中国战略性新兴产业发展与金融支持动态关联研究.docVIP

中国战略性新兴产业发展与金融支持的动态关联研究 　　摘要：金融是现代经济的核心，战略性新兴产业发展离不开金融支持。本文首先分析中国金融机构支持战略性新兴产业发展的现状，然后以近三年七大战略新兴产业400多家上市公司季度数据为基础，通过面板数据协整分析和格兰杰因果检验探讨两者之间的动态关联。结果显示：金融支持对战略性新兴产业发展具有正效应，金融机构的支持力度提高1%，战略性新兴产业发展水平将提高0.76%。短期内两者呈现单向因果关系，金融支持是战略性新兴产业发展的原因，在长期两者互为因果关系。根据实证结果，文章提出了逐步构建全方位、多层次、宽领域的金融支持体系；通过金融产品创新推动战略性新兴产业发展等政策建议。 　　关键词：战略性新兴产业 金融支持 产业发展 面板格兰杰因果检验 　　Dynamic Correlation of Chinese Strategic Emerging Industries and Financial Support - Based on the Shanghai and Shenzhen A-Share Listed Companies’ Empirical Data 　　ZHANG Hongyan1 WANG Lei2 　　（1.School of Finance， Shanxi University of Finance and Economics， Taiyuan 030006，Chian；2.School of Economics Wuhan University of Technology， Wuhan 430070，China） 　　Abstract： Finance is the core of modern economy， and it supports the development of strategic emerging industries. This paper analyzes the present situation of Chinas financial institutions to support the development of strategic emerging industries， and then bases on the quarterly data of 422 listed companies in seven strategic emerging industries during 2011-2014 to explore the dynamic correlation of strategic emerging industries and financial support by using integration analysis and Granger causality test. The empirical results show that financial support has a positive effect on the development of strategic emerging industries. Support to financial institutions increase by 1%， the level of strategic emerging industries will increase 0.76 percent. There is a unidirectional causality in the short term that financial support is the reason of development in strategic emerging industries. In the long run， there is a double-side causality relationship. According to the empirical results， the article proposes to gradually build a comprehensive， multi-level and wide-ranging financial support system， to promote the development of strategic emerging industries through financial product innovation. 　　Keywords： Strategic emerging industries， financial support， industrial developme