对外经济开放、金融市场发展与制造业结构优化

Economic Opening,Financial Development and Manufacturing Structure Optimization

本文系统分析了对外经济开放和金融市场发展对制造业结构优化的影响机理,在此基础上利用1997-2015年中国省级面板数据,基于金融规模、金融结构和金融效率三重维度,从全国整体、分区域和分时间段多个角度探讨对外经济开放和金融发展对制造业结构优化的影响、时空差异和交互效应,然后基于制造业技术进步和产业集聚双重视角,对其中的传导机制进行中介效应检验。实证结果表明,总的来说,对外经济开放、金融规模和金融效率对制造业结构高度化和合理化具有促进作用,而金融结构阻碍了制造业结构优化升级,但上述影响在不同区域、不同时间段具有显著的时空差异。金融发展在对外经济开放的制造业结构优化效应中扮演着重要角色,二者对制造业结构优化有显著的交互效应。中介效应检验表明,技术进步和制造业集聚是对外经济开放和金融发展影响制造业结构优化的重要渠道。

This paper systematically analyzes the mechanism of economic opening and financial development which influences the manufacturing structure optimization. Then from the perspectives of financial scale,financial structure and financial efficiency,using a panel data of Chinese provinces over 1997 to 2015,it explores the impact,time diffidence and interaction effect of economic opening and financial development on the manufacturing structure optimization from the whole country,sub-regional and sub-periods. And we conduct a mediating effect test on the transmission mechanism from the perspectives of technological progress and manufacturing agglomeration. The results show that,economic opening,financial size and financial efficiency could promote upgrading and rationalization of manufacturing structure in general,but financial structure hinders the rationalization and upgrading of it. Besides,the influences in different regions and different time periods have significant differences. Also,financial development and economic opening has a significant interaction effect on the manufacturing structure optimization. Mediating effect test suggests that technological progress and manufacturing agglomeration are important channels for economic opening and financial development to influence the manufacturing structure optimization.