金融结构与制造业成长:基于产业异质性视角

摘要金融结构与制造业成长之间存在一定的内在联系。从产业异质性视角分析不同金融结构对不同产业成长的作用机理,并利用2003—2017年中国27个规模以上制造业产业数据,基于产业创新度、产业风险度和资金密集度三种基本特征,构建面板数据模型,实证检验金融结构对产业成长的影响。结果显示:整体上,我国当前以银行为主导的金融结构显著促进了制造业产业成长;从产业异质性视角看,银行体系的发展能够促进资本密集型产业成长,股票市场对研发密集型、风险型产业的发展有显著促进作用。我国现阶段应深化金融体系供给侧结构性改革,有针对性地发展与制造业产业成长相匹配的金融结构体系。

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	李展
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关键词：金融结构体系制造业成长产业异质性差异化效应

Abstract： There is a certain internal relationship between the financial structure and the growth of the manufacturing industry. This paper mainly analyzes the mechanism of different financial structures on the growth of different industries from the perspective of industrial heterogeneity. Based on the data of more than 27 manufacturing industries in China from 2003 to 2017 and the three basic characteristics of industrial innovation, industrial risk and capital intensity, this paper constructs a panel data model to empirically test the impact of financial structure on industrial growth. The results show that, on the whole, the current bank-led financial structure in China has significantly promoted the growth of manufacturing industries. From the perspective of industrial heterogeneity, the development of the banking system can promote the growth of capital-intensive industries, while the stock market has a significant role in promoting the development of R&D-intensive and risk-based industries. In view of this, China should deepen the supply-side reform of the financial system at this stage and develop a financial structure system that matches the growth of manufacturing enterprises in a targeted manner.

Keywords： Financial Structure System Manufacturing Industry Growth Industry Heterogeneity Differentiation Effect

收稿日期 2021-04-20; 接受日期 ;

基金资助:研究生创新基金项目(B20JB500260);国家社会科学基金重大项目(B17N10041)

作者简介: 李展(1991— ),男,河南郑州人,博士研究生,主要从事金融科技与金融风险研究;王淑娟(1986— ),女,河南商丘人,博士,助理研究员,主要从事金融理论、数字经济研究;叶蜀君(1962— ),女,四川资中人,教授,博士生导师,主要从事金融理论、政策及微观结构研究。王淑娟为本文通讯作者。

引用本文:

李展, 王淑娟, 叶蜀君.金融结构与制造业成长:基于产业异质性视角[J]. 经济经纬, 2022,1: 88-97

LI Zhan, WANG Shujuan, YE Shujun.Financial Structure and Manufacturing Industrial Growth: From the Perspective of Industrial Heterogeneity[J] Economic Survey, 2022,V39(1): 88-97

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2022/V39/I1/88

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