CAJ | 학술논문

金融发展一般伴随金融功能和效率的提升,能减轻阻碍企业和产业扩张的外部融资约束,促进依赖外部融资产业的成长。利用省际面板数据实证检验了我国金融发展对高技术产业发展的影响。实证分析结果显示,我国银行体系的发展并未有效促进高技术产业的发展,股票市场发展水平甚至对高技术产业的发展具有反向影响效应。高技术产业金融支持效应不佳的原因在于,我国金融发展主要表现为金融总量的规模扩张,金融的功能和效率并未同步有效提升。实证分析蕴涵的政策启示是,应提高金融发展的效率,形成将稀缺的金融资源有效配置于高成长性产业的机制,促进高技术产业的发展。
금융발전일반반수금융공능화효솔적제승,능감경조애기업화산업확장적외부융자약속,촉진의뢰외부융자산업적성장。이용성제면판수거실증검험료아국금융발전대고기술산업발전적영향。실증분석결과현시,아국은행체계적발전병미유효촉진고기술산업적발전,고표시장발전수평심지대고기술산업적발전구유반향영향효응。고기술산업금융지지효응불가적원인재우,아국금융발전주요표현위금융총량적규모확장,금융적공능화효솔병미동보유효제승。실증분석온함적정책계시시,응제고금융발전적효솔,형성장희결적금융자원유효배치우고성장성산업적궤제,촉진고기술산업적발전。
With the promotion of financial function and efficiency, financial development can reduce the exter- nal financing constraints that impede the expansion of enterprises and industries and promote the growth of indus- tries which depend on external finance. This paper makes an empirical analysis about influence of finance develop- ment of China on high - tech industry development based on provincial panal data. The empirical results show that the development of our bank system is not effective in promoting the development of high - tech industry, there is e- ven a reverse effect of stock market development level on the development of the high - tech industry. The reasons of the poor effect of the financial support on high - tech industry is that the development of the financial system of china mainly show as the expansion of scale, the function and efficiency is not promoted. The policy implication of empirical analysis is that we should improve the efficiency of financial development and develop a mechanism to al- locate the scarce financial resources to high growth industry , thus promote the development of high - tech industry.