金融结构、技术进步与企业储蓄——来自亚洲的实证分析

Financial Structure, Technological Progress and Corporate Savings——An Empirical Study on Asian Economies

在以技术创新驱动经济发展的第四次工业革命到来之际,依靠劳动力成本优势和出口导向型经济发展模式崛起的亚洲各经济体重新走到了"十字路口",提升创新型中小企业技术创新能力进而在创新经济竞赛中弯道超车成为各经济体关注的焦点。本文实证研究了金融结构通过影响企业融资结构进而对技术进步产生的影响。基准回归结果显示,金融市场化程度越高的经济体企业对内源性融资依赖度越小,对技术进步的促进作用越大。将样本经济体分为发达经济体和发展中经济体后,结果显示,发展中经济体对金融市场结构更加敏感。由于创新型经济的特点是中小型企业占主导地位,所以本文从市场主导的金融结构能更好地为中小企业提供投融资支持的角度,解释了金融结构促进技术进步的传导机制,以期为亟待转型升级的亚洲发展中经济体的金融市场改革提供有益的参考。

The advent of the Fourth Industrial Revolution,which was driven by technological innovation,makes the Asian economies experienced rapid growth depending on the low cost of labors and export-oriented strategy face a new"crossroads".How to maintain the momentum of development has become the focus of attention.This paper studies the influence of financial structure on technological progress by influencing enterprise financing structure.It shows that the higher degree of financial marketization will make the lower dependence of enterprises on endogenous financing,leading to the greater promotion of the technological progress.When the sample economies are divided into developed and developing economies,the results show that the developing economies are more sensitive to the structure of financial markets.As the innovative economy is characterized by the dominance of SMEs,this paper explains the transmission mechanism of financial structure to promote technological progress from the perspective that market-oriented financial structure can provide more investment and financing support for SMEs.Finally,we put forward financial reform proposals to Asian economies that are undergoing transition and upgrading for reference.