金融发展、金融依赖与产业集聚精选.pdf

中国工业经济学会2012 年学术年会会议征文 金融发展、金融依赖与产业集聚 ——基于中国省级制造业数据的检验 何青，薛畅 （中国人民大学财政金融学院，北京 100872） [摘要] 本文使用了1998-2010 年中国制造业28 个行业的省级面板数据 ，测算了不同产业外 部融资的依赖程度，检验了金融发展对区域产业集聚的影响。研究结果表明，在控制人力资本、物 质资本等要素后，银行体系、资本市场的发展程度以及外商直接投资（FDI ），对于产业集聚有显著 影响，而银行体系影响明显强于资本市场，国有银行的影响最大。但国内金融体系对产业集聚的影 响显著弱于外商直接投资（FDI ）。本文还寻找了模型的结构断点，发现2005 年开始的股权分置改 革使资本市场发展对产业集聚的影响有了显著提升，而同期的国有银行股份制改革未引起类似变 化。 [关键词] 金融发展 ；金融依赖；产业集聚 Financial Development, Financial Dependence and Industrial Agglomeration HE Qing, XUE Chang (School of Finance of Renmin University of China, Beijing 100872, China) Abstract: This thesis uses the data of provincial manufacturing industries of China, measures the industrial dependence on external finance and tests how financial development has affected the industrial agglomeration in areas. The emperical results show that, with the control variables, such as human capital, physical capital and so on, the development of the banking system and capital markets as well as foreign direct investment (FDI) have significantly affected industrial agglomeration. The effect of banking, especially the state-owned banking, is apparently stronger than that of capital markets. But the effect of Chinese native financial system on industrial agglomeration is remarkably weaker than that of FDI. This thesis seeks to find the structural break of our model and has found that the reform of the shareholder  [收稿日期] [作者简介] 何青 （1979—），男，贵州贵定人，中国人民大学财政金融学院副教授，博士；薛畅（1989—），男， 中国人民大学财政金融学院硕士研究生 中国工业经济学会2012 年学术年会会议征文 structure which started in 2005 significantly improved the effect of capital markets on industrial agglomeration while the state-owned banks joint-stock system reform didn’t bring about such improvement. K