摘要
在发达国家高端制造回流和中低端收入国家低成本竞争的双重压力下,如何有效地推动制造业转型升级成为中国亟待解决的理论与实践问题。基于2012—2021年中国各省份的面板数据,对数字金融影响制造业转型升级的效应展开实证分析。研究发现,数字金融可以显著地促进制造业转型升级,绿色创新是数字金融释放制造业转型升级红利的重要传导机制,其中策略性绿色创新在短期内发挥了主要作用,实质性绿色创新效用的发挥则存在一定时滞;异质性分析表明,数字金融在东部地区、数字经济集聚区和低自然资源禀赋地区发挥了更大的作用;进一步分析发现,数字金融影响制造业转型升级存在边际效应递增的非线性特征,较低的数字金融发展水平和过度宽松环境规制会造成数字金融赋能效应的损失。据此提出重视数字金融发展,提高金融服务制造业转型升级的效能,加速数字金融与绿色创新的深度融合,提高区域相关政策的靶向性,发挥环境约束对制造业转型升级的溢出效应等政策建议。
The global landscape is currently experiencing a profound transformation driven by a new wave of scientific and technological revolution.Within this context,the digital economy and manufacturing sectors are converging at an accelerated pace.Digital finance,as a critical component of the digital economy,has emerged as a key catalyst for manufacturing transformation and upgrading in the modern era.While substantial research exists on digital finance development and manufacturing evolution independently,scholarly exploration of their interrelationship remains relatively limited.This study establishes a comprehensive evaluation framework for manufacturing transformation and upgrading across four dimensions:quality and efficiency,industrial-digital integration,innovation capability,and green development.Utilizing panel data from 30 Chinese provinces spanning the period from 2012 to 2021,we employ a two-way fixed effects model to empirically analyze how digital finance influences manufacturing transformation.Our findings reveal that digital finance significantly enhances manufacturing transformation and upgrading,with green innovation serving as a crucial transmission mechanism for realizing these benefits.Specifically,strategic green innovation demonstrates short-term effectiveness,while substantive green innovation exhibits delayed impacts.Heterogeneity analysis indicates that digital finance exerts stronger positive effects in eastern regions,digital economy clusters,and areas with lower natural resource endowments.Further investigation uncovers a nonlinear relationship characterized by increasing marginal effects of digital finance on manufacturing transformation.However,underdeveloped digital finance systems and excessively lenient environmental regulations can negate these enabling effects.This research advances existing literature in two significant ways:First,it incorporates digital finance as an emerging macroeconomic factor within the manufacturing transformation framework,offering a novel perspective that complements current understanding of the digital finance-manufacturing relationship.Second,it elucidates the internal mechanisms through which digital finance promotes manufacturing transformation,highlighting green innovation’s pivotal role in this process.This contribution enhances our theoretical comprehension of how emerging financial models impact manufacturing transformation while expanding the research paradigm on financial services supporting the real economy.Our findings provide valuable theoretical foundations for policymakers at national and local levels seeking to leverage digital finance to address manufacturing transformation challenges and achieve high-quality economic development.Additionally,this study offers empirical insights and policy recommendations for regions to formulate differentiated strategies that enhance digital finance’s effectiveness in empowering the real economy and accelerating the development of advanced manufacturing capabilities.
作者
彭继增
朱远航
陈腾背
PENG Jizeng;ZHU Yuanhang;CHEN Tengbei(Central China Economic and Social Development Research Center,Nanchang University,Nanchang 330031,China;School of Economics and Management,Nanchang University,Nanchang 330031,China)
出处
《当代经济科学》
北大核心
2025年第2期97-112,共16页
Modern Economic Science
基金
国家社会科学基金重点项目“‘一带一路’共建园区赋能新发展格局的实现机制与路径研究”(23AJL008)
江西省高校人文社会科学重点研究基地项目“中部地区国家级开发区高质量发展的统计测度及提升路径研究”(JD22098)。
关键词
制造强国
数字金融
绿色创新
制造业转型升级
环境规制
manufacturing power
digital finance
green innovation
transformation and upgrading of manufacturing industries
environmental regulation
作者简介
通信作者:彭继增,男,南昌大学中国中部经济社会发展研究中心/经济管理学院教授,博士生导师,研究方向为产业经济、国际经济;朱远航,男,南昌大学经济管理学院硕士研究生,研究方向为数字金融,电子邮箱为zyhjxgz2022@163.com;陈腾背,男,南昌大学经济管理学院硕士研究生,研究方向为产业经济。
