摘要
金融应回归服务实体经济的本职,通过推动产业结构升级提升经济发展质量。本文运用主成分分析法构建资本市场发展指数,利用我国2006—2013年30个省级面板数据实证检验资本市场发展对产业结构优化升级的影响效应及作用机制。结果显示:从整体上看,资本市场发展抑制了产业结构优化升级,主要源于我国以银行为主导的资本市场体系中存在对象歧视,银行中长期信贷市场偏向于国有企业和垄断性企业。同时,资本市场中的股票市场及债券市场发展显著促进了产业结构升级。进一步研究发现,在金融生态环境较差的地区,资本市场发展对产业结构升级的抑制作用更为显著;市场化程度及政府效率的提高能缓解资本市场发展对产业结构优化升级的抑制效应。
Finance should return to the service entity economy and promote the quality of economic development by promoting the upgrading of industrial structure.This paper uses principal component analysis to construct capital market development index,utilizing panel data of 30 provinces from 2006 to 2013 to empirically test the effect and mechanism of capital market development on the optimization and upgrading of industrial structure.The results show that,on the whole,the development of capital market restrains the optimization and upgrading of industrial structure,which mainly stems from the discrimination of object in the capital market system dominated by banks.The mediumand long-term credit market of banks is biased towards state-owned enterprises and monopolistic enterprises.At the same time,the development of the stock market and bond market in the capital market has greatly promoted the upgrading of industrial structure.Further research shows that the development of capital market has more obvious inhibitory effect on industrial structure upgrading in areas where financial environment is poor,and the degree of marketization and the improvement of government efficiency can alleviate the inhibiting effects of capital market development on the optimization and upgrading of the industrial structure.
作者
孙湘湘
周小亮
黄亮雄
SUN Xiang-xiang;ZHOU Xiao-liang;HUANG Liang-xiong
出处
《产业经济评论》
2018年第6期86-104,共19页
Review of Industrial Economics
基金
国家社会科学基金重点项目(16AZD002)
教育部人文社会科学研究青年基金项目(14YJC790047)
广东省软科学项目(2017A070706020)
广东省高等学校优秀青年教师培养计划(YQ2015067)
广东省委宣传部四三二委托项目"打造市场化法治化国际化营商环境"的资助
关键词
资本市场发展
产业结构升级
金融生态环境
市场化程度
政府效率
Capital market developing
industrial structure upgrading
financial ecological environment
marketization
government efficiency
作者简介
孙湘湘(1990-),女,福建宁德人,福州大学经济与管理学院博士生,研究方向:产业经济;周小亮(1963-),男,江西永新人,福州大学经济与管理学院教授,博士生导师,研究方向:制度经济学;黄亮雄(1985-),男,广东佛山人,华南理工大学经济与贸易学院副教授,研究方向:产业经济。
