摘要
产融合作试点对于深化金融体制改革,加强金融服务实体,提升产业链供应链水平和建成现代化产业体系具有重要作用。基于国家产融合作试点城市的准自然实验,以2013—2019年中国A股上市公司为研究对象,采用双重差分方法分析了产融合作对产业链关联的影响及其作用机制。研究发现,产融合作试点能够增强产业链前向关联和产业链后向关联,该结论在经过考虑内生性问题和安慰剂检验等一系列稳健性检验之后仍然成立。异质性分析发现,在国有企业、制造业行业、地级市和受资金限制程度较高的企业,产融合作对产业链关联程度的提升作用更加明显。机制分析表明,产融合作通过缓解融资约束、提高信贷配置效率和降低外部交易成本三个方面作用,进而提升产业链关联程度。研究结论不仅为深化产融合作试点政策提供了实证依据,也为提高产业链韧性和安全性提供了政策建议。
The pilot program for industry-finance cooperation plays an important role in deepening financial system reforms,strengthening financial service entities,improving industrial and supply chains,and building a modern industrial system.This article is based on a quasi-natural experiment in pilot cities for national industry-finance cooperation,with Chinese A-share listed companies from 2013 to 2019 as the research object.The double-difference method is used to analyze the impact of industry-finance cooperation on industrial chain linkage and the mechanism for this effect.The study found that the pilot program for industry-finance cooperation can enhance forward and backward linkages in the industrial chain.This conclusion still holds true after considering endogeneity issues and conducting a series of robustness tests,such as placebo testing.The heterogeneity analysis found that in state-owned enterprises,manufacturing industries,prefecture-level cities,and enterprises with higher capital constraints,industry-finance cooperation has a more significant role in improving the degree of industrial chain linkage.The mechanism analysis shows that this cooperation can enhance the degree of industry chain linkage by alleviating financing constraints,improving the efficiency of credit allocation,and reducing external transaction costs.Furthermore,industry-finance cooperation and industrial chain linkage have directly or indirectly improved the level of marketization and total factor productivity of enterprises.The research conclusions provide empirical evidence for deepening the pilot policies for industry-finance cooperation and are the basis for policy recommendations for improving the resilience and security of the industrial chain.
作者
陶长琪
汤琛
徐晔
TAO Changqi;TANG Chen;XU Ye(School of Statistics and Data Science,Jiangxi University of Finance and Economics,Nanchang 330013,China;School of International Business,Zhejiang International Studies University,Hangzhou 310023,China)
出处
《南京财经大学学报》
2025年第4期65-75,共11页
Journal of Nanjing University of Finance and Economics
基金
国家自然科学基金面上项目“制造业高质量发展视阈下创新要素的再配置机理及优化策略研究”(71973055)
国家自然科学基金地区项目“数字赋能视阈下创新要素配置促进制造业高质量发展的机制研究”(72163008)
国家自然科学基金面上项目“数字经济对产业低碳发展影响机制研究:基于要素融合视角”(72473058)
教育部人文社科青年项目“新发展阶段下要素再配置促进制造业转型升级的机制与路径研究”(22YJC790188)。
关键词
产融合作
产业链关联
融资约束
信贷配置效率
外部交易成本
industry-finance cooperation
industrial chain linkage
financing constraints,credit allocation efficiency
external transaction costs
