金融发展、融资约束与战略性新兴产业发展

Financial Development, Financing Constraints and the Development of Strategic Emerging Industries

中文关键词:  战略性新兴产业  金融发展  融资约束  产业发展

英文关键词:strategic emerging industries  financial development  financing constraints  industrial development

中文摘要:

      战略性新兴产业发展需要大量的资金投入,过高的外部融资成本已经成为阻碍战略性新兴产业发展的重要因素。促进战略性新兴产业发展,已经成为一个亟待解决的问题。文章利用2011—2014年七大战略性新兴产业422家上市公司15个季度的面板数据,分别考察了中国银行业与股票市场发展对战略性新兴产业发展的影响。实证结果显示,七大战略性新兴产业的融资约束具有异质性,节能环保产业、高端装备制造业和生物医药产业融资约束较小,新材料、新一代信息技术、新能源汽车和新能源产业具有更大的融资约束。进一步研究发现,金融发展缓解了战略性新兴产业的融资约束,其中股票市场发展较银行发展更能缓解战略性新兴产业的融资约束。

英文摘要:

      The development of strategic emerging industries requires a lot of capital investment, and the high cost of external financing has become an important factor which obstructs the development of strategic emerging industries. It has become urgent to promote the development of strategic emerging industries. In this paper,we investigated the effects of China's banking and stock market development onthe development of strategic emerging industries with the help of the panel data of 422 listed companies inseven strategic emerging industries during the 15 quarters from 2011-2014.The empirical results show that financial constraints of the seven strategic emerging industries are different:there are loose financing constraints in energy saving and environmental protection industry, high-end equipment manufacturing andbio-pharmaceutical industries, but new materials, new information technology, new energy vehicles and new energy industry have tighter financial constraints. Further study shows that financial development eases the financing constraints of strategic emerging industries, and the stockmarket shows a better performance than the banks in easing the financing constraints of strategic emerging industries. 