融资约束、市场结构与制造业服务化

Financial Constraint, Market Structure and Servitization of Manufacturing Industry

中文关键词:  融资约束  市场结构  制造业服务化  挤入效应  创新  实体经济

英文关键词:financial constraint  market structure  servitization of manufacturing industry  crowding-in effect  innovation  real economy

中文摘要:

      制造业服务化是新常态下中国实体经济转型升级的重要手段和现实选择。基于WIOD数据库2000—2014年中国投入产出数据,从行业层面考察了中国18个制造业的融资约束和市场结构对其服务化的影响。研究发现:制造业面临的内外部融资约束会显著抑制其服务化。其中,最高端的专业科技服务化和低端的运输仓储与批发零售服务化所受到的抑制作用更显著,而中高端的信息通信服务化则存在一定的“挤入效应”。市场竞争会进一步加剧外部融资约束对制造业服务化的抑制作用,但并不影响内部融资约束与制造业服务化的关系。进一步的分析表明,融资约束不利于制造业创新能力的提升。因此,在促进竞争的市场化改革背景下,应兼顾金融体制改革,提升金融服务实体经济的能力,切实降低制造业外部融资约束。

英文摘要:

      Servitization of manufacturing industry is an important means and a realistic choice for the transformation and upgrading of China's real economy under New Normal era. Based on the Chinese input-output data of the WIOD database during the years from 2000 to 2014, this paper examines the effect of financial constraints in China's 18 manufacturing sectors and market structure on their servitization. The study finds that the internal and external financial constraints faced by manufacturing sectors will significantly inhibit their servitization. The highest-end servitization of professional technology, the low-end servitization of transport and warehousing, and the servitization of wholesale and retail suffer a more pronounced inhibitory effect, while the high-end and mid-end servitization of information communication have a “crowding-in effect”. Market competition will aggravate the restraint effect of financial constraint on the servitization of manufacturing industry, but it will not affect the relationship between internal financial constraint and servitization of manufacturing industry. Further analysis shows that financial constraints are not conducive to improving the innovation capabilities of manufacturing industry. Therefore, under the background of market-oriented reform to promote competition, we should impel the reform of financial system and strengthen its ability to serve the real economy so as to reduce the external financial constraints of manufacturing industry.