融资结构对全要素生产率增长率影响的实证研究——以高技术产业为例

An Empirical Study of the Impact of Financing Structure on the Growth Rate of Total Factor Productivity——Taking High-tech Industry as an Example

为适应和引领经济增长新常态,目前我国正在大力推进供给侧结构性改革,发挥市场主体作用。供给侧改革大背景下,融资结构是否适合现阶段产业发展?何种融资结构更有利于全要素生产率增长率的提升?本文以高技术产业为例,首先用索罗余值法对高技术产业生产率增长率进行测算,然后探讨直接融资、间接融资对全要素生产率增长率的影响。分析表明两种融资方式均通过资本产生正向作用,且直接融资贡献约为间接融资的5倍。因此,笔者认为在推动产业全要素生产率提升的进程中,应释放市场主体活力,提高直接融资比重。

Adapting to the new normal of economic growth, China has promoted supply-side structural reforms and played a leading role in the market. Under the background of supply-side reform, is the financing struc-ture suitable for the current stage of industrial development? What kind of financing structure is more con-ducive to the increase in the growth rate of total factor productivity? Taking the high-tech industry as an example, this paper first uses the Solow residual method to measure the productivity growth rate of high-tech industries, and then discusses the impact of direct financing and indirect financing on the growth rate of to-tal factor productivity. The analysis shows that both financing methods have a positive effect through capi-tal, and the direct financing contribution is about five times that of indirect financing. Therefore, the au-thor believes that in the process of promoting supply-side structural reform and industrial total factor pro-ductivity improvement, the vitality of market entities should be released and the proportion of direct fi-nancing should be increased.