金融支持战略性新兴产业发展研究——以陕西省高新技术上市企业为例
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摘要
战略性新兴产业的快速发展离不开金融业的鼎力支持,但是目前金融在促进战略性新兴产业发展时存在着诸多问题,例如金融体系不完善、支持力度不足等,导致很多新兴产业项目被迫推迟或搁浅。为解决上述问题,找到新的产业发展契机,本文对现有研究成果进行梳理,结合陕西省战略性新兴产业上市公司的实例,构建多元复合指标体系与综合指标体系对企业发展进行衡量,并采用主成分分析法将各项指标的相关性与复杂性降低,然后再重新组合,基于微观视角建立多元回归模型对不同类型的金融支持状况进行实证分析,并对各类金融支持的影响差异与成因进行纵向比较分析。结果显示:对于战略性新兴产业的发展,不同类型的金融支持均有显著影响。最后就金融支持体系的完善提出相关政策建议,以促进陕西战略性新兴产业的健康、持续、快速发展。
The cultivation and development of strategic emerging industries is inseparable from the support of financial industry.However, there are some obvious problems in the financial industry supporting the development of strategic emerging industries, such as the incomplete financial system, inadequate financial support and so on, which forced the project to be postponed or stranded.In order to study the financial support of Shaanxi's strategic emerging industries and obtain new opportunities for industrial development,on the basis of combing the existing research results, this paper takes the listed companies of strategic emerging industries in Shaanxi Province as the research object, constructs comprehensive index system and multiple composite index to measure the development of enterprises, reduces the relativity and complexity of each index by principal component analysis and reassembles them.On the establishment of multiple regression model empirical analysis, study the impact of different types of financial support on strategic emerging industries, and use vertical comparative analysis of the impact of various types of financial support gaps and causes.The conclusion shows that all kinds of financial support have a positive and significant impact on the development of strategic emerging industries. Finally, some policy suggestions are put forward to promote the perfection of S&T financial support system and the healthy and sustainable development of strategic emerging industries in Shaanxi.
The cultivation and development of strategic emerging industries is inseparable from the support of financial industry.However, there are some obvious problems in the financial industry supporting the development of strategic emerging industries, such as the incomplete financial system, inadequate financial support and so on, which forced the project to be postponed or stranded.In order to study the financial support of Shaanxi's strategic emerging industries and obtain new opportunities for industrial development,on the basis of combing the existing research results, this paper takes the listed companies of strategic emerging industries in Shaanxi Province as the research object, constructs comprehensive index system and multiple composite index to measure the development of enterprises, reduces the relativity and complexity of each index by principal component analysis and reassembles them.On the establishment of multiple regression model empirical analysis, study the impact of different types of financial support on strategic emerging industries, and use vertical comparative analysis of the impact of various types of financial support gaps and causes.The conclusion shows that all kinds of financial support have a positive and significant impact on the development of strategic emerging industries. Finally, some policy suggestions are put forward to promote the perfection of S&T financial support system and the healthy and sustainable development of strategic emerging industries in Shaanxi.
引文
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[25]马军伟.我国七大战略性新兴产业的金融支持效率差异及其影响因素研究-基于上市公司的经验证据[J]经济体制改革,2013(3):133-137.
[26]Stulz R M.Finance,Financial Structure,Corporate Finance and Economic Growth[J].International Review of Finance,2000,1(1):11-38.
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[30]龚传洲,陆彩兰,胡建生.我国科技创新融资支持的实证分析[J].研究与发展管理,2012,24(5):109-116.
[31]刘家树,菅利荣.科技成果转化效率测度与影响因素分析[J].科技进步与对策,2010,27(20):113-116.
[32]Pearson K.On the measurement of the influence of"Broad Categories"on correlation[J].Biometrika,1913,9(1/2):116-139.
[33]Hotelling H.Analysis of a complex of statistical variables into principal components.[J].Journal of Educational Psychology,1933,24(6):417-520.
[34]Kaiser H F.The application of electronic computers to factor analysis.[J].Educational&Psychological Measurement,2016,20(1):141-151.
[35]Bartlett M S.Tests of significance in factor analysis[J]British Journal of Mathematical&Statistical Psychology,2011,3(2):77-85.
[36]Cohen J.Statistical Power Analysis for the Behaviora Sciences[M].Statistical power analysis for the behaviora sciences.L.Erlbaum Associates,1988:19-74.
[37]齐讴歌,王满仓.金融支持与产业升级的最优契约结构[J].未来与发展,2014(6):69-74.
[38]赵玲,战昱宁.我国科技型小微企业融资保障体系研究[J].未来与发展,2018(1):60-65.
[2]马军伟.金融支持战略性新兴产业发展中的障碍与对策[J].经济纵横,2013(1).
[3]顾海峰.战略性新兴产业培育、升级与金融支持[J].产业经济,2011a,(2):29-34.
[4]吕铁,余剑.金融支持战略性新兴产业发展的实践创新、存在问题及政策建议[J].宏观经济研究,2012(5).
[5]熊正德,詹斌,林雪.基于DEA和Logit模型的战略性新兴产业金融支持效率[J].系统工程,2011(6).
[6]Greenwood J,Jovanovic B.Financial Development Growth,and the Distribution of Income[J].Journal o Political Economy,1990,98(5):1076-1107.
[7]Arestis P.Financial Development and Economic Growth Assessing the Evidence[J].The Economics Journal,1997107(5):783-799.
[8]Beck T,Levine R,Loayza N.Finance and the Sources o Growth[J].Journal of Financial Economics,2000,(58)261-300.
[9]Ma Z J,Wei H,Zhang Z B.The Research on the Financial Support System of Low-Carbon City Constructions[C].第四届(2012)金融风险与公司金融国际研讨会论文集.大连:大连理工出版社,2012:680-684.
[10]Guariglia A,Liu P.To What Extent Do Financing Constraints Affect Chinese Firms Innovation Activities[J].International Review of Financial Analysis,2014,36(3):223-240.
[11]胡迟.“十二五”时期战略性新兴产业发展中的金融支持[J].经济纵横,2014(8):17-20.
[12]李富有,尹海凤.金融支持与我国战略性新兴产业发展实证研究:基于面板格兰杰因果检验和协整分析[J].科技进步与对策,2014(150):53-58.
[13]余振,李春芝,吴莹.武汉战略性新兴产业发展的金融支持:基于共同集聚视角的分析[J].武汉大学学报:哲学社会科学版,2012(6):107-111.
[14]胡昌生,付鸣.战略性新兴产业中小企业融资策略研究:以武汉市为例[J].经济纵横,2013(7):107-111.
[15]刘建民,吴飞,吴金光.湖南战略性新兴产业发展的金融支持研究[J].湖南大学学报:社会科学版,2012,(6)67-72.
[16]初海英.内蒙古战略性新兴产业发展的科技金融支持策略研究[J].科学管理研究,2014(4):68-71.
[17]谭中明,李战奇.论战略性新兴产业发展的金融支持对策[J].企业经济,2012(2):172-175.
[18]纪玉山,孙海梅.促进战略性新兴产业发展的风险投资策略研究[J].税务与经济,2012(1):1-8.
[19]辜胜阻,马军伟,高梅.战略性新兴产业发展亟需完善股权投融资链[J].中国科技论坛,2014(10):5-10.
[20]顾海峰.战略性新兴产业演进的金融支持体系及政策研究-基于政策性金融的支持视角[J].科学学与科学技术管理,2011b(7):98-103.
[21]顾海峰.战略性新兴产业演进的金融支持体系及政策研究-基于市场性金融的支持视角[J].经济问题探索,2011c(11):74-78.
[22]张卓,张源,胡挺.基于业态演进的战略性新兴产业的金融支持与优化路径[J].武汉金融,2012(6):18-19.
[23]王健,张卓.战略性新兴产业发展效率测度与金融支持[J].中南财经政法大学学报,2014(1):76-81.
[24]熊正德,林雪.战略性新兴产业上市公司金融支持效率及其影响因素研究[J].经济管理,2010(11):26-33.
[25]马军伟.我国七大战略性新兴产业的金融支持效率差异及其影响因素研究-基于上市公司的经验证据[J]经济体制改革,2013(3):133-137.
[26]Stulz R M.Finance,Financial Structure,Corporate Finance and Economic Growth[J].International Review of Finance,2000,1(1):11-38.
[27]Luigi B,Fabio S,Alessandeo S.Banks and innovation micro-econometric evidence on Itatian firms[J].Journal of Financial Economics,2008,90(2):197-217.
[28]张小蒂,李风华.技术创新、政府干预与竞争优势[J].世界经济,2001(7):44-49.
[29]邓乐平,孙从海.收益与风险:有关风险投资的几点思考[A].西南财经大学中国金融研究中心,2004:9.
[30]龚传洲,陆彩兰,胡建生.我国科技创新融资支持的实证分析[J].研究与发展管理,2012,24(5):109-116.
[31]刘家树,菅利荣.科技成果转化效率测度与影响因素分析[J].科技进步与对策,2010,27(20):113-116.
[32]Pearson K.On the measurement of the influence of"Broad Categories"on correlation[J].Biometrika,1913,9(1/2):116-139.
[33]Hotelling H.Analysis of a complex of statistical variables into principal components.[J].Journal of Educational Psychology,1933,24(6):417-520.
[34]Kaiser H F.The application of electronic computers to factor analysis.[J].Educational&Psychological Measurement,2016,20(1):141-151.
[35]Bartlett M S.Tests of significance in factor analysis[J]British Journal of Mathematical&Statistical Psychology,2011,3(2):77-85.
[36]Cohen J.Statistical Power Analysis for the Behaviora Sciences[M].Statistical power analysis for the behaviora sciences.L.Erlbaum Associates,1988:19-74.
[37]齐讴歌,王满仓.金融支持与产业升级的最优契约结构[J].未来与发展,2014(6):69-74.
[38]赵玲,战昱宁.我国科技型小微企业融资保障体系研究[J].未来与发展,2018(1):60-65.