银行主导型金融对制造业企业技术进步的影响--基于技术距离的视角

The Impact of Bank-leading Financial System on Technological Progress of Manufacturing Enterprises:In the Perspective of Technology Distance

制造业企业的技术发展离不开适宜类型的金融支持。我国以商业银行为主导的金融体系对其具有怎样的影响?本文从技术距离视角出发,通过构建熊彼特内生增长模型探究银行主导型金融体系对制造业企业技术进步的影响效应及作用机理,并运用中国工业企业数据库与城市数据库的匹配数据进行实证检验。研究发现:当制造业企业远离技术前沿时,银行主导型金融对其技术进步具有明显的促进作用,但随着企业接近技术前沿,该作用将由正转负。相较于国有和抵押资产丰富的制造业企业,银行主导型金融对技术进步的负向作用在非国有和抵押资产匮乏企业中出现较早。机制检验表明,在远离技术前沿阶段,银行主导型金融能够激励制造业企业创新从而促进其技术进步,但在接近技术前沿后,银行主导型金融难以通过激励企业创新驱动其技术进步。研究结论对如何深化金融供给侧结构性改革、增强金融服务制造业之功效具有一定的指导意义。

The appropriate financial system is needed to support the technological development of manufacturing enterprises.How does our bank-leading financial system work?From the perspective of technology distance,a schumpeterian growth model was made to explore the effect and mechanism of bank-leading financial system on technological progress of manufacturing enterprises,and an empirical test was made by using the matching data of China Industrial Enterprise Database and City Database.It finds that bank-leading financial system has a differential impact on the technological progress of manufacturing enterprises with different technology distances.When enterprises are far from the technology frontier,bank-leading financial system has an obvious promoting effect on their technological progress,but this effect will turn from positive to negative as enterprises approach the frontier.As the manufacturing enterprises approach the frontier,the negative effect of Bank-leading on their technological progress appears earlier in enterprises which are non-state-owned or lack of mortgage assets.In terms of the mechanism,when manufacturing enterprises are far away from the technology frontier,bank-leading financial system can stimulate enterprises to innovate.However,as manufacturing enterprises approach the frontier,bank-leading financial system cannot drive their technological progress through innovation.These conclusion can help us deepening the structural reform of financial supply side and enhancing the effect of financial system on manufacturing industry.