| With economic globalization,many world-class financial centers have emerged around the world.Financial centers are the result of agglomeration of financial resources.Financial agglomeration can exert the effects of economies of scale,information diffusion,and capital allocation,which affect the financing cost and investment decision-making of enterprises.Financial agglomeration provides enterprises with more financing methods,which reduces their financing constraints.It eases information asymmetry,and promotes the improvement of enterprise investment efficiency.Based on the background,the article tries to probe the impact of financial agglomeration on the investment effectiveness of Chinese companies and its realization mechanism.First,this paper elaborates the concept of financial agglomeration and investment efficiency,and expounds its mechanism of financial agglomeration that affects corporate investment efficiency and proposes hypotheses in this article,and designs an examination model based on the above analysis.Involved samples are from listed enterprises of Shanghai and Shenzhen Stock Exchange in 2008-2019,and are specifically the a-share of main board.Looking at the whole sample,financial agglomeration can heighten the investment efficiency of companies.For underinvested enterprises,financial agglomeration can reduce the underinvestment of enterprises,and for overinvested enterprises,financial agglomeration can restrain the overinvestment of enterprises,but both have the heterogeneity of regions and enterprise property rights.After considering regional heterogeneity,financial agglomeration in the western region appears the most apparent effect on the exaltation of corporate investment efficiency,the second is the central region,and it is not noticeable in eastern area.After considering the heterogeneity of enterprise property rights,for the non-state-owned enterprises,financial agglomeration can improve the investment efficiency,and it has little effect on the improvement of stateowned enterprises.In order to guarantee the dependability of the estimation consequence,the system GMM is used to conduct robustness tests,and the empirical conclusion is still credible.Lastly,the financing constraint is used as an intermediary variable to discuss the realization mechanism of financial agglomeration on the investment efficiency of companies.The conclusion shows that for non-state-owned enterprises,financial agglomeration reduces the financing constraints of companies,therefore it reduces underinvestment;financial agglomeration can enhance the financing constraints of companies,therefore it restrains enterprises of over-investment.Based on empirical analysis,this paper offers relevant advises.First,all regions give play to the radiating role of regional financial centers to promote the flow of financial resources.Second,government should speed up the construction of information transmission platform in financial clusters,which reduces information barrier of transaction parties.Third,government should strengthen the governance of state-owned enterprises. |
