Do Financial Support Policies Catalyse the Development of New Consumption Field?—Evidence from China’s New Consumer Enterprises

Abstract

The development of the new consumption field is crucial to China’s sustained economic growth at this stage, and it is also of significance to catch-up economies in a shift period of economic growth in order to achieve a breakthrough in development. From a micro perspective, relying on propensity score matching and the difference-in-differences method, this paper is the first study to examine the impact of financial support policies on the growth of new consumer enterprises by using the data of A-share-listed enterprises from 2012 to 2021 and to systematically explore this impact mechanism on the basis of the heterogeneity of property rights and regions. The results show the following: First, the implementation of financial support policies is beneficial to catalyse both current growth and the growth potential of new consumer enterprises. Second, financial support policies play a role in the allocation of credit resources for new consumer enterprises and promote their growth by improving credit supply. Third, financial support policies have a more obvious effect on the growth of non-state-owned new consumer enterprises than those that are state-owned, and they play a greater role in promoting the growth of new consumer enterprises in the northern region than that in the southern region. Our conclusions provide a theoretical reference and path reference for achieving targeted assistance for new consumer enterprises and accelerating the sustainable development of the new consumption field.