金融发展与产业结构升级——基于经济危机视角的实证研究

Financial Development and Industrial Structure Upgrading——An Empirical Study from the Perspective of Economic Crisis

本文基于2007～2013年中国271个城市面板数据，实证检验金融发展对产业结构升级的影响。结果表明，金融效率提高有利于促进产业结构升级，其影响不存在地区差异；金融存量规模扩大的产业升级效应存在区域差异化，东西部地区为正相关，中部地区为负相关。在发生经济危机时，外商直接投资减少和国内投资的增加对产业结构升级的调整效应受危机时间点的影响，次贷危机和欧债危机的影响效应不一致。

Based on the panel data of China＇s 271 cities during 2007-2013, this paper presents an empirical study of the influence of the financial development on industrial structure upgrading. The results of the paper show that the im- provement in financial efficiency is conducive to promoting industrial structure upgrading, and the influence does not vary in different regions; the effect of the industrial structure upgrading due to the increase in the financial total scale varies in different regions, and the effect is positive in eastern and western regions and is negative in central regions. During the economic crisis, the adjusting effect of the reduction in foreign direct investment and increase in domestic capital investment on industrial structure upgrading is impacted by the time of crisis; the effect of the sub-prime crisis is different from that of the European debt crisis.