产融结合对传统工业转型升级的影响研究——以2000—2017年纺织业A股上市公司为例

An Empirical Analysis of the Integration of Industrial-finance Capital in Promoting the Transformation and Upgrading of China's Traditional Industries——A Case of A-share Listed Firms in Textile Industry from 2000 to 2017

近年来,传统工业正从粗放型发展模式向创新驱动型发展模式转变。产融结合成为传统工业转型升级不可或缺的助推力。本文通过建立银企之间的信号传导博弈模型,选取2000—2017年纺织业A股上市公司数据进行实证分析。研究结果表明,产融结合对企业创新能力的提升具有正面影响,能缓解企业的融资约束,从而获得金融机构资金支持,增加企业的研发投入,提高企业的创新能力,助推传统工业的整体转型升级。因此,应进一步开放对金融市场的限制,提高市场运行效率,激发企业的创新活力;同时注重以高质量发展为导向,统筹优化资源配置,促进传统工业向高新技术产业转型发展。

In recent years,traditional industry is changing from extensive development mode to innovation-driven development mode.The combination of industry and finance has become an indispensable driving force for the transformation and upgrading of traditional industries.Through the establishment of the signal transmission game model between banks and enterprises,this paper selects the data of all A-share listed companies in the textile industry from 2000 to 2017 for empirical analysis.The results show that the combination of industry and finance has a positive impact on the improvement of enterprises’ innovation ability.It can alleviate the financing constraints of enterprises,so as to obtain financial institutions’ financial support,increase enterprises’ investment in research and development,improve enterprises’ innovation ability,and boost the overall transformation and upgrading of traditional industries.Therefore,restrictions on the financial market should be further opened to improve the efficiency of market operation and stimulate the innovation vitality of enterprises.At the same time,focus on high-quality development as the guide,overall planning and optimization of resource allocation,promote the transformation and development of traditional industries to high-tech industries.