金融资源错配对产业结构升级的影响研究
首发时间:2017-06-02
摘要:产业结构转型升级是缓解产能过剩,推动供给侧结构性改革的重要"关隘",金融作为产业转型升级过程中全量资本的"调度者",对供给侧结构性改革意义至关重要。由于当前我国金融体系存在严重的资源错配现象,使得现有金融体制未能很好完成资金优化配置与生产要素优化配置功能。本文利用我国2006-2014年的省际面板数据,从直接融资部门与间接融资部门两大领域出发,研究了金融资源错配与产业结构升级之间的关系。结果显示,当前的金融结构性错配与金融效率错配抑制了产业结构升级,造成这种现象的原因根源在于金融市场的"政策性垄断"与非理性投资引致的"利润迷失"。
关键词: 直接融资部门金融错配 间接融资部门金融错配 产业结构升级
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The Influence of Mismatch of Financial Resources on the Upgrading of Industrial Structure
Abstract:The transformation and upgrading of industrial structure is an important "pass" to alleviate the excess capacity and promote the structural reform of the supply side. As the "dispatcher" of the whole capital in the process of industrial transformation and upgrading, it is very important to the structural reform of the supply side. As the current financial system in China there is a serious resource mismatch, making the existing financial system is not well completed the optimal allocation of funds and optimize the allocation of production functions. Based on the provincial panel data from 2006 to 2014, this paper studies the relationship between the mismatch of financial resources and the upgrading of industrial structure from the two aspects of direct financing department and indirect financing department. The results show that the current financial structural mismatch and financial efficiency mismatch inhibit the upgrading of industrial structure, the cause of this phenomenon is rooted in the financial market, "policy monopoly" and irrational investment caused by "loss of profits."
Keywords: Direct financing sector finance mismatch Indirect financing sector finance mismatch Upgrading of industrial structure
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No.4735985120447514****
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