The effects of financial agglomeration on exports

This study explores the relationship between industrial policy, financial agglomeration, and the domestic value added of enterprise exports based on macro data from China and micro data from listed companies between 2009 and 2022. Empirical results indicate that effective industrial policies are conducive to enhancing the domestic value added of enterprise exports. Additionally, financial agglomeration also positively contributes to the domestic value added of enterprise exports. Furthermore, the impact of industrial policy on the domestic value added of exports shows heterogeneity between state-owned enterprises and private enterprises. Similarly, the influence of financial agglomeration on the domestic value added of exports also exhibits heterogeneity across ownership types. Lastly, the study reveals a threshold effect of enterprise size on the relationship between industrial policy and the domestic value added of exports.