长江经济带金融结构影响产业结构优化升级研究

发布时间：2018-07-25 20:46

【摘要】：“新常态”是我国当前经济发展所处的大环境,为保持经济长期健康可持续发展,我国政府提出了调整产业结构,促进经济转型的重大战略。探究产业机构的演化机理发现,其本质就是资源的重新优化配置、生产效率的再提升过程。金融发展特别是金融结构的调整又能够充分利用闲置资金促进生产资本的形成,因此其与产业结构优化之间存在着紧密联系。本文运用静态面板回归模型、动态面板回归模型和面板门槛回归模型对长江经济带金融结构演变与产业结构优化升级之间的关系做了系统性研究。在金融结构的定义和变量的选择上,本文选择银行集中度、直接融资占比、间接融资占比作为核心解释变量,分别检验了其对产业结构合理化和高级化水平提高的影响。研究结果表明:(1)以股票、债券为融资工具的直接融资占比提高对产业结构合理化具有显著的促进作用,但该作用具有时滞性,即产业结构合理化水平的提升仅受直接融资前一期的影响,不受当期直接融资的影响;(2)银行信贷间接融资占比提高对产业结构合理化具有显著的阻碍作用,但该作用也呈现出门槛效应。研究表明,当银行集中度高于33.52%时,间接融资与产业结构合理化之间不存在显著关系;当银行集中度低于33.52%时,间接融资占比的提高会显著阻碍产业结构合理化水平的提高;(3)银行集中度的提升会显著阻碍产业结构趋于合理化,但与产业结构高级化之间的不存在明显关系;(4)产业结构高级化会受到金融发展规模的影响,但与金融结构调整之间没有显著关系。因此,为促进长江经济带产业结构优化升级,相关经济金融管理部门应该继续深化金融改革,提高金融行业市场化地位,优化银行业金融格局,改善其资金配置效率。此外,还要进一步发展和完善资本市场促进资本市场健康发展,为广大企业营造良好的融资环境。
[Abstract]:"New normal" is the great environment of our country's current economic development. In order to maintain the long-term healthy and sustainable development of the economy, our government has put forward the important strategy of adjusting the industrial structure and promoting the economic transformation. Exploring the evolution mechanism of industrial institutions, it is found that its essence is the re-allocation of resources and the re-promotion of production efficiency. Financial development, especially the adjustment of financial structure, can make full use of idle funds to promote the formation of productive capital, so there is a close relationship between financial development and industrial structure optimization. Using static panel regression model, dynamic panel regression model and panel threshold regression model, this paper makes a systematic study on the relationship between the evolution of financial structure and the optimization and upgrading of industrial structure in the Yangtze economic belt. In the definition of financial structure and the choice of variables, this paper chooses banking concentration, direct financing and indirect financing as the core explanatory variables, and examines their effects on the rationalization and upgrading of industrial structure. The results show that: (1) the increase of direct financing proportion of stocks and bonds as a financing tool has a significant promoting effect on the rationalization of industrial structure, but the effect is time-delay. That is, the upgrading of the level of industrial structure rationalization is only affected by the previous period of direct financing, not by the direct financing in the current period. (2) the increase in the proportion of indirect bank credit financing has a significant hindrance to the rationalization of industrial structure. But the effect also shows threshold effect. Studies show that there is no significant relationship between indirect financing and industrial structure rationalization when bank concentration is higher than 33.52, and when bank concentration is lower than 33.52, The increase of the proportion of indirect financing will significantly hinder the improvement of the rationalization level of industrial structure; (3) the increase of banking concentration will significantly hinder the rationalization of industrial structure. However, there is no obvious relationship between industrial structure and industrial structure upgrading. (4) Industrial structure upgrading will be affected by the scale of financial development, but there is no significant relationship between industrial structure and financial structure adjustment. Therefore, in order to promote the optimization and upgrading of the industrial structure of the Yangtze economic belt, the relevant economic and financial management departments should continue to deepen the financial reform, improve the market position of the financial industry, optimize the banking financial structure, and improve the efficiency of capital allocation. In addition, it is necessary to further develop and improve the capital market to promote the healthy development of the capital market and to create a good financing environment for the majority of enterprises.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.7;F127

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