CAJ | 학술논문

基于威廉姆森的交易成本经济学和钱德勒的企业理论，针对湖南战略性新兴产业的投融资模式选择，以资产专用性程度、研究开发密集度和有形资本密集度构成的三维立体空间分析范式，为解释湖南战略性新兴产业的投融资模式选择提供了崭新的思路。充分考虑了产业的动态成长问题，并进一步对模型进行扩展。研究的政策含义是：应结合不同产业的特点，把握各类产业的动态成长过程，才能有效地、有针对性地创新湖南战略性新兴产业的投融资模式。同时，选择匹配战略性新兴产业的最优成长方式，建立多渠道、多层次的投融资模式，有效破解湖南战略性新兴产业的投融资难题。
기우위렴모삼적교역성본경제학화전덕륵적기업이론，침대호남전략성신흥산업적투융자모식선택，이자산전용성정도、연구개발밀집도화유형자본밀집도구성적삼유입체공간분석범식，위해석호남전략성신흥산업적투융자모식선택제공료참신적사로。충분고필료산업적동태성장문제，병진일보대모형진행확전。연구적정책함의시：응결합불동산업적특점，파악각류산업적동태성장과정，재능유효지、유침대성지창신호남전략성신흥산업적투융자모식。동시，선택필배전략성신흥산업적최우성장방식，건립다거도、다층차적투융자모식，유효파해호남전략성신흥산업적투융자난제。
Based on Williamson’s transaction cost economics and Chandler’s theory of enterprise, this paper builds an investment and financing mode analysis selection of three-dimension-space construction for strategic emerging industry, hence providing a new way to explain the investment and financing mode selection of Hunan strategic emerging industry. At the same time, by fully considering the dynamic growth of the industry, this paper further extends this mode. The policy implication of this paper lies in that the investment and financing mode of strategic emerging industry in Hunan can be innovated effectively and pertinently only when the characteristics of different industries are combined and the dynamic growth processes of all kinds of industries are grasped. At the same time, in order to solve effectively the strategic emerging industries’ financing problem in Hunan, it is useful to choose the optimal matching growth way suiting strategic emerging industry, and establish a multi-channel, multi-level investment and financing mode.