企业创新、生产力进步与经济收敛:产业集聚的效果

Firm Innovation,Productivity Growth and Convergence:Effects of Industry Clustering

理论模型与基于中国工业企业面板数据的实证结果表明,产业集聚能通过缓解企业的融资约束促进其创新活动和生产力进步,进而加快地区整体层面上向技术前沿的收敛速度。在理论模型中,产业集聚发挥作用的渠道是增加企业抵押资产的最佳替代使用者数量,以提高银行对抵押资产的市价估值并上调信贷限制。实证部分基于理论模型的假说,根据各产业遭遇系统性风险的概率和对固定资产的依赖度划分子样本进行对比研究,并控制企业层面的融资约束指标,能够识别且定量估算融资约束的中介作用。这些发现表明,产业集聚对迈向知识型经济和平衡增长有关键意义。

Based on a theoretical model and empirical results from panel data of Chinese industrial firms, we find industry clustering to facilitate firm innovation and productivity growth by relaxing financial constraints, and further accelerate regional convergence towards the technology frontier. The model reveals the. effect of industry clustering as a result of the higher market value of firms＇ collateralized assets due to more first - best alternative users. Empirical findings confirm theoretical hypotheses using comparisons across industries that differ in the probability of systematic risks and reliance on fixed assets, and quantify the mediation effect using firm - level financial constraint measures. Industry clustering is critical for achieving a knowledge economy and balanced growth.