最优金融结构、产业技术创新与经济增长：基于新结构经济学视角的分析

Abstract
Figure/Table
References
Related Citation (4)

Download: PDF (761 KB) HTML (1 KB)
Export: BibTeX | EndNote (RIS)

Abstract The financial structure includes the quantity and quality of financial supply. Only when the financial structure goes well with the development of the real economy can it effectively promote industrial technological innovation and the growth of the real economy. This paper builds a theoretical model from the perspective of new structural economics, and uses the panel data of China from 2003 to 2017 at national level and regional level to empirically analyze the relationship between financial structure, industrial technological innovation and economic growth. The findings show that: as far as the quantity of financial supply is concerned, China's total financial supply is superfluous. Whether at national level or regional level, the quantity of financial supply restrains economic growth to a certain extent, but the restraining effect of the financial supply quantity grows weak with the improvement of the degree of industrial technological innovation. As far as the quality of financial supply is concerned, the structure and vitality of financial market have both contributed to promoting economic growth at national level and regional level, and their contribution grows with the continuous upgrading of industrial technology innovation. The efficiency of financial market has no significant inhibitory effect on the overall economic growth, but has a positive effect on the economic growth in developed and moderately developed regions. When other economic conditions remain unchanged, the improvement of marketization and financial market efficiency can elevate industrial technological innovation.

Key words： loptimal financial structure financial market efficiency industrial technology innovation economic growth new structural economics

Received: 15 December 2020

PACS:

F830

	Service

	E-mail this article
	Add to my bookshelf
	Add to citation manager
	E-mail Alert
	RSS
	Articles by authors
	ZHOU Li
	ZHAO Qiu-yun

Cite this article:

ZHOU Li,ZHAO Qiu-yun. Optimal Financial Structure, Industrial Technology Innovation and Economic Growth：Analysis from the Perspective of Structural Economics:Based on New Structural Economics[J]. , 2021, 38(2): 71-83.

URL:

https://xb.szu.edu.cn/EN/ OR https://xb.szu.edu.cn/EN/Y2021/V38/I2/71

[1] (美)雷蒙德·W·戈德史密斯.金融结构与金融发展[M].浦寿海译.北京:中国社会科学出版社,1992.49-98.
[2] 周立,雷中豪.中国“金融超发展”与经济增长动态阈值效应[J].金融经济学研究,2019,(1):3-17.
[3] 林毅夫,孙希芳.银行业结构与经济增长[J].经济研究,2008,(9):31-45.
[4] 林毅夫,孙希芳,姜烨.经济发展中的最优金融结构理论初探[J].经济研究,2009,(8):4-17.
[5] Schumpeter J.A. The Theory of Economic Development[M].Cambridge, MA:Harvard University Press,1934.
[6] 周立. 中美贸易争端:技术封锁与保护主义[J].国际经贸探索,2018,(10): 88-104.
[7] 陈雨露. “新常态”下的经济和金融学理论创新[J].经济研究,2015,(12):8-10.
[8] 龚强,张一林,林毅夫.产业结构、风险特性与最优金融结构[J].经济研究,2014,(4):4-16.
[9] 张一林,樊纲治.信贷紧缩、企业价值与最优贷款利率[J].经济研究, 2016,(6):71-82.
[10] 张一林,龚强,荣昭.技术创新、股权融资与金融结构转型[J].管理世界. 2016,(11):65-80.
[11] 杨子荣,张鹏杨.金融结构、产业结构与经济增长——基于新结构金融学视角的实证检验[J].经济学(季刊),2018,(2): 847-872.
[12] 林毅夫. 新结构经济学——重构发展经济学的框架[J].经济学(季刊),2011,(1):1-32.
[13] 张一林,林毅夫,龚强.企业规模、银行规模与最优银行业结构——基于新结构经济学的视角[J].管理世界,2019,(3):31-47+206.
[14] Bolton,P.,X.Freixas.Equity,Bonds and Bank Debt: Capital Structure and Financial Market Equilibrium under Asymmetric Information[J].Journal of Political Economy, 2000,108(2):324-351.
[15] Pastor I.,P.Veronesi.Rational IPO Waves[J].Journal of Fin-ance,2005,60(4):1713-1757.
[16] Hansen B.E.Threshold Effects in Non-dynamic Panels: Estimation,Testing,and Inference[J].Journal of Econome-trics,1999,93(2):345-368.
[17] 吕冰洋,毛捷.金融抑制和政府投资依赖的形成[J].世界经济,2013,(7):48-67.
[18] 孙早,许薛璐.产业创新与消费升级:基于供给侧结构性改革视角的经验研究[J].中国工业经济,2018,(7):98-116.