产业投资基金对产业结构调整的影响路径研究

Study on the path of industrial investment funds' impact on the adjustment of industrial structure

伴随中国产业转型升级,作为新型融资工具的产业投资基金极大改善了相关行业的要素禀赋,刺激了优势产业的发展。现有文献对产业投资基金作用于产业结构调整的路径及成效缺乏讨论。本文从投资目的导向入手,以融资类和并购类两种模式为分析起点,从投融资匹配程度角度探究产业投资基金对产业结构调整的影响路径。借助搜寻匹配模型,得到并购类产业投资基金为投融资双方带来更好匹配的结论。进一步地,从产业专业化和多样化角度切入,利用Probit模型进行实证检验。结果显示,并购类基金通过提升产业专业化影响产业结构调整,却阻碍产业多样化的发展;相对地,融资类基金通过提升产业多样化影响产业结构。

Recently in China,industrial investment funds have played an increasingly important role in enriching the endowments and stimulating the development of certain industries. Previous research lacks discussion on the changes these funds have brought to industrial structure. Considering investment's purpose,we start with two modes of the industrial funds: financing and M&A. We study the impact on industrial structure based on search and matching and find the industry fund with M&A will get better matching results for both sides of the investment. In addition,we analyze the relationship between the industrial investment fund and changes to industrial structure in terms of specialization and diversification. The results show M&A contributes to industry specialization while decreasing diversification and financing contributes to diversification.