产融结合与区域制造业升级研究——来自中国制造业上市公司的经验证据
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摘要
本文选取2010-2016年A股市场上发生参股、控股金融机构事件的制造业上市公司作为实验组,采用倾向性得分匹配(PSM)方法获取对照组,采用双重差分法(DID)来考察产融结合对制造业升级的影响,我们发现产融结合促进了制造业上市公司的转型升级。从区域来看,产融结合对企业转型升级的影响在中部上市公司中更加显著,对东部地区上市公司也有正向促进作用,而这种作用在西部地区上市公司中却没有表现出来。
This paper chooses the listed manufacturing companies that participated in or controlled financial institutions in the A-share market from 2010 to 2016 as the experimental group,The control group is obtained by PSM method. We use DID method to investigate the impact of the combination of industry and finance on the upgrading of manufacturing industry. We find that the combination of industry and finance promotes the transformation and upgrading of listed manufacturing companies. From the regional point of view, the impact of the combination of industry and finance on the transformation and upgrading of enterprises is more significant in the listed companies in the central region, and also has a positive role in promoting the listed companies in the eastern region, but this role has not been shown in the listed companies in the western region.
This paper chooses the listed manufacturing companies that participated in or controlled financial institutions in the A-share market from 2010 to 2016 as the experimental group,The control group is obtained by PSM method. We use DID method to investigate the impact of the combination of industry and finance on the upgrading of manufacturing industry. We find that the combination of industry and finance promotes the transformation and upgrading of listed manufacturing companies. From the regional point of view, the impact of the combination of industry and finance on the transformation and upgrading of enterprises is more significant in the listed companies in the central region, and also has a positive role in promoting the listed companies in the eastern region, but this role has not been shown in the listed companies in the western region.
引文
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[6] 王超恩,张瑞君,谢露.产融结合、金融发展与企业创新——来自制造业上市公司持股金融机构的经验证据[J].研究与发展管理 ,2016(7):71-81.
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[8] Heckman J J,H Ichimura,P.E.Todd.Matching as an Econometric Evaluation Estimator:Evidenc from Evaluating a Job Training Program[J].Review of Economic Studies,1997,65(4):605-765.
[2] 谭小芳,范静.产融结合对农业上市公司融资能力的影响研究?[J].农业经济问题,2016(6):50-60.
[3] 黄昌富,徐亚琴.产融结合、投资效率与企业经营绩效——基于制造业上市公司面板数据的实证研究[J].现代财经,2016(8):16-26.
[4] 项国鹏,张旭.基于SFA的企业产融结合效率及影响因素的实证研究[J].科学学与科学技术管理,2013(9):149-158.
[5] 马永斌,闫佳.产融结合与制造业企业转型升级[J].技术经济与管理研究,2017(3):110-114.
[6] 王超恩,张瑞君,谢露.产融结合、金融发展与企业创新——来自制造业上市公司持股金融机构的经验证据[J].研究与发展管理 ,2016(7):71-81.
[7] 王志华,陈圻.江苏制造业结构升级水平的综合测度[J].生态经济,2012(4):99-103.
[8] Heckman J J,H Ichimura,P.E.Todd.Matching as an Econometric Evaluation Estimator:Evidenc from Evaluating a Job Training Program[J].Review of Economic Studies,1997,65(4):605-765.