中国地区金融结构与产业结构升级——基于最优金融结构理论的经验研究

Financial Structure and Industrial Structure Upgrading in Region of China:An Empirical Study Based on Theory of Optimal Financial Structure

产业结构升级过程中,理论上存在一个与之相匹配的最优金融结构。本文从金融结构与产业结构升级关系的角度,通过对我国2001—2013年省际数据的经验分析,探究以直接融资与银行间接融资比重衡量的金融结构对产业结构升级的影响。在纠正了产业结构调整反作用于金融结构造成的内生性问题后,发现市场主导型金融结构更有利于地区层面第三产业的发展,而银行主导型金融结构则更能促进工业化进程。针对不同产业结构调整路径来构建有针对性的金融支持体系,是地区金融政策安排的主要思路。

During the upgrading of industrial structure in different regions,there exists an optimal financial structure in theory in a special phase,and an adjustment of financial structure matched with the change of factor endowment. This paper analyzes theoretically the relationship between the financial structure and industrial structure upgrade,and uses the sample of provincial data of China during 2001—2013 years to empirical analyzes such relationship. After dealing with the endogeneity problem which arise from the financial structure reacts to the upgrading of industrial structure,the finding reveals that a market based financial structure is more conductive to the development of the third industry,while a bank based financial structure can better promote the industrialization process. So,trying to build a targeted financial support system according to different industrial adjustment path is the main suggestion for regional financial policy arrangement.