CAJ | 학술논문

战略新兴产业萌发于科技创新，壮大于金融支持。金融市场越完善，创新的生命周期就越短。本文通过使用传统计量方法与空间计量方法，以中关村战略新兴产业为例，测度新兴产业不同生命周期与不同金融支持工具的对应关系，并在此基础上分析新兴产业不同生命周期与金融资源配置主体的动态对应关系，得出如下结论：对于新兴产业的发展来说，银行信贷是最有效的金融支持工具；在战略新兴产业发展的初创期和成长期，金融资源的配置主体应是市场为主，政府为辅，政府过度扶持不会产生明显作用；在战略新兴产业发展的成熟期和衰退期，金融资源的配置主体是完全市场，政府退出，所以放开对私营银行的限制，放松利率管制，放开区域金融垄断是拯救战略新兴中小企业的重要路径。
전략신흥산업맹발우과기창신，장대우금융지지。금융시장월완선，창신적생명주기취월단。본문통과사용전통계량방법여공간계량방법，이중관촌전략신흥산업위례，측도신흥산업불동생명주기여불동금융지지공구적대응관계，병재차기출상분석신흥산업불동생명주기여금융자원배치주체적동태대응관계，득출여하결론：대우신흥산업적발전래설，은행신대시최유효적금융지지공구；재전략신흥산업발전적초창기화성장기，금융자원적배치주체응시시장위주，정부위보，정부과도부지불회산생명현작용；재전략신흥산업발전적성숙기화쇠퇴기，금융자원적배치주체시완전시장，정부퇴출，소이방개대사영은행적한제，방송리솔관제，방개구역금융롱단시증구전략신흥중소기업적중요로경。
Strategic emerging industries start from technological innovation, strengthened by financial support. The more perfect financial markets are, the shorter innovation cycle is. This paper carries out classic econometrics and spatial econometrics, taking for example Zhongguancun, estimating relevance between strategic emerging industries and financial tools, analyzing relevance hetween industry life cycle and subiect of distribu tion of financial resources. This paper argues that bank credit is the most effective financial support tools for the development of strategic emerging industries and the subject of distribution should give priority to markets in the initial and growth period of strategic emerging industries while the government should exit in the mature and recession period of these. Therefore, only can the government liberate the restrictions on private Banks, relax interest rate controls, remove the regional financial monopoly, the strategic emerging industries will boom.