行业转型升级下钢铁企业溢出效应与金融赋能——基于中小企业发展视角

Spillover Effects and Financial Empowerment of Steel Enterprises in the Context of Industry Transformation and Upgrading——A Perspective on Small and Medium-sized Enterprises Development

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摘要近年来,随着钢铁行业转型升级步伐加快,钢铁企业产业链逐步完善,大型钢铁企业对区域经济、链上中小企业的带动、辐射作用日益显著。本文从垂直溢出效应、水平溢出效应两个角度分析大型钢铁企业对当地上下游中小型企业的影响机理,以全国不同区域10家代表性钢铁企业、36家链上中小企业为研究样本,选取2016—2022年上市企业面板数据,构建现金—现金流敏感性模型,基于中小企业融资发展视角,对钢铁企业的溢出效应进行实证研究。通过机理分析和实证研究,本文得出以下结论:钢铁企业在一定程度上对中小企业融资发展有正向促进作用,东部发达地区的钢铁企业经济效率对中小企业融资发展促进作用更加显著,中部、西部地区的钢铁企业区域GDP贡献对中小企业融资发展促进作用更加突出。最后从金融赋能钢铁企业发展和赋能链上中小企业的角度提出几点建议。 In recent years,with the acceleration of the transformation and upgrading of the iron and steel industry,the industrial chain of iron and steel enterprises has been gradually improved,and the driving and radiation effect of large iron and steel enterprises on regional economy and small and medium-sized enterprises(SMEs)in the chain has become increasingly significant.This paper analyzes the influence mechanism of large steel enterprises on local upstream and downstream SMEs from the perspectives of vertical spillover effect and horizontal spillover effect,takes 10 representative steel enterprises and 36 on-chain SMEs in different regions of the country as research samples,selects panel data of listed enterprises from 2016 to 2022,and builds a cash-cash flow sensitivity model.Based on the perspective of SMEs financing development,the spillover effect of steel enterprises is empirically studied.Through mechanism analysis and empirical research,this paper draws the following conclusions:To some extent,iron and steel enterprises play a positive role in promoting the financing development of SMEs.The economic efficiency of iron and steel enterprises in developed eastern regions plays a more significant role in promoting the financing development of SMEs,while the regional GDP contribution of iron and steel enterprises in central and western regions plays a more prominent role in promoting the financing development of SMEs.Finally,some suggestions are put forward from the perspective of finance enabling the development of iron and steel enterprises and enabling SMEs in the chain.

作者邵永平邓廷波成洁琼田文瑶 Shao Yongping;Deng Tingbo;Cheng Jieqiong;Tian Wenyao

机构地区中国人民银行嘉峪关市分行

出处《开发性金融研究》 2024年第4期51-63,共13页 Development Finance Research

关键词钢铁企业垂直溢出效应水平溢出效应中小企业 Iron and Steel Enterprises Vertical Spillover Effect Horizontal Spillover Effect Small and Medium-Sized Enterprise

分类号 F832 [经济管理—金融学] F426.31 [经济管理—产业经济]

作者简介邵永平,中国人民银行嘉峪关市分行,经济学学士;邓廷波,中国人民银行嘉峪关市分行,经济师,管理学学士;成洁琼,中国人民银行嘉峪关市分行,经济学学士;田文瑶,中国人民银行嘉峪关市分行,金融硕士。