Financial Efficiency and High-quality Development of Strategic Emerging Industries: An Empirical Study Based on Micro-Enterprise Data

DOI: https://doi.org/10.62517/jse.202511204

Author(s)

Xincheng Zhao1, Guiyuan Hao2,*

Affiliation(s)

1School of International Business and Tourism, Suzhou Vocational Institute of Industrial Technology, Suzhou, Jiangsu, China 2School of Economics, Guangdong Ocean University, Zhanjiang, Guangdong, China *Corresponding Author

Abstract

This paper explores the causal relationship between financial efficiency and the high-quality development of strategic emerging industries from the perspective of financial efficiency. Based on data from listed companies in strategic emerging industries across 49 prefecture-level cities in China from 2011 to 2023, this study employs a fixed-effects model to empirically analyze the impact of city-level financial efficiency on the total factor productivity (TFP) of strategic emerging industries. The findings reveal a significant positive correlation between financial efficiency and the high-quality development of strategic emerging industries, indicating that improving regional financial efficiency can significantly enhance the TFP of strategic emerging enterprises. Further heterogeneity analysis shows that financial efficiency has a more pronounced promoting effect on non-state-owned enterprises, industrial enterprises, and enterprises in non-first-tier cities, while its impact on state-owned enterprises, service-oriented enterprises, and enterprises in first-tier cities is relatively weaker. This study provides empirical evidence for optimizing the mechanisms and pathways of financial support for the development of strategic emerging industries, emphasizing the importance of enhancing financial efficiency and deepening financial reforms to promote the high-quality development of strategic emerging industries.

Keywords

Financial Efficiency; Strategic Emerging Industries; Total Factor Productivity; Fixed-Effects Model

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