金融支持先进制造业发展的问题与对策研究——基于国际比较的视角  

Research on the problems and countermeasures of financial support for the development of advanced manufacturing industry——Based on the perspective of international comparison

作　　者：杨白冰 纪晗 Yang Baibing;Ji Han

机构地区：[1]国家信息中心 [2]中国人民银行沈阳分行

出　　处：《全球化》2022年第4期52-60,133,共10页Globalization

基　　金：2018年国家社科项目《经济增长动能转换引致系统性金融风险机制研究》(18CJL010)部分成果。

摘　　要：本文运用上市公司数据比较了我国与美国、德国、日本三大制造业强国金融支持制造业的情况,发现我国先进制造业存在信贷融资难、融资成本高、融资期限短期化、融资渠道有限等问题,在一定程度上制约了先进制造业的发展。原因在于,要素投入结构与融资结构不匹配加大了融资难度,产业不断迭代升级与融资期限不匹配加剧了资金错配,企业数字化改造成本与金融体系结构不匹配增加了企业融资成本,利益主体多元化与金融工具不匹配导致融资渠道受限。为此,建议通过为先进制造业企业提供融资优惠便利、降低再贷款再贴现利率、加大政策性银行与先进制造业产业投资基金支持力度、创新发展供应链金融等方式,强化金融对先进制造业的精准支持力度。This paper uses the data of listed companies to compare the financial support of the manufacturing industry in China and the three major manufacturing powers of the United States,Germany and Japan,and finds that China’s advanced manufacturing industry has problems such as difficulties in credit financing,high financing costs,short-term financing terms,and limited financing channels that restrict the development of advanced manufacturing to a certain extent.The reason is that the mismatch between the factor input structure and the financing structure increases the difficulty of financing,the continuous iterative upgrading of the industry and the mismatch of the financing term intensify the mismatch of funds,and the mismatch between the cost of digital transformation of enterprises and the structure of the financial system increases the cost of financing for enterprises and the mismatch between diversification and financial instruments results in limited financing channels.It is suggested to strengthen the precise financial support for advanced manufacturing by providing preferential facilities for advanced manufacturing enterprises,reducing re-lending and re-discount rates,increasing support for policy banks and advanced manufacturing industry investment funds,and innovating and developing supply chain finance.

关 键 词：先进制造业 融资成本 融资期限 融资渠道 

分 类 号：F414[经济管理—产业经济] F831