海洋金融政策与涉海企业融资约束:谁能从中获益?

Marine Financial Policies and Financing Constraints ofMarine-Related Enterprises: Who Can Benefit?

海洋金融政策作为推动海洋经济高质量发展的关键手段备受关注,其对涉海企业成长的实质性影响及异质性效应亟待探究。以《关于改进和加强海洋经济发展金融服务的指导意见》的实施为准自然实验,基于2010—2022年中国沿海省份上市企业数据,采用双重差分法评估政策实施效果。结果显示:海洋金融政策的实施显著缓解了涉海企业融资约束,尤其在企业国有资本比例较高的情况下,政策效应更为显著。进一步研究发现,该政策影响差异性的主要作用机制在于信息不对称,而非政治关联或是资产可抵押性。因此,应继续优化金融服务,精准地差异化支持不同类型涉海企业,推进涉海企业信息披露,发挥海洋金融政策在缓解涉海企业融资约束方面的作用。

The marine financial policy,as a crucial tool for promoting the high-quality development of the marine economy,has garnered significant attention.However,its substantive impact on the growth of marine-related enterprises and heterogeneous effects have been overlooked.This paper takes the implementation of the“Guidance on Improving and Strengthening Financial Services for the Development of the Marine Economy”as a quasi-natural experiment,utilizing data from listed companies in coastal provinces of China from 2010 to 2022.It employs the difference-in-differences method to evaluate the policy implementation effects.The research findings demonstrate that the implementation of the marine financial policy significantly alleviates the financing constraints of marine-related enterprises,especially when the proportion of state-owned capital in enterprises is higher,the policy effect is more pronounced.Further research reveals that the heterogeneity of policy effects among enterprises with different proportions of state-owned capital can be explained from the perspective of information asymmetry,rather than political connections or asset collateralization.Therefore,financial services should continue to be optimized,with targeted support provided to different types of marine-related enterprises.Additionally,efforts should be made to enhance information disclosure among these enterprises,thereby maximizing the effectiveness of maritime financial policies in alleviating the financing constraints faced by marine-related businesses.