金融开放对产业结构升级的传导路径及异质性分析

The Transmission Path and Heterogeneity Analysis of Financial Openness on Industrial Structure Upgrading

对金融开放促进产业结构升级的传导机制进行理论分析,然后选取我国内地30个省份2005—2021年的面板数据,运用中介效用模型,检验在资本市场和货币市场路径下金融开放对产业结构升级的影响。结果表明:资本市场开放路径下的贸易开放和技术进步、货币市场开放路径下的金融深化和金融结构优化均能显著驱动产业结构优化升级。区域异质性结果显示:东部地区的传导机制在资本市场和货币市场均能显著促进产业结构升级;中部地区资本市场开放路径下,贸易开放机制和技术进步机制在促进产业结构高度化的过程中处于失灵状态,在促进产业结构合理化的过程中畅通,但货币市场开放路径下所有传导机制均不显著。

The article first provides a theoretical analysis of the transmission mechanism of financial openness promoting industrial structure upgrading.Then,panel data from 30 provinces in China's Mainland from 2005 to 2021 are selected,and an intermediary utility model is used to test the impact of financial openness on industrial structure upgrading under the paths of capital and money markets.The results indicate that trade openness and technological progress under the path of capital market opening,as well as financial deepening and structural optimization under the path of currency market opening,can significantly drive the optimization and upgrading of industrial structure.The results of regional heterogeneity show that the transmission mechanism in the eastern region can significantly promote the upgrading of industrial structure in both the capital market and the currency market;Under the path of capital market opening in the central region,the trade opening mechanism and technological progress mechanism are in a state of failure in promoting the upgrading of industrial structure,and are smooth in promoting the rationalization of industrial structure.However,all transmission mechanisms under the opening of the currency market are not significant.