地区战略性新兴产业政策与资本市场资源配置对地区经济增长的影响研究  

Study on Impacts of Regional Strategic Emerging Industry Policy and Capital Market Resource Allocation on Regional Economic Growth

作　　者：丰若旸 冯根福[1] 郑明波 FENG Ruoyang;FENG Genfu;ZHENG Mingbo(School of Economics and Finance,Xi’an Jiaotong University,Xi’an 710061,China;School of Economics and Management,Chang’an University,Xi’an 710064,China)

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]长安大学经济与管理学院,陕西西安710064

出　　处：《西安交通大学学报（社会科学版）》2022年第6期64-76,共13页Journal of Xi'an Jiaotong University：Social Sciences

摘　　要：产业政策与资本市场资源配置的匹配状况是影响地方政府战略性新兴产业政策实施效果和地区经济增长的一个重要因素。在计算和衡量中国地方政府战略性新兴产业政策与资本市场间的资源配置匹配度基础上,利用中国省际面板数据,分析和探讨了地方政府战略性新兴产业政策与资本市场资源配置的匹配度对地区经济增长的影响及作用机制。研究发现:(1)2011—2019年中国各地区战略性新兴产业政策与资本市场资源配置匹配度总体呈现增长趋势,说明在地方政府战略性新兴产业政策和资本市场配置两种方式的合力引导下资源更多流向了战略性新兴产业;(2)地区战略性新兴产业政策与资本市场资源配置匹配度的提高对地区经济增长具有显著的促进作用,且这种促进作用具有区域异质性,在那些经济基础较好或是本地战略性新兴产业处于形成期和成长期的省份,资源配置匹配度对经济增长的促进作用相对更大;(3)战略性新兴产业政策与资本市场资源配置的匹配可以通过促进产业结构高度化提高地区经济增长水平,但产业结构合理化的中介作用却不明显。研究对中国地方政府进一步提高战略性新兴产业政策与资本市场间的资源配置匹配度,加快地区产业结构转型升级和经济增长具有一定参考价值。The matching status between industrial policies and capital market resource allocation is an important factor influencing the effect of local government’s strategic emerging industry(SEI)policy and regional economic growth.Based on calculation and measurement for the matching degree of resource allocation between SEI policy and capital market,this paper analyses the effect and mechanism of the matching degree on the regional economic growth in China by using Chinese provincial panel data.The results suggest that:(1)the matching degree of SEI policy and capital market resource allocation in Chinese provinces show an overall growth trend during the period 2011-2019,indicating that more resources flowed to SEI under the joint guidance of local government’s SEI policy and capital market;(2)the improvement of the matching degree of SEI policy and capital market resource allocation plays a significant role in promoting regional economic growth,and this promoting effect shows regional heterogeneity;the matching degree has a more prominent promoting effect on regional economic growth in those provinces with better economic foundation or whose SEI is in the initial and growth stages;(3)the matching of SEI policy and capital market resource allocation could improve regional economic growth by promoting industrial structure advancement,but the intermediary effect of industrial structure rationalization is insignificant.This study shows reference values for Chinese local governments to improve the matching degree of resource allocation between SEI policy and capital markets,and to accelerate industrial structure transformation and upgrading as well as regional economic growth.

关 键 词：战略性新兴产业政策 资本市场 资源配置 产业结构升级 地区经济增长 

分 类 号：F832.51[经济管理—金融学] F127