金融市场特征、行业特性与出口国内附加值  

Financial Systems Characteristics,Industry Features and Domestic Value Added in Exports

作　　者：陈陶然[1] 谭之博[2] 

机构地区：[1]上海社会科学院世界经济研究所 [2]复旦大学经济学院

出　　处：《世界经济研究》2018年第9期68-76,共9页World Economy Studies

基　　金：国家自然科学基金青年科学基金项目"促进企业创新的金融市场特征研究:基于金融结构与互联网金融发展的视角"(项目编号:71603057);复旦大学理论经济学Ⅰ类高峰计划学术前沿系列"贸易冲击与企业创新研究";上海社会科学院院自报课题"贸易冲击与企业创新研究:基于劳动力市场调整;金融约束与技术外溢渠道的探索"(项目编号:ykt2017013)

摘　　要：基于Ti VA (trade in value added)数据库54个国家24个行业的7年面板数据及美国上市公司数据库,文章研究了金融市场特征与行业特性对于出口国内附加值的影响。实证结果表明,更高的金融发展水平和市场主导的金融结构有助于外部融资依赖程度更高的行业出口国内附加值的提升,而市场主导的金融结构更有利于高风险行业出口国内附加值的提高。在考虑了潜在的反向因果、遗漏变量等问题后,上述结果依然保持稳健。研究结论有助于思考金融市场如何促进出口国内附加值提升,为结合行业特性有的放矢地推进金融市场改革,促进经济转型升级提供了重要启示。Based on the TiV A database which covers 54 countries,24 industries and 7 years,and the Compustat database about US listed firms,this paper investigates the impact of financial market characteristics and industry features on the domestic value added in exports( DVAE). Empirical results demonstrate that a larger scale of financial market or a more market-based financial system is associated with a larger DVAE of the industries which have a greater degree of dependence on external finance. A more marketbased financial system,rather than the absolute scale of financial market is more beneficial to the increase of DVAE of the industries with higher risks. These results remain robust for potential reverse causality and omitted variables issues. This paper sheds light on how the financial market promotes the increase of DVAE and has rich implications for the effective implementations of targeted financial market reforms in accordance with industry features to foster the industrial upgrading.

关 键 词：金融结构 金融发展 出口国内附加值 风险 外部融资依赖程度 

分 类 号：F752.62[经济管理—国际贸易] F832[经济管理—产业经济]