How does regional financial development affect the investment and financing behaviors of low-altitude economy enterprises? An empirical study based on the expansion of city commercial banks

Using panel data from Chinese listed companies in the low-altitude economy sector between 2010 and 2022, this paper systematically examines the impact of regional financial development on these enterprises’ investment and financing behaviors through the lens of city commercial bank expansion. Empirical results indicate that the expansion of city commercial banks significantly alleviates corporate financing constraints while effectively stimulating capital investment. Mechanism tests reveal that corporate governance mediates the relationship between regional financial expansion and corporate financing activities. Additionally, supply chain efficiency amplifies the positive effect of financial supply on investment and financing decisions. Heterogeneity analysis further shows that the favorable impact of city commercial bank expansion is more pronounced among enterprises with higher informatization levels and lower financial leverage. This study provides an empirical basis and policy implications for developing robust financial support policies for the low-altitude economy.