CAJ | 학술논문

拓展了Rajan和Zingales模型，从理论上分析了融资约束和 FDI流入对产业增长的影响，并利用2008—2012年浙江省制造业行业面板数据对之进行实证分析。结果显示：FDI通过发挥融资效应对产业增长产生抑制作用；FDI的融资效应对不同所有制企业的增长均具有一定的约束作用，对国有企业的影响效应主要通过产品市场路径传导，而对民营企业的影响效应则通过产品市场和金融市场两方面传导。最后，针对性地提出政策建议以促进产业增长。
탁전료Rajan화Zingales모형，종이론상분석료융자약속화 FDI류입대산업증장적영향，병이용2008—2012년절강성제조업행업면판수거대지진행실증분석。결과현시：FDI통과발휘융자효응대산업증장산생억제작용；FDI적융자효응대불동소유제기업적증장균구유일정적약속작용，대국유기업적영향효응주요통과산품시장로경전도，이대민영기업적영향효응칙통과산품시장화금융시장량방면전도。최후，침대성지제출정책건의이촉진산업증장。
This paper extends the methodology developed by Rajan and Zingales to explore the impact of financing constraint and FDI on the in‐dustry growth in theory .Based on the theoretical analysis ,it tests the influence of financing constraint and FDI on the industry growth of Zhe‐jiang by using the panel data of manufacturing industries in Zhejiang from 2008 to 2012 .The results are as follows :the industries with higher fi‐nancing constraints gets more benefits from FDI ;FDI's financing effect has negative impacts on the growth of state‐owned enterprise industries through product market effect ,while aggravate private enterprise's financing constraint via product market and financial market .Finally ,it puts forward some suggestions for promoting industrial growth .