请问 real activity是什么意思啊？该怎么翻译呢？

Our results are especially relevant for a set of related literatures that study how legal and financial institutions affect real activity. First, our evidence showing that productivity-enhancing R&D investments are particularly dependent on the funding supplied by stock markets can explain why stock market developments and liberalizations—which presumably lead to permanent increases in the supply of external equity finance—have long-lasting effects on productivity and economic growth (e.g., Bekaert, Harvey, and Lundblad (2011)). Second。。。。。