e o dynamic fixed e ec s, al hough indus y−finance
coope a ion was o mally implemen ed in 2017, i s coe ficien was
no significan ly posi i e a he 10 % le el un il 2018 (see Table 3).
The ime lag o he usion wo k is one o he main easons o his
esul . A he go e nmen le el, he app o al o adminis a i e p oce-
du es needs a ce ain amoun o ime. A he same ime, he deploy-
men o pe sonnel and ma e ials ela ed o indus y−finance
coope a ion also needs some ime o comple e. Fu he mo e, a he
en e p ise le el, due o he in o ma ion asymme y, he en e p ise
needs o spend a ce ain amoun o ime o g asp he in o ma ion
ela ed o he indus y−finance coope a ion accu a ely and in de ail.
Fig. 4. Nuclea densi y map be o e and a e PSM.
Table 2
PSM balance es esul s.
Ma ch a iables Be o e ma ching (U) Mean S anda d de ia ion (%) T es
A e ma ching (M) Tes g oup Con ol g oup De ia ion Reduce P>| |
lnIU U 0.89133 0.88777 1.3 281.2 0.859
M0.81599 0.82957 4.8 0.719
lnHC U 5.4946 4.6484 95.1 99.0 0.000
M 4.9356 4.9444 1.0 0.941
lnPGDP U 2.0521 1.6332 86.1 98.2 0.000
M 1.7821 1.7745 1.6 0.903
lnML U 0.76799 0.68472 5.1 21.4 0.455
M 0.89362 0.95905 4.0 0.774
lnUR U 0.40873 0.75706 47.5 97.0 0.000
M0.5451 0.53475 1.4 0.741
lnTO U 1.946 2.6695 50.5 65.1 0.000
M2.2186 2.471 17.6 0.179
Table 3
Benchma k es ima ion esul s.
Va iables S a ic e ec Dynamic e ec
ime £ci y 0.010*
yea 17 £ci y 0.014
yea 18 £ci y 0.018*
yea 19 £ci y 0.009
yea 20 £ci y 0.009*
yea 21 £ci y 0.003
Con ol a iables Con ol Con ol
Time fixa ion Con ol Con ol
Indi idual fixa ion Con ol Con ol
N 1904 1904
R
2
0.0084 0.0100
No e: Significance o he coe ficien s a 10 %, 5 %, and 1 % a e indica ed as *, * *,
and * * *, espec i ely.
W. Qiu, Y. Bian, S. Ren e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100470
7
Gi en his, indus y−finance coope a ion did no e ec i ely p omo e
GTFP un il 2018. In addi ion, he coe ficien o indus y−finance
coope a ion in 2020 is also significan ly posi i e a 10 % (see Table 3),
which may esul om inc eased go e nmen suppo . Due o he
ou b eak o COVID-19 in 2020, mos SMEs a e a isk o capi al chain
up u e. In esponse, local go e nmen s ha e inc eased hei suppo
o SMEs. The e o e, he 2020 indus y−finance coope a ion can sig-
nifican ly imp o e GTFP.
He e ogeneous e ec s
This s udy di ides he sample o p e ec u e-le el ci ies in o
esou ce-based and non esou ce-based ci ies
7
and d aws he ollow-
ing conclusions (see Table 4): The coe ficien o esou ce-based ci ies
is significan ly posi i e a he 1 % le el. This esul may occu because
he esou ce-based indus y is he pilla indus y o a esou ce-based
ci y (Qiu e al., 2022a), and he financial de elopmen le el o
esou ce-based ci ies is ela i ely low. Resou ce-based ci ies wi h
esou ce-based indus ies as hei pilla indus ies end o ake
ad an age o he low-cos ad an age o ossil ene gy, such as coal, o
ake he oad o ex ensi e economic de elopmen , which makes i
easie o s ep in o he “ esou ce cu se” ap, and i is di ficul o com-
ple e he GTFP upg ade alone. Al hough he local go e nmen s o
esou ce-based ci ies y o o ce he “ h ee high”en e p ises o flow
unds in o p oduc i e inno a ion ac i i ies h ough en i onmen al
egula ion, due o he sho age o in e nal unds, i is di ficul o
en e p ises o comple e he ans o ma ion o p oduc ion echnology
and imp o e GTFP by hemsel es. Howe e , indus y−finance coop-
e a ion will ac i ely use i s long ail e ec o abso b idle unds om
socie y e ec i ely and expand he scale o unds o financial ins i u-
ions. A e wa d, i will issue loans in a “pee - o-pee ” o m, alle ia -
ing esou ce-based en e p ises’“cash flow dilemma”and inc easing
capi al in es men in hei p oduc i e inno a ion ac i i ies. A he
same ime, indus y−finance coope a ion will also o m a ma ke sig-
nal and inc ease in es o s’desi e o in es in g een and inno a i e
p ojec s, he eby expanding he channels o di ec financing o
esou ce-based en e p ises. Fu he analysis shows ha expanding
financing channels o g een inno a ion p ojec s can ensu e ha
esou ce-based en e p ises can ob ain su ficien unds. Mo eo e ,
esou ce-based en e p ises wi h su ficien unds can imp o e hei
ma ginal p oduc ion e ficiency by pu chasing ad anced equipmen
and aking independen esea ch and de elopmen measu es o
educe pollu ion emissions. Fu he mo e, non esou ce-based ci ies in
he eas e n coas al a ea ha e a ela i ely high le el o financial de el-
opmen , which can educe he cos o p oduc i e inno a ion ac i i ies
h ough exis ing financial ools and sha e hei isks o achie e he
goal o upg ading p oduc ion echnology. Con e sely, o esou ce-
based ci ies in he cen al and wes e n egions wi h low financial
de elopmen , in a pu ely ma ke con ex , he high- isk cha ac e is-
ics o inno a ion ac i i ies make local financial ins i u ions eluc an
o issue loans o g een in es men p ojec s; howe e , indus y
−finance coope a ion will gi e ull play o i s ole in go e nmen eg-
ula ion. This ac ion will encou age financial ins i u ions in esou ce-
based ci ies o in es in g een and inno a i e p ojec s, he eby educ-
ing he di ficul y o inno a i e co po a e loans. The e o e, indus y
−finance coope a ion has a mo e significan impac on GTFP in
esou ce-based ci ies.
Media ion e ec
To e i y he co ec ness o he esea ch hypo heses H2 and H3,
we adop model (2) and d aw he ollowing conclusions (see Table 5).
The ime £ci y £lnIF coe ficien is significan ly posi i e a he 5 %
le el. An impo an eason is ha indus y−finance coope a ion has
en iched he ypes o financial p oduc s and has a supe iso y e ec .
By en iching he ypes o financial p oduc s, indus y−finance coop-
e a ion mee s he financing needs o di e en ypes o en e p ises,
he eby expanding he scale o indi ec financing o socie y. “Small
and mic o easy loans”can ease he financing cons ain s o small and
mic o en e p ises by calcula ing in e es daily and epaying loans as
needed; hey can also accele a e hei financing speed by aking he
o m o online p ocessing. A he same ime, o g een and inno a i e
en i y en e p ises, bank-insu ance linkage p oduc s such as “cloud
compu ing se ice insu ance” educe he isk o hei p oduc i e
inno a ion ac i i ies and expand hei financing channels. Fu he
analysis shows ha indus y−finance coope a ion will gi e ull play
o i s supe iso y e ec and ensu e ha unds a e used o upg ade
p oduc ion echnology, he eby imp o ing GTFP. Specifically, be o e
issuing loans, financial ins i u ions will ac i ely use digi al in o ma-
ion echnology o e iew he business s a us o en e p ises ho -
oughly and de e mine whe he hey can ca y ou p oduc i e
inno a ion ac i i ies. Fu he mo e, a e issuing loans, financial ins i-
u ions will coope a e wi h local go e nmen depa men s o check
whe he he en e p ise con o ms o he g een de elopmen mode o
p oduc ion. The e o e, in e ms o indi ec financing, indus y
−finance coope a ion significan ly p omo es GTFP.
Robus ness es
Pa allel end es
This s udy conduc ed he ollowing pa allel end es (see Fig. 5)
o ensu e ha he abo e conclusions a e unbiased. Be o e he imple-
men a ion o indus ial−financial coope a ion, he end o GTFP
change was no appa en . A e he implemen a ion o he policy,
GTFP inc eased significan ly; ha is, he end o GTFP change be o e
and a e he implemen a ion o he policy. The e o e, his s udy
belie es he abo e conclusions align wi h he pa allel end assump-
ion.
Placebo es
This s udy conduc ed he ollowing placebo es (see Fig. 6) o
exclude in e e ence om o he unknown ac o s wi h he abo e
conclusions. The es esul s show ha he absolu e alue o he -
alue o mos o he sampling es ima ed coe ficien s is wi hin 2, indi-
ca ing ha mos o he es ima ed coe ficien s o gene a ix coope a-
ion a e insignifican in he placebo es . The e o e, he abo e esul s
we e conside ed ela i ely obus .
Table 4
Resul s o he e ogeneous e ec s.
Va iables Resou ce-based ci ies Non- esou ce-based ci ies
ime £ci y 0.024*** 0.006
Con ol a iables Con ol Con ol
Time fixa ion Con ol Con ol
Indi idual fixa ion Con ol Con ol
N 763 1141
R
2
0.0211 0.0213
No e: Significance o he coe ficien s a 10 %, 5 %, and 1 % a e indica ed as *, * *,
and * * *, espec i ely.
Table 5
Media ing e ec esul s.
ime £ci y £lnIF Con ol
a iables
Time
fixa ion
Indi idual
fixa ion
NR
2
0.010
**
Con ol Con ol Con ol 1904 0.0083
No e: Significance o he coe ficien s a 10 %, 5 %, and 1 % a e indica ed as * * *,
and * * *, espec i ely.
7
Non esou ce-based ci ies mainly include 163 p e ec u e-le el ci ies including Bei-
jing, Chengdu, and Shanghai; esou ce-based ci ies mainly include 109 p e ec u e-
le el ci ies, such as O dos and Panzhihua.
W. Qiu, Y. Bian, S. Ren e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100470
8
