制度环境、投资结构与产业升级

Institutional Environment,Investment Structure,and Industrial Upgrading

不完全契约理论框架下的制度比较优势理论认为,有利于产权保护和契约执行的制度环境会对那些需要高强度专用性投资行业的发展产生重大影响。本文利用2008-2014年间中国“省-年-行业”的工业用地出让数据,考察了制度环境与投资结构之间的关系。结果发现:制度环境更优的地区,显著地向高强度专用性投资行业出让了更多宗和更大面积的工业用地;相对于契约制度,产权制度对高强度专用性投资行业的投资具有更大的促进作用,尤其在中国经济进入新常态之后,其作用进一步凸显。由于行业专用性投资强度与行业技术水平正相关,因此这些结论表明优化制度环境有利于提高高强度专用性投资行业的投资占比,推动制造业内部产业转型升级。

Within the framework of incomplete contract theory the institutional comparative advantage theory argues that an institutional environment conducive to property rights protection and contract enforcement will have a significant impact on the development of industries that require high-intensity-specific investments.Based on industrial land leasing data by“province,year and industry”between 2008 and 2014 in China,and examining the relationship between the institutional environment and investment structure,this paper finds that:(1)regions with a better institutional environment lease significantly more and larger industrial lands to high-intensity-specific investment industries;and(2)compared to contractual institutions,the property rights institution plays a more important role in promoting investment in high-intensity-specific investment industries.Especially since China's economy has entered a new normal stage,its role has become even more prominent.Since the industry-specific investment intensity is positively correlated with its technological level,these findings suggest that optimising the institutional environment is conducive to increasing the proportion of investment in high-intensity-specific investment industries,thereby promoting the transformation,and upgrading of the regional manufacturing industry.