Abstract
This study examined panel data of privately listed companies in China from 2012 to 2022 for empirical analysis. Results indicate that enterprise financialization and economic policies supporting private enterprises strengthen production efficiency. Economic support policies had a heterogeneous impact on production efficiency at different lifecycle stages of the enterprises in the study sample. Assuming that other conditions remain unchanged, private economic support can indirectly increase enterprises’ production efficiency by enhancing R&D investment, thereby exerting a mediating effect.
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