社会资本、金融从业规模与产业结构

Social Capital,Financial Employment Scaleand Industrial Structure

如何借助金融发展推动劳动密集型产业向资本、技术密集型产业转型升级,是新常态下促进我国动能转换和经济发展的关键。本文基于两部门经济模型,利用2005-2016年中国省级面板数据,对社会资本和金融从业规模对产业结构升级的影响作用进行了实证研究。研究发现,金融从业者作为高级人力资本是金融发展的主体,其规模效应是影响实体产业结构调整升级的重要因素;社会资本通过促进金融从业主体间的信息共享、相互沟通、群体认同以及团队合作进而提高金融创新效率并进一步加强对产业结构升级的促进作用。本文的政策启示是,地区借助金融发展促进实体产业结构的调整升级,应在扩大金融从业规模以获得集聚红利的同时结合地区社会资本水平变化的趋势,稳步提升金融发展综合水平;此外,还应促进非银行业等金融机构的发展,从而以协同发展机制促进实体产业结构调整升级。

How to promote the transformation and upgrading of labor-intensive industries to capital-intensive and technology-intensive industries by means of financial development is the key to promote China s kinetic energy conversion and economic development under the new normal conditions.Based on a two-sector economic model and using the provincial panel data of China from 2005 to 2016,this paper makes an empirical study on the impact of social capital and the scale of financial industry on the upgrading of industrial structure.The results show that financial practitioners,as senior human capital,are the main body of financial development,and their scale effect is an important factor influencing the adjustment and upgrading of the real industrial structure.Social capital improves the efficiency of financial innovation and further strengthens the promotion of industrial structure upgrading by promoting information sharing,mutual communication,group identification and team cooperation among financial practitioners.In addition,from the perspective of industry composition of financial practitioners,the scale of securities industry is relatively sensitive to the change of regional social capital level,while the scale of banking industry is relatively insensitive to the change of regional social capital level.The policy enlightenment of this paper is that the region promotes the adjustment and upgrading of the real industrial structure by means of financial development.It should expand the scale of the financial industry to obtain the agglomeration dividend and at the same time combine with the trend of the change of the regional social capital level to steadily improve the comprehensive level of financial development.In addition,it should adjust the composition of the financial industry structure to promote the development of non-banking and other financial institutions,so as to promote the structural adjustment and upgrading of the real industry through the synergistic development mechanism.