金融发展、技术进步与产业结构升级

Financial Development,Technological Progress and Industrial Structure Upgrading

金融发展不仅可以为产业结构升级提供直接的融资支持,也可能通过缓解技术进步的融资约束进而为产业结构升级提供技术支撑。以全要素生产率指标作为技术进步的代理变量,将其引入到中介效应模型中,对此进行了实证检验。结果表明:技术进步在产业结构升级的过程中发挥了中介变量的作用,技术进步的中介效应在总效应中所占比重约为16.53%;采用工具变量法克服模型的内生性后,技术进步的中介效应仍显著存在。为更好地利用这一中介传导路径,提出了相应的政策建议。

Financial development can not only provide direct financing support for the upgrading of industrial structure,but also provide technical support for the upgrading of industrial structure by easing the financing constraints of technological progress.This paper makes an empirical test by taking total factor productivity index as the proxy variable of technological progress,and introduces it into the intermediary effect model.The results show that technological progress plays the role of intermediary variable in the process of industrial structure upgrading,and the intermediary effect of technological progress accounts for about 16.53%of the total effect;by using instrumental variable method to curb the endogeneity of the model,the intermediary effect of technological progress still exists significantly.In order to make better use of this intermediary transmission path,corresponding policy suggestions are put forward.