金融支持装备制造业发展的不平衡不充分性:实证与对策

The Imbalance and Insufficiency of Financial Support for the Development of Equipment Manufacturing Industry:Empirical Study and Countermeasures

采用1996-2017年71家上市公司财务数据和宏观金融数据,通过实证分析探讨金融发展与装备制造业发展之间的关系。结果表明,金融规模、结构与效率对装备制造业发展虽都具有正向影响作用,但其中金融结构的影响明显偏小,意味着股权融资不足;进一步通过因果关系检验发现,仅有金融效率是装备制造业发展的格兰杰原因,说明金融发展尚未对装备制造业发展产生充分的带动作用,产融结合有待加强。金融在支持装备制造业发展中存在明显的不平衡不充分问题。

Using the financial data and macro financial data of 71 listed companies from 1996 to 2017,this paper explores the relationship between financial development and equipment manufacturing industry development through empirical analysis.The results show that although financial scale,structure and efficiency have a positive impact on the development of equipment manufacturing industry,the impact of financial structure is obviously small,which means that the equity financing is insufficient;further through the causality test,it is found that only financial efficiency is the Granger Cause for the development of equipment manufacturing industry,which indicates that financial development has not yet fully driven the development of equipment manufacturing industry,and the combination of industry and finance needs to be strengthened.There are obvious imbalances and insufficiencies in financial support for the development of equipment manufacturing industry.