制度环境、区域金融化与产业结构升级——基于中国西部面板数据的动态关系研究

Institutional Environment,Regional Financialization and Industrial Structure Upgrading:Based on the Dynamic Relation of Panel Data from Western China

在文献回顾与理论分析基础上,构建西部面板数据模型,运用工具变量法检验了制度环境、区域金融化与产业结构升级之间影响效果,并实证分析其长期均衡与短期动态关系。研究发现:(1)规范地方政府行为、增强地区执法水平、提高区域信用水平有利于西部金融化水平提升,从而促进产业结构升级;且作为非正式制度的社会资本是对西部不完善的正式制度(法治)的有效替代;(2)长期来看,总体制度环境优化具有显著正向效应;短期而言,总体制度环境改善的作用效果不显著。结果表明,将优化西部制度环境、加强制度体系建设作为一项长期战略任务,是金融化演进与变迁的前提基础,对于推动产业结构升级并以此加快区域协调发展具有重大意义。

On the basis of literature review and theoretical analysis,this paper constructs the panel data model of western China,using the instrumental variable method to test the effects among institutional environment,regional financialization and industrial structure upgrading,and therefore empirically analyzing their long-term equilibrium and short-term dynamic relationship. And the following conclusions are achieved：（ 1） regulating the behavior of local government,enhancing the efficiency of law enforcement and improving credit level that are conductive to the promotion of western financialization so as to promote the industrial structure upgrading. At the same time,the social capital of informal institution is an effective alternative to the imperfect formal institution（ rule of law） in the west.（ 2） In the long run,the overall optimization of institutional environment has a significant positive effect. In the short run,the effect is not significant. The results indicate that as a long term strategic task,optimizing the institutional environment and strengthening construction of institutional system is the premise to promote financial evolution,which is of great significance for promoting industrial structure upgrading and therefore speeding up regional coordinated development.