外部融资依赖度与增长机会:金融发展效应行业差异探析

External Financial Dependence and Growth Opportunity

基于我国各地制造业中不同行业的年度相关数据,通过在模型中同时引入两个乘积项进行回归,结果显示金融发展对于行业增长的效应会随行业外部融资依赖度与增长机会的不同而不同。说明外部融资依赖度并不仅仅是对增长机会的反映。

This paper attempts to examine whether the two factors of an industry,i.e.external financial dependence and growth opportunity,can simultaneously affect the effect of financial development.Based on the annual data from some manufacturing industries in China's various areas,we introduce a regression model which embodies two interaction terms.The results show that the effect of financial development on industrial growth varies with external financial dependence and growth opportunity.This implies that external financial dependence cannot be simply viewed as the reflection of growth opportunity.