资本市场发展与产业结构升级
|
摘要
金融应回归服务实体经济的本职,通过推动产业结构升级提升经济发展质量。本文运用主成分分析法构建资本市场发展指数,利用我国2006—2013年30个省级面板数据实证检验资本市场发展对产业结构优化升级的影响效应及作用机制。结果显示:从整体上看,资本市场发展抑制了产业结构优化升级,主要源于我国以银行为主导的资本市场体系中存在对象歧视,银行中长期信贷市场偏向于国有企业和垄断性企业。同时,资本市场中的股票市场及债券市场发展显著促进了产业结构升级。进一步研究发现,在金融生态环境较差的地区,资本市场发展对产业结构升级的抑制作用更为显著;市场化程度及政府效率的提高能缓解资本市场发展对产业结构优化升级的抑制效应。
Finance should return to the service entity economy and promote the quality of economic development by promoting the upgrading of industrial structure.This paper uses principal component analysis to construct capital market development index, utilizing panel data of 30 provinces from 2006 to 2013 to empirically test the effect and mechanism of capital market development on the optimization and upgrading of industrial structure. The results show that, on the whole, the development of capital market restrains the optimization and upgrading of industrial structure, which mainly stems from the discrimination of object in the capital market system dominated by banks. The mediumand long-term credit market of banks is biased towards state-owned enterprises and monopolistic enterprises. At the same time, the development of the stock market and bond market in the capital market has greatly promoted the upgrading of industrial structure. Further research shows that the development of capital market has more obvious inhibitory effect on industrial structure upgrading in areas where financial environment is poor, and the degree of marketization and the improvement of government efficiency can alleviate the inhibiting effects of capital market development on the optimization and upgrading of the industrial structure.
Finance should return to the service entity economy and promote the quality of economic development by promoting the upgrading of industrial structure.This paper uses principal component analysis to construct capital market development index, utilizing panel data of 30 provinces from 2006 to 2013 to empirically test the effect and mechanism of capital market development on the optimization and upgrading of industrial structure. The results show that, on the whole, the development of capital market restrains the optimization and upgrading of industrial structure, which mainly stems from the discrimination of object in the capital market system dominated by banks. The mediumand long-term credit market of banks is biased towards state-owned enterprises and monopolistic enterprises. At the same time, the development of the stock market and bond market in the capital market has greatly promoted the upgrading of industrial structure. Further research shows that the development of capital market has more obvious inhibitory effect on industrial structure upgrading in areas where financial environment is poor, and the degree of marketization and the improvement of government efficiency can alleviate the inhibiting effects of capital market development on the optimization and upgrading of the industrial structure.
引文
[1]白俊红,卞元超.要素市场扭曲与中国创新生产的效率损失[J].中国工业经济,2016(11):39-55.
[2]蔡红艳,阎庆民.产业结构调整与金融发展--来自中国的跨行业调查研究[J].管理世界,2004(10):79-84.
[3]陈宝明.资本市场与产业结构调整:Capital market and industrial structure adjustment[M].中国市场出版社,2008.
[4]邓可斌,刘烨,汪修宇.要素投入、经济波动与增长--对资本与“主观学习”投入作用的结构模型研究[J].产业经济研究,2016(4):74-86.
[5]方军雄.所有制、市场化进程与资本配置效率[J].管理世界.2007,(11):27-35.
[6]盖庆恩,朱喜,史清华.劳动力市场扭曲、结构转变和中国劳动生产率[J].经济研究.2013,(5):87-97.
[7]干春晖,郑若谷,余典范.中国产业结构变迁对经济增长和波动的影响[J].经济研究,2011(5):4-16.
[8]干春晖,郑若谷.改革开放以来产业结构演进与生产率增长研究--对中国1978-2007年“结构红利假说”的检验[J].中国工业经济,2009(2):55-65.
[9]龚强,张一林,林毅夫.产业结构、风险特性与最优金融结构[J].经济研究.2014,(4):4-16.
[10]韩立岩,蔡红艳.我国资本配置效率及其与金融市场关系评价研究[J].管理世界,2002(1):65-70.
[11]韩永辉,黄亮雄,王贤彬.产业政策推动地方产业结构升级了吗?--基于发展型地方政府的理论解释与实证检验[J].经济研究.2017,(8):33-48.
[12]李青原,李江冰,江春,Kevin Huang.金融发展与地区实体经济资本配置效率--来自省级工业行业数据的证据[J].经济学:季刊,2013,12(2):527-548.
[13]李小平,陈勇.劳动力流动、资本转移和生产率增长--对中国工业“结构红利假说”的实证检验[J].统计研究,2007,24(7):53-59.
[14]林曙,叶海春.福兮祸之所伏:发展中国家股票市场开放的增长效应再探究[J].金融研究,2014(11):142-158.
[15]罗文波,安水平.资本市场融资、经济增长与产业结构升级--基于中国省级面板数据的检验[J].证券市场导报,2012(4):47-54.
[16]毛其淋.二重经济开放与中国经济增长质量的演进[J].经济科学.2012,(2):5-20.
[17]时磊.资本市场扭曲与产能过剩:微观企业的证据[J].财贸研究,2013,24(5):1-8.
[18]史恩义.信贷偏好、需求诱导与富余产能[J].国际金融研究,2017,364(8):14-23.
[19]苏杭,郑磊,牟逸飞.要素禀赋与中国制造业产业升级--基于WIOD和中国工业企业数据库的分析[J].管理世界,2017(4):70-79.
[20]苏勇,杨小玲.资本市场与产业结构优化升级关系探讨[J].上海财经大学学报,2010,12(2):90-97.
[21]孙铮,刘凤委,李增泉.市场化程度、政府干预与企业债务期限结构--来自我国上市公司的经验证据[J].经济研究,2005(5):52-63.
[22]谈儒勇.中国金融发展和经济增长关系的实证研究[J].经济研究,1999(10):53-61.
[23]王鹏,尤济红.产业结构调整中的要素配置效率--兼对“结构红利假说”的再检验[J].经济学动态,2015(10):70-80.
[24]王永剑,刘春杰.金融发展对中国资本配置效率的影响及区域比较[J].财贸经济,2011(3):54-60.
[25]魏志华,曾爱民,李博.金融生态环境与企业融资约束--基于中国上市公司的实证研究[J].会计研究,2014(5):73-80.
[26]吴晓求.中国资本市场未来10年发展的战略目标与政策重心[J].中国人民大学学报,2012,26(2):32-40.
[27]吴延兵.中国哪种所有制类型企业最具创新性[J].世界经济,2012(6):3-29.
[28]谢德仁,陈运森.金融生态环境、产权性质与负债的治理效应[J].经济研究,2009(5):118-129.
[29]余子鹏,刘勇.我国产业结构调整与要素效率关系分析[J].经济学家,2011(8):19-26.
[30]湛泳,赵纯凯.资本市场发展、军民融合与产业结构优化升级[J].南开经济研究,2016(5):36-54.
[31]张璟,沈坤荣.转型期中国经济增长方式转变的金融支持--基于经济学文献的探讨[J].经济理论与经济管理,2010,(11):51-57.
[32]张敏,谢露,马黎珺.金融生态环境与商业银行的盈余质量:基于我国商业银行的经验证据[J].金融研究.2015,(5):117-131.
[33]张前程,龚刚.政府干预、金融深化与行业投资配置效率[J].经济学家,2016(2):60-68.
[34]张兴龙,沈坤荣.中国资本扭曲的产出损失及分解研究[J].经济科学,2016(2):53-66.
[35]张一林,龚强,荣昭.技术创新、股权融资与金融结构转型[J].管理世界,2016(11):65-80.
[36]中国经济增长与宏观稳定课题组,张平,刘霞辉.金融发展与经济增长:从动员性扩张向市场配置的转变[J].经济研究,2007(4):4-17.
[37]左志刚.金融结构与国家创新能力提升:影响机理与经验证据[J].财经研究,2012(6):48-58.
[38]Aghion P,Askenazy P,Berman N,et al.Credit Constraints and the Cyclicality of R&D Investment:Evidence from Micro Panel data[J].Journal of the European Economic Association,2012,10(5):1001-1024.
[39]Beck T,Levine R.Industry growth and capital allocation[J].Journal of Financial Economics,2002,64(2):147-180.
[40]Brandt L,Li H.Bank discrimination in transition economies:ideology,information,or incentives?[J].Journal of Comparative Economics,2003,31(3):387-413.
[41]Brown J R,Martinsson G,Petersen B C.Law,Stock Markets,and Innovation[J].Journal of Finance,2013,68(4):1517-1549.
[42]Cournede B,Denk O.Finance and Economic Growth in OECD and G20 Countries[M].Social Science Electronic Publishing,2015.
[43]Fisman R,Love I.Financial Development and Intersectoral Allocation:A New Approach[J].Journal of Finance,2004,59(6):2785-2807.
[44]Guariglia A,Poncet S.Could financial distortions be no impediment to economic growth after all?Evidence from China[J].Journal of Comparative Economics,2008,36(4):633-657.
[45]Law S H,Singh N.Does too much finance harm economic growth?[J].Journal of Banking&Finance,2014,41(1):36-44.
[46]Morck R,Nakamura M.Banks and Corporate Control in Japan[J].Journal of Finance,1999,54(1):319-339.
[47]Pang J,Wu H.Financial markets,financial dependence,and the allocation of capital[J].Journal of Banking&Finance,2009,33(5):810-818.
[48]Peneder M.Structural Change and Aggregate Growth[J].Structural Change&Economic Dynamics,2003,14.
[49]Po-Hsuan Hsu,Xuan Tian,Yan Xu.Financial development and innovation:Cross-country evidence[J].Journal of Financial Economics,2014,112(1):116-135.
[50]Samargandi N,Fidrmuc J,Ghosh S.Is the Relationship Between Financial Development and Economic Growth Monotonic?Evidence from a Sample of Middle-Income Countries[J].World Development,2015,68(1):66-81.
[51]Stiglitz J E.Credit Markets and the Control of Capital[J].Journal of Money Credit&Banking,1985,17(2):133-152.
[52]Wurgler J.Financial markets and the allocation of capital[R].Yale School of Management Working Papers,2000,No.58.
[2]蔡红艳,阎庆民.产业结构调整与金融发展--来自中国的跨行业调查研究[J].管理世界,2004(10):79-84.
[3]陈宝明.资本市场与产业结构调整:Capital market and industrial structure adjustment[M].中国市场出版社,2008.
[4]邓可斌,刘烨,汪修宇.要素投入、经济波动与增长--对资本与“主观学习”投入作用的结构模型研究[J].产业经济研究,2016(4):74-86.
[5]方军雄.所有制、市场化进程与资本配置效率[J].管理世界.2007,(11):27-35.
[6]盖庆恩,朱喜,史清华.劳动力市场扭曲、结构转变和中国劳动生产率[J].经济研究.2013,(5):87-97.
[7]干春晖,郑若谷,余典范.中国产业结构变迁对经济增长和波动的影响[J].经济研究,2011(5):4-16.
[8]干春晖,郑若谷.改革开放以来产业结构演进与生产率增长研究--对中国1978-2007年“结构红利假说”的检验[J].中国工业经济,2009(2):55-65.
[9]龚强,张一林,林毅夫.产业结构、风险特性与最优金融结构[J].经济研究.2014,(4):4-16.
[10]韩立岩,蔡红艳.我国资本配置效率及其与金融市场关系评价研究[J].管理世界,2002(1):65-70.
[11]韩永辉,黄亮雄,王贤彬.产业政策推动地方产业结构升级了吗?--基于发展型地方政府的理论解释与实证检验[J].经济研究.2017,(8):33-48.
[12]李青原,李江冰,江春,Kevin Huang.金融发展与地区实体经济资本配置效率--来自省级工业行业数据的证据[J].经济学:季刊,2013,12(2):527-548.
[13]李小平,陈勇.劳动力流动、资本转移和生产率增长--对中国工业“结构红利假说”的实证检验[J].统计研究,2007,24(7):53-59.
[14]林曙,叶海春.福兮祸之所伏:发展中国家股票市场开放的增长效应再探究[J].金融研究,2014(11):142-158.
[15]罗文波,安水平.资本市场融资、经济增长与产业结构升级--基于中国省级面板数据的检验[J].证券市场导报,2012(4):47-54.
[16]毛其淋.二重经济开放与中国经济增长质量的演进[J].经济科学.2012,(2):5-20.
[17]时磊.资本市场扭曲与产能过剩:微观企业的证据[J].财贸研究,2013,24(5):1-8.
[18]史恩义.信贷偏好、需求诱导与富余产能[J].国际金融研究,2017,364(8):14-23.
[19]苏杭,郑磊,牟逸飞.要素禀赋与中国制造业产业升级--基于WIOD和中国工业企业数据库的分析[J].管理世界,2017(4):70-79.
[20]苏勇,杨小玲.资本市场与产业结构优化升级关系探讨[J].上海财经大学学报,2010,12(2):90-97.
[21]孙铮,刘凤委,李增泉.市场化程度、政府干预与企业债务期限结构--来自我国上市公司的经验证据[J].经济研究,2005(5):52-63.
[22]谈儒勇.中国金融发展和经济增长关系的实证研究[J].经济研究,1999(10):53-61.
[23]王鹏,尤济红.产业结构调整中的要素配置效率--兼对“结构红利假说”的再检验[J].经济学动态,2015(10):70-80.
[24]王永剑,刘春杰.金融发展对中国资本配置效率的影响及区域比较[J].财贸经济,2011(3):54-60.
[25]魏志华,曾爱民,李博.金融生态环境与企业融资约束--基于中国上市公司的实证研究[J].会计研究,2014(5):73-80.
[26]吴晓求.中国资本市场未来10年发展的战略目标与政策重心[J].中国人民大学学报,2012,26(2):32-40.
[27]吴延兵.中国哪种所有制类型企业最具创新性[J].世界经济,2012(6):3-29.
[28]谢德仁,陈运森.金融生态环境、产权性质与负债的治理效应[J].经济研究,2009(5):118-129.
[29]余子鹏,刘勇.我国产业结构调整与要素效率关系分析[J].经济学家,2011(8):19-26.
[30]湛泳,赵纯凯.资本市场发展、军民融合与产业结构优化升级[J].南开经济研究,2016(5):36-54.
[31]张璟,沈坤荣.转型期中国经济增长方式转变的金融支持--基于经济学文献的探讨[J].经济理论与经济管理,2010,(11):51-57.
[32]张敏,谢露,马黎珺.金融生态环境与商业银行的盈余质量:基于我国商业银行的经验证据[J].金融研究.2015,(5):117-131.
[33]张前程,龚刚.政府干预、金融深化与行业投资配置效率[J].经济学家,2016(2):60-68.
[34]张兴龙,沈坤荣.中国资本扭曲的产出损失及分解研究[J].经济科学,2016(2):53-66.
[35]张一林,龚强,荣昭.技术创新、股权融资与金融结构转型[J].管理世界,2016(11):65-80.
[36]中国经济增长与宏观稳定课题组,张平,刘霞辉.金融发展与经济增长:从动员性扩张向市场配置的转变[J].经济研究,2007(4):4-17.
[37]左志刚.金融结构与国家创新能力提升:影响机理与经验证据[J].财经研究,2012(6):48-58.
[38]Aghion P,Askenazy P,Berman N,et al.Credit Constraints and the Cyclicality of R&D Investment:Evidence from Micro Panel data[J].Journal of the European Economic Association,2012,10(5):1001-1024.
[39]Beck T,Levine R.Industry growth and capital allocation[J].Journal of Financial Economics,2002,64(2):147-180.
[40]Brandt L,Li H.Bank discrimination in transition economies:ideology,information,or incentives?[J].Journal of Comparative Economics,2003,31(3):387-413.
[41]Brown J R,Martinsson G,Petersen B C.Law,Stock Markets,and Innovation[J].Journal of Finance,2013,68(4):1517-1549.
[42]Cournede B,Denk O.Finance and Economic Growth in OECD and G20 Countries[M].Social Science Electronic Publishing,2015.
[43]Fisman R,Love I.Financial Development and Intersectoral Allocation:A New Approach[J].Journal of Finance,2004,59(6):2785-2807.
[44]Guariglia A,Poncet S.Could financial distortions be no impediment to economic growth after all?Evidence from China[J].Journal of Comparative Economics,2008,36(4):633-657.
[45]Law S H,Singh N.Does too much finance harm economic growth?[J].Journal of Banking&Finance,2014,41(1):36-44.
[46]Morck R,Nakamura M.Banks and Corporate Control in Japan[J].Journal of Finance,1999,54(1):319-339.
[47]Pang J,Wu H.Financial markets,financial dependence,and the allocation of capital[J].Journal of Banking&Finance,2009,33(5):810-818.
[48]Peneder M.Structural Change and Aggregate Growth[J].Structural Change&Economic Dynamics,2003,14.
[49]Po-Hsuan Hsu,Xuan Tian,Yan Xu.Financial development and innovation:Cross-country evidence[J].Journal of Financial Economics,2014,112(1):116-135.
[50]Samargandi N,Fidrmuc J,Ghosh S.Is the Relationship Between Financial Development and Economic Growth Monotonic?Evidence from a Sample of Middle-Income Countries[J].World Development,2015,68(1):66-81.
[51]Stiglitz J E.Credit Markets and the Control of Capital[J].Journal of Money Credit&Banking,1985,17(2):133-152.
[52]Wurgler J.Financial markets and the allocation of capital[R].Yale School of Management Working Papers,2000,No.58.