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首页> 外文期刊>The Singapore economic review >THE ROLE OF FINANCIAL INSTITUTION MARKETIZATION IN CHINA'S INDUSTRIAL CONTESTABILITY
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THE ROLE OF FINANCIAL INSTITUTION MARKETIZATION IN CHINA'S INDUSTRIAL CONTESTABILITY

机译：金融制度化市场化在中国工业稳定性中的作用

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摘要

In this paper, we investigate how the marketization of financial institutions affects China's industrial contestability. Our empirical results show that a higher degree of marketization of financial institutions is significantly associated with both the operation of more firms and the smaller average size of firms. Moreover, the lower and upper quartiles of the conditional distribution of firm size are all significantly negatively associated with the higher marketization degree of financial institutions, whereas increased financial institution competition and market-oriented allocation of credit funds have greater negative effect on the average size of larger firms, relative to smaller firms. In sum, improvements on the degree of marketization of financial institutions lead to an increase in the number of firms and a reduction in the average size of firms in China's industry. Therefore, the marketization of financial institutions has a significant positive impact on China's industrial contestability.
机译：在本文中，我们研究了金融机构的市场化如何影响中国的产业竞争力。我们的经验结果表明，金融机构的市场化程度越高，与更多公司的运营和越小的公司平均规模显着相关。此外，公司规模条件分布的上下四分位数与金融机构的较高市场化程度均显着负相关，而金融机构竞争的加剧和信贷资金的市场化配置对金融机构平均规模的负面影响更大。大公司，相对于小公司。总而言之，金融机构市场化程度的提高导致公司数量的增加和中国行业公司平均规模的减小。因此，金融机构的市场化对中国的产业竞争力具有重大的积极影响。

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