融资约束阻碍战略性新兴产业高端化了吗?

Does Financial Constraints Hamper Strategic Emerging Industries Becoming High-end?

"十三五"规划明确提出把战略性新兴产业摆在经济发展更加突出的位置。本文基于DEA-Malmquist非参数方法对我国新兴产业发展成效进行评估,同时以融资约束为切入点深入探讨新兴产业全要素生产率动态演变,并尝试探讨融资约束、研发投入与全要素生产率三者间的互动关系。通过对902家新兴产业上市公司全要素生产率进行测算,本文发现大部分企业生产率低下,新兴产业全要素生产率整体呈低端化趋势。实证表明,融资约束、固定资产过快扩张是导致新兴产业低端化演进的重要原因;研发投入能有效促进全要素生产率改善,且民营企业研发效率显著高于国有企业;无论是国有企业还是民营企业融资约束均显著阻碍了企业研发,其中对民营企业阻碍更加明显。本文认为政府不应一味关注新兴产业产值规模增长,更应注重全要素生产率的内涵提升,通过推动金融发展、消除所有制歧视寄以降低融资约束和金融错配程度,鼓励商业银行实施面向新兴产业的差异化信贷优惠政策,深化国有企业改革等以全面改善新兴产业全要素生产率,以此充分发挥新兴产业在供给侧结构性改革中的创新引领作用。

The 13th Five-Year Plan of China provides that the strategic emerging industries should be put in a more prominent position.Based on the DEA-Malmquist non-parametric method,this paper evaluates the effectiveness of the development for China＇s strategic emerging industries.At the same time,the dynamic evolution of the emerging industries＇TFP is studied with the financing constraints as a starting point.The interaction of financing constraints,RD investment and TFP is discussed as well.Through calculating the TFP of 902 listed companies in emerging industries,this paper finds that most of the emerging listed companies have low productivity and the overall TFP of emerging industries is low.Further empirical analysis shows that financing constraints and rapid expansion of fixed assets are important reasons for the decline of TFP.RD investment can effectively improve the overall TFP,and the efficiency of private enterprises＇RD is significantly higher than the state-owned enterprises.The financing constraints of state-owned enterprises or private enterprises significantly hinder RD investment,while the obstruction effect of private enterprises is more obvious.To this end,this paper argues that the government should not pay attention only to the growth of the output scale in promoting the strategic emerging industries,but also pay attention to the connotation of TFP,and also need to improve the level of financial support,develop differentiated financial support policies and deepen the reform of state-owned enterprises to make the emerging industries play a better innovationleading role in the structural reform of supply side.