产融结合能否促进产业结构转型升级?——基于创新效应和资源配置效应

Can the Combination of Industry and Finance Promote the Transformation and Upgrading of Industrial Structure?——A Study Based on Innovation Effect and Resource Allocation Effect

产业结构转型升级是经济持续发展的基础,基于我国2008—2020年的省级面板数据,运用动态GMM模型,实证分析产融结合对产业结构转型升级的影响及作用机制。研究发现,产融结合能显著促进产业结构转型升级;机制检验发现,产融结合对产业结构转型升级的影响主要通过优化企业间资源配置和促进技术创新两条路径。进一步分析发现,地区市场化程度和政府教育支出能强化产融结合对产业结构转型升级的促进作用。

The transformation and upgrading of industrial structure is the basis of sustainable economic development.Based on the provincial panel data of China from 2008 to 2020,this paper uses the dynamic GMM model to empirically analyze the impact and mechanism of the combination of industry and finance on the transformation and upgrading of industrial structure.The study found that the combination of industry and finance can significantly promote the transformation and upgrading of industrial structure.The mechanism test found that the impact of the combination of industry and finance on the transformation and upgrading of industrial structure is mainly through optimizing the allocation of resources among enterprises and promoting technological innovation.Further analysis found that the degree of regional marketization and government education expenditure can strengthen the promotion of the combination of industry and finance on the transformation and upgrading of industrial structure.