金融结构与制造业成长:基于产业异质性视角  

Financial Structure and Manufacturing Industrial Growth:From the Perspective of Industrial Heterogeneity

作　　者：李展 王淑娟 叶蜀君[1] LI Zhan;WANG Shujuan;YE Shujun(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China;China Software Test Centre,Beijing,100089,China)

机构地区：[1]北京交通大学经济管理学院,北京100044 [2]中国软件评测中心,北京100089

出　　处：《经济经纬》2022年第1期88-97,共10页Economic Survey

基　　金：研究生创新基金项目(B20JB500260);国家社会科学基金重大项目(B17N10041)。

摘　　要：金融结构与制造业成长之间存在一定的内在联系。从产业异质性视角分析不同金融结构对不同产业成长的作用机理,并利用2003—2017年中国27个规模以上制造业产业数据,基于产业创新度、产业风险度和资金密集度三种基本特征,构建面板数据模型,实证检验金融结构对产业成长的影响。结果显示:整体上,我国当前以银行为主导的金融结构显著促进了制造业产业成长;从产业异质性视角看,银行体系的发展能够促进资本密集型产业成长,股票市场对研发密集型、风险型产业的发展有显著促进作用。我国现阶段应深化金融体系供给侧结构性改革,有针对性地发展与制造业产业成长相匹配的金融结构体系。There is a certain internal relationship between the financial structure and the growth of the manufacturing industry.This paper mainly analyzes the mechanism of different financial structures on the growth of different industries from the perspective of industrial heterogeneity.Based on the data of more than 27 manufacturing industries in China from 2003 to 2017 and the three basic characteristics of industrial innovation,industrial risk and capital intensity,this paper constructs a panel data model to empirically test the impact of financial structure on industrial growth.The results show that,on the whole,the current bank-led financial structure in China has significantly promoted the growth of manufacturing industries.From the perspective of industrial heterogeneity,the development of the banking system can promote the growth of capital-intensive industries,while the stock market has a significant role in promoting the development of R&D-intensive and risk-based industries.In view of this,China should deepen the supply-side reform of the financial system at this stage and develop a financial structure system that matches the growth of manufacturing enterprises in a targeted manner.

关 键 词：金融结构体系 制造业成长 产业异质性 差异化效应 

分 类 号：F26[经济管理—国民经济]