金融抑制对中国产业安全影响研究
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摘要
理论和实证两个层面就金融抑制对中国产业安全影响展开了全景式的研究,结果表明:我国金融管控措施日趋完善,对产业安全起到了正面的促进作用,我国产业安全日益改善;金融抑制的改善对企业融资约束的缓解具有一定的促进作用。但金融资源在政府金融抑制措施下优先满足第二产业的融资需求,对我国产业发展能力提升起到了一定程度的阻碍,金融抑制现象在我国仍起到主导作用;我国对外贸易主要集中于第二产业,且对外贸易产品附加值较低;人民币汇率的提升倒逼我国产业结构进行优化升级调整,优化产业生态。因此,应推进金融市场化改革,丰富投融资渠道,政策引导和市场推动双轮驱动,弱化金融抑制,通过金融资源的合理配置,加快科技研发创新,促进重点产业良性发展,推动产业结构优化转型,全面提升产业安全程度。
This paper conducts a panoramic study on the impact of financial repression on China's industrial security from both theoretical and empirical perspectives. The study shows that China's financial management and control measures are increasingly improved, which has played a positive role in promoting industrial security, and China's industrial security is improving day by day. The improvement of financial repression can promote the mitigation of corporate financing constraints.However, under the measures of government's financial repression, financial resources give priority to meeting the financing needs of the secondary industry, which has hindered the upgrading of China's industrial development capacity to a certain extent, and financial repression still plays a leading role in China; China's foreign trade is mainly concentrated in the secondary industry, with a low added value for foreign trade products; Higher RMB exchange rate forces China to optimize, upgrade and adjust industrial structure and industrial ecology. Therefore, we should promote the reform of financial market, enrich investment and financing channels, promote double-wheel drive by guide policy and market and weaken financial restraint,accelerate scientific and technological research and innovation through rational allocation of financial resources, promote the benign development of key industries, promote the optimization and transformation of industrial structure, and comprehensively enhance the industrial security.
This paper conducts a panoramic study on the impact of financial repression on China's industrial security from both theoretical and empirical perspectives. The study shows that China's financial management and control measures are increasingly improved, which has played a positive role in promoting industrial security, and China's industrial security is improving day by day. The improvement of financial repression can promote the mitigation of corporate financing constraints.However, under the measures of government's financial repression, financial resources give priority to meeting the financing needs of the secondary industry, which has hindered the upgrading of China's industrial development capacity to a certain extent, and financial repression still plays a leading role in China; China's foreign trade is mainly concentrated in the secondary industry, with a low added value for foreign trade products; Higher RMB exchange rate forces China to optimize, upgrade and adjust industrial structure and industrial ecology. Therefore, we should promote the reform of financial market, enrich investment and financing channels, promote double-wheel drive by guide policy and market and weaken financial restraint,accelerate scientific and technological research and innovation through rational allocation of financial resources, promote the benign development of key industries, promote the optimization and transformation of industrial structure, and comprehensively enhance the industrial security.
引文
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[14]GUILLOU S,BERNINI M,BELLONE F.Firm’s leverage and export quality:evidence from France[J].Sciences Po,2013,13:280-296.
[15]刘晴,程玲,邵智,等.融资约束、出口模式与外贸转型升级[J].经济研究,2017,52(5):75-88.
[16]李孟刚.产业安全理论研究[M[.北京:经济科学出版社,2006:89-105.
[17]BAUMOL W J.Macroeconomics of unbalanced growth:the anatomy of urban crisis[J].American Economic Review,1967,57:415-426.
[18]ROUBINI N,SALA-I-MARTIN X.Financial repression and economic growth[J].Tournal of Development Economics,1991,39(1):5-30.
[19]仇娟东,何风隽,艾永梅.金融抑制、金融约束、金融自由化与金融深化的互动关系探讨[J].现代财经:天津财经大学学报,2011,31(6):55-63,70.
[2]曹秋菊,唐新明.开放经济下中国产业安全测度[J].统计与决策,2009(17):82-84.
[3]王培志.经济全球化背景下中国产业安全预警机制研究[M].北京:中国财政经济出版社,2008:211-213.
[4]李孟刚.产业安全评价[M].北京:北京交通大学出版社,2015:43-46.
[5]周业安.金融抑制对中国企业融资能力影响的实证研究[J].经济研究,1999(2):15-22.
[6]林毅夫,孙希芳.银行业结构与经济增长[J].经济研究,2008,43(9):31-45.
[7]SONG Z,STORESLETTEN K,ZILIBOTTI F.Growing like China[J].American Economic Review,2011,101(1):196-233.
[8]GE Y,QIU J P.Financial development,bank discrimination and trade credit[J].Journal of Banking and Finance,2007,31:513-530.
[9]LU Z F,ZHU J G,ZHANG W N.Bank discrimination,holding bank ownership,and economic,consequences:evidence from China[J].Journal of Banking and Finance,2012,36:341-354.
[10]徐志明.金融抑制与中小企业融资困境--基于江苏省538家企业的实证分析[J].金融理论与实践,2009(9):41-44.
[11]陈斌开,林毅夫.金融抑制、产业结构与收入分配[J].世界经济,2012,35(1):3-23.
[12]MANOVA K.Credit constraints,hetergeneous firms,and international trade[J].Review of Economic Studies,2013,80(2):711-744.
[13]CHANEY T.Liquidity constrained exporters[J].Journal of Economic Dynamics and Control,2016,72:141-154.
[14]GUILLOU S,BERNINI M,BELLONE F.Firm’s leverage and export quality:evidence from France[J].Sciences Po,2013,13:280-296.
[15]刘晴,程玲,邵智,等.融资约束、出口模式与外贸转型升级[J].经济研究,2017,52(5):75-88.
[16]李孟刚.产业安全理论研究[M[.北京:经济科学出版社,2006:89-105.
[17]BAUMOL W J.Macroeconomics of unbalanced growth:the anatomy of urban crisis[J].American Economic Review,1967,57:415-426.
[18]ROUBINI N,SALA-I-MARTIN X.Financial repression and economic growth[J].Tournal of Development Economics,1991,39(1):5-30.
[19]仇娟东,何风隽,艾永梅.金融抑制、金融约束、金融自由化与金融深化的互动关系探讨[J].现代财经:天津财经大学学报,2011,31(6):55-63,70.