新兴产业崛起、产业政策与资本市场的关系——基于中国光伏产业发展沉浮的视角

Research on the Relationship between the Rise of Emerging Industries,Industrial Policies and Capital Markets:a Perspective of the Ups and Downs of China’s Photovoltaic Industry

以中国光伏产业的发展脉络为切入点,本文深入分析了新兴产业成长规律以及产业政策、资本市场在新兴产业崛起中的作用。研究发现,新兴产业有其自身的成长规律,由无序到有序以及转换中的产业震荡都是普遍经历的过程;产业政策对新兴产业发展兼具积极与消极作用,资本市场则在支持新兴产业成长中具有独特优势。因此,为促进新兴产业持续健康发展,政府部门应采取更加聪明的产业政策,并对处于产业震荡期和产业政策退坡期的新兴产业加强资本市场服务推广,形成产业政策与资本市场的合力和接力。

Starting from exploring the life curve of China’s photovoltaic industry,this paper analyzed the growth pattern of emerging industries,as well as the role of industrial policies and capital markets in the rise of emerging industries.The research found that emerging industries have their own growth patterns:both the transformation from disorder to order and the industrial shakeouts are processes that are commonly experienced.Industrial policies have both positive and negative effects on the development of emerging industries,while the capital market has a unique advantage.Therefore,in order to promote the sustainable and healthy development of emerging industries,the government should adopt smarter industrial policies and increase capital market service promotion for emerging industries that are in the shakeout or withdrawal period,forming joint forces between industrial policies and the capital market.