市场化进程能否促进中国制造业升级——来自106家上市公司的证据

Can marketization promote the upgrading of China’s manufacturing industry?

采用2004—2014年中国106家制造业上市公司的面板数据,从要素市场和产品市场两个方面,探讨了市场化进程对中国制造业升级的影响。得出的主要结论包括:(1)中国制造业的升级瓶颈体现在缺少产业链顶端企业和低端企业的技术差距过大这两方面;(2)产品和要素市场化进程的加深对推动中国制造业升级有重要作用,且产品市场化程度的当前影响高于要素市场;(3)市场化进程的加深会弱化企业资源筹集能力对产业升级的推动作用,放大企业创新资金对产业升级的推动作用。基于上述结论,最后给出如何推进市场化进程,以促进中国制造业升级的建议。

The deepening of marketization is not only an epitome of China’s economic reform but also an important institutional basis for promoting the upgrading of China’s manufacturing industry.Using a panel data of 106 listed manufacturing companies in China from 2004 to 2014,the paper explores the influence of the marketization on the upgrading of China’s manufacturing industry from two aspects:factor market and product market.We have the following results:(1)The lack of topenterprises and the technological gap of the low-end enterprises have bottlenecked the upgrading China’s manufacturing industry;(2)The deepening marketization of products and factors is conducive to the upgrading of China’s manufacturing industry,and the current influence of the product marketization is greater than that of the factor marketization;(3)The deepening marketization weakens the promotion effect of enterprise’s resource raising ability on industrial upgrading but amplifies the promotion effect of enterprise’s innovation fund.Based on the results,this paper offers suggestions on how to boost the marketization and promote the upgrading of China’s manufacturing industry.