金融发展、信贷期限结构与产业集聚——基于工业产业要素密集度的视角

Financial Development,Term Structure of Credit and Industy Agglomeration:Based on the Perspective of Industry Factor Intensity

本文基于1997-2012年的省级面板数据并运用动态面板模型的系统GMM回归,实证考察了金融发展对不同要素密集度产业集聚的影响。研究发现,金融发展能够促进劳动密集型产业和资本密集型产业集聚,并且随着中长期信贷比重的提升,金融发展对劳动密集型产业和资本密集型产业集聚的促进作用得到增强;金融发展阻碍了技术密集型产业集聚,并且随着中长期信贷比重的提升,金融发展对技术密集型产业集聚的阻碍作用增强。

The paper based on provincial panel data from 1997 to 2012 and used the System GMM dynamic panel model regression, empirically investigated the effects of financial development on different factor intensive industries agglomeration. The study found that financial development promoted the accumulation of labor intensive industry and capital intensive industry, and with the increase of the proportion of medium - long term credit, the effect of financial development promoted labor intensive industry and capital intensive industry agglomeration are enhanced; financial development hindered the technology intensive industry, and with the increase of the proportion of medium - long term credit, the effect of financial development hindered technology intensive industry agglomeration continued to enhance.