摘要
在全球产业升级的背景下,高科技部门增长依赖于股票市场还是信贷市场融资,成为关注的焦点。文章通过1980-2018年38个国家的样本,通过使用行业级增长率数据构建跨国别面板数据进行实证研究,检验了股票市场与信贷市场对高科技部门增长融资促进差异,并分析了其作用路径。研究发现,高科技部门的增长主要依赖于股票市场,信贷市场发展对高科技部门增长的作用不显著。股票市场的发展与高科技部门研发之间形成了正向互动关系,其对高科技部门增长的作用路径主要有两条,一是股票市场强化R&D依赖对科技部门增长的促进作用,二是股票市场通过促进行业全要素生产率提升与行业公司数量增长,进而促进高科技部门增长。股票市场在为高科技部门提供资金方面存在独特优势,这为中国配置金融市场结构促进高科技部门发展提供了新的学术线索。
The difference in the effect of credit and equity markets on promoting growth in the high-tech sector has been the subject of considerable debate in previous scholarship.The article tests this unresolved issue again by using industry-level growth rate data and difference-in-differences methodology for a sample of 38 countries from 1980-2018.It finds that the growth of the high-tech sector is largely dependent on the stock market and that the role of credit market development on the growth of the high-tech sector is insignificant.A positive interaction is formed between stock market development and R&D in the high-tech sector,and the two main paths of its effect on high-tech sector growth are the stock market’s reinforcement of R&D dependence on the growth of the high-tech sector,and the stock market’s contribution to high-tech sector growth by promoting industry total factor productivity improvement and growth in the number of industry firms.The unique advantage of the stock market in providing funds for the high-tech sector provides new academic clues for China to configure the financial market structure to promote the high-tech sector.
作者
马晨阳
周伊
夏维力
MA Chen-yang;ZHOU Yi;XIA Wei-li
出处
《科学决策》
CSSCI
2023年第7期68-81,共14页
Scientific Decision Making
