Financial Market Segmentation and Enterprise Capacity Utilization

The segmentation between formal and informal financial markets has long existed and has a profound impact on the development of capital markets and business operations. This paper explores the impact of financial market segmentation on enterprise capacity utilization. Specifically, this article selects A-share manufacturing listed companies in China from 2008 to 2020 as the initial sample, and further excludes companies with ST, * ST, delisted, or missing data. There are 15126 companies observed annually. The real estate self-raised funds data used in the study were sourced from the "China Real Estate Statistical Yearbook", and the financial market perfection data were sourced from the "China Regional Financial Ecological Environment Evaluation (2008-2009)", "China Regional Financial Ecological Environment Evaluation (2009-2010)", and "China Regional Financial Ecological Environment Evaluation (2013-2014)". The financial data is sourced from the CSMAR database.