CAJ | 학술논문

21世纪中国产业发展的结构性矛盾凸显,产业投资基金作为一类新型投融资工具,被寄予了推进产业结构调整的厚望。现有文献对产业投资基金促进产业结构调整的机制分析相对匮乏,且视角多停留在定性层面,鲜有相应的实证研究。产业投资基金促进产业结构调整的影响机理与路径,需通过将微观效应和宏观效应纳入整体的研究框架进行探讨。多群组结构方程模型实证检验结果显示：首先,中国产业投资基金的发展对产业结构调整已发挥促进作用;其次,产业投资基金通过微观效应促进产业结构调整的传导路径被证实,产业投资基金在微观层面对价值创造和研发投入有正影响,进而推动产业结构调整;最后,产业投资基金宏观效应的传导路径不显著,产业投资基金虽然在宏观层面上对就业增长有正影响,但通过宏观效应对产业结构调整的推动作用仍未完全释放。
21세기중국산업발전적결구성모순철현,산업투자기금작위일류신형투융자공구,피기여료추진산업결구조정적후망。현유문헌대산업투자기금촉진산업결구조정적궤제분석상대궤핍,차시각다정류재정성층면,선유상응적실증연구。산업투자기금촉진산업결구조정적영향궤리여로경,수통과장미관효응화굉관효응납입정체적연구광가진행탐토。다군조결구방정모형실증검험결과현시：수선,중국산업투자기금적발전대산업결구조정이발휘촉진작용;기차,산업투자기금통과미관효응촉진산업결구조정적전도로경피증실,산업투자기금재미관층면대개치창조화연발투입유정영향,진이추동산업결구조정;최후,산업투자기금굉관효응적전도로경불현저,산업투자기금수연재굉관층면상대취업증장유정영향,단통과굉관효응대산업결구조정적추동작용잉미완전석방。
Since the 21st century, deep-rooted structural imbalance and periodical problems have emerged in Chinese industrial development. Industrial structure adjustment becomes an era proposition, the key points of which are to accelerate the development of strategic emerging industries and to upgrade traditional industries. In this context, industrial investment fund has been growing and expanding steadily. Based on the literature review, studies could be extended as follows： firstly, studies have confirmed that extended industrial investment fund could accelerate industrial structure adjustment, but the conduction mechanism and the intrinsic link between them are not clear. Secondly, there is a lack of data mining and empirical test to support the fact that Chineseindustrial investment fund could promote the upgrading and the rationalization of industrial structure. This paper discusses whether and how industrial investment fund facilitates industry structure restructuring. The research shows innovations in theoretical framework and empirical approach. As to the former, the micro-effect and the macro-effect of industrial investment fund are integrated into one unified research framework, which fills the gaps in this field. This research shows that industrial investment fund could promote industrial structure adjustment in the following paths. At the micro level, it can be achieved through value creation and R;D input of enterprises. At the macro level, it can be done by way of capital accumulation and employment growth. Meanwhile, the micro level effect will be passed on to that of macro level. As to the latter, Structural Equation Modeling （SEM） is applied in the research. This paper uses inter-provincial data in China from 2010 to 2012 and simultaneous analysis of several groups in SEM to test the influence of industrial investment fund on industrial structure adjustment. The empirical results show that industrial investment fund has promoted industrial structure adjustment in China. The micro path from industrial investment fund to industrial structure adjustment is confirmed. The increase of industrial investment fund has a significantly positive influence on the micro-effect of value creation and R＆D input, and finally boosts the upgrading and rationalization of industrial structure. However, the macro path of industrial investment fund is unremarkable. Industrial investment fund has a strong positive influence on the macro-effect of employment growth, while the coefficient of macro-effect and industrial structure adjustment is not obvious, which means that macro-effect of industrial investment fund is not fully effective. The research suggests that, to further strengthen the positive effect of industrial investment fund on industrial structure adjustment, policies should be focused on guiding rational development of industrial investment fund, constituting multi-level withdrawal channels and balancing the expansion of industrial investment fund across China.