金融发展与制造业绩效:基于78个国家的实证分析

doi:10.16088/j.issn.1001-6597.2020.02.009

摘要/Abstract

摘要： 本文首先分析金融发展影响行业绩效的机理,之后采用78个国家128个行业1990-2010年间的跨国跨行业面板数据,探讨了金融发展水平及其波动对于行业绩效的影响。实证部分采用混合截面稳健标准误回归方法,构建表征金融发展及其波动的指标,按照行业流动性需求的异质性分类,探究金融发展对行业绩效的影响。研究结果表明,国家金融发展水平特别是金融发展效率的提高能够显著地提升行业绩效,并且对于流动性需求更大、更依赖外部融资的行业来说,金融发展对行业绩效的促进作用更加显著。此外,研究结果还表明,国家金融发展波动会显著地降低行业绩效,并且对于流动性需求更大、更依赖外部融资的行业来说,金融发展波动对行业绩效的负面影响更加显著。

关键词: 金融发展, 行业绩效, 流动性需求

Abstract: With an analysis of the mechanism of financial development affecting industry performance, added by the cross-border panel data of 128 industries in 78 countries (1990-2010), this paper explores the impact of financial development and its volatility on industry performance. In the empirical part, robust standard error for mixed cross-section is adopted to construct indicators that characterize financial development and its volatility, and the impact of financial development on industry performance is explored according to the heterogeneity of liquidity demand. The results show that a high efficiency of national financial development noticeably enhances the industry performance, in particular to those with greater liquidity demand and more dependence on external financing, and vise versa.

Key words: financial development, industry performance, liquidity demand

中图分类号:

F830

武力超, 黄奕婷, 丛姗, 陈丽玲. 金融发展与制造业绩效:基于78个国家的实证分析[J]. 广西师范大学学报（哲学社会科学版）, 2020, 56(2): 94-114.

WU Li-chao, HUANG Yi-ting, CONG Shan, CHEN Li-ling. Financial Development and Manufacturing Performance: An Empirical Analysis Based on 78 Countries[J]. Journal of Guangxi Teachers Education University (Philosophy and Social Sciences Edition), 2020, 56(2): 94-114.

参考文献

[1] Ahmed A D . Integration of financial markets, financial development and growth: Is Africa different?[J]. Journal of International Financial Markets Institutions & Money, 2016, 42:43-59.
[2] Beck T . Financial development and international trade : is there a link?[J]. Policy Research Working Paper Series, 2001, 57(1):107-131.
[3] Beck T, Demirgüç-Kunt A, Levine R. Law, endowments, and finance[J]. Journal of Financial Economics, 2003, 70(2):137-181.
[4] Bencivenga V R , Smith B D , Starr R M . Transactions Costs, Technological Choice, and Endogenous Growth[J]. Journal of Economic Theory, 1995, 67(1):153-177.
[5] Cecchetti S , Kharroubi E . Reassessing the impact of finance on growth[J]. BIS Working Papers, 2012(381):9-19.
[6] Chernev A. When More Is Less and Less Is More: The Role of Ideal Point Availability and Assortment in Consumer Choice | Journal of Consumer Research | Oxford Academic[J]. Journal of Consumer Research, 2003, 30(2):170-183.
[7] Claessens S , Laeven L . Financial Development, Property Rights, and Growth[J]. The Journal of Finance,2002, 58(6):2401-2436.
[8] Demirgüç-Kunt A, Maksimovic V. Law, finance, and firm growth[J]. The Journal of Finance, 1998, 53(6): 2107-2137.
[9] Demirguc-Kunt A , Maksimovic V . Funding growth in bank-based and market-based financial systems: evidence from firm-level data[J]. Journal of Financial Economics, 2002, 65:337-363.
[10] Ductor L , Grechyna D . Financial development, real sector, and economic growth[J]. International Review of Economics & Finance, 2015, 37:393-405.
[11] Edwards S . Openness, Trade Liberalization, and Growth in Developing Countries[J]. Journal of Economic Literature, 1993, 31(3):1358-1393.
[12] Goldsmith R W. Financial Structure and Development as a Subject for International Comparative Study[J]. Journal of Infection & Chemotherapy Official Journal of the Japan Society of Chemotherapy, 1959, 20(2):143-5.
[13] Greenwood J, Sanchez J M, Wang C. Quantifying the impact of financial development on economic development[J]. Review of Economic Dynamics, 2013, 16(1): 194-215.
[14] Grier K B, Tullock G. An empirical analysis of cross-national economic growth, 1951–1980[J]. Journal of monetary economics, 1989, 24(2): 259-276.
[15] Huang H C , Fang W S , Miller S M . Does financial development volatility affect industrial growth volatility?[J]. International Review of Economics & Finance, 2014, 29(1):307-320.
[16] King R G, Levine R. Finance and growth: Schumpeter might be right[J]. The quarterly journal of economics, 1993, 108(3): 717-737.
[17] Levine R. Finance and growth: theory and evidence[J]. Handbook of economic growth, 2005, 1: 865-934.
[18] Levine R, Zervos S. Banks, stock markets, and economic growth[J]. American Economic Review, 1998, 88(3): 537-558.
[19] Lin P . Banking Industry Volatility and Growth[J]. Journal of Macroeconomics, 2012, 34(4):1007-1019.
[20] Loayza N, Ranciere R. Financial development, financial fragility, and growth[M]. The World Bank, 2004.
[21] Ono S. Financial development and economic growth nexus in Russia[J]. Russian Journal of Economics, 2017, 3(3): 321-332.
[22] Raddatz C. Liquidity needs and vulnerability to financial underdevelopment[M]. The World Bank, 2003.
[23] Rajan R G, Zingales L. Financial dependence and growth[R]. National bureau of economic research, 1996.
[24] Ram R. Government size and economic growth: A new framework and some evidence from cross-section and time-series data[J]. The American Economic Review, 1986, 76(1): 191-203.
[25] Richards V D, Laughlin E J. A cash conversion cycle approach to liquidity analysis[J]. Financial management, 1980: 32-38.
[26] Rioja F, Valev N. Finance and the sources of growth at various stages of economic development[J]. Economic Inquiry, 2004, 42(1): 127-140.
[27] Rodriguez F, Rodrik D. Trade policy and economic growth: a skeptic’s guide to the cross-national evidence[J]. NBER macroeconomics annual, 2000, 15: 261-325.
[28] Seven Ü, Yetkiner H. Financial intermediation and economic growth: Does income matter?[J]. Economic Systems, 2016, 40(1): 39-58.
[29] Tobin J. On the Efficiency of the Financial System [J].Lloyds Bank Review, 1982,153.
[30] Wurgler J. Financial markets and the allocation of capital[J]. Journal of financial economics, 2000, 58(1-2): 187-214.
[31] 曹啸,吴军.我国金融发展与经济增长关系的格兰杰检验和特征分析[J].财贸经济,2002(5):40-43.
[32] 韩廷春.金融发展与经济增长的内生机制[J].产业经济评论,2002,1(1):163-173.
[33] 黄新飞,舒元.贸易开放度、产业专业化与中国经济增长研究[J].国际贸易问题,2007(12):11-17.
[34] 李广众,陈平.金融中介发展与经济增长:多变量VAR系统研究[J].管理世界,2002(3):52-59.
[35] 李广众,王美今.金融中介发展与经济增长:中国案例研究与国际比较[J].统计研究,2003(1):29-34.
[36] 李广众.银行、股票市场与长期经济增长:中国的经验研究与国际比较[J].世界经济,2002(9):57-62.
[37] 李月. 中国金融发展与经济增长的关系研究——基于省域面板数据的分析[D].长春:吉林大学管理学院,2014.
[38] 李钊,李国平,王舒健.金融发展与经济增长:基于两部门模型的中国实证研究[J].南方经济,2006(4):32-40.
[39] 刘行,叶康涛.金融发展、产权与企业税负[J].管理世界,2014(3):41-52.
[40] 马轶群,史安娜.金融发展对中国经济增长质量的影响研究——基于VAR模型的实证分析[J].国际金融研究,2012(11):30-39.
[41] 沙文兵.金融发展、FDI技术溢出与中国经济增长——基于省际面板数据的实证分析[J].会计与经济研究,2012,26(2):70-75
[42] 邵宜航,刘仕保,张朝阳.创新差异下的金融发展模式与经济增长:理论与实证[J].管理世界,2015(11):29-39.
[43] 孙伍琴,王培.中国金融发展促进技术创新研究[J].管理世界,2013(6):172-173.
[44] 谈儒勇.中国金融发展和经济增长关系的实证研究[J].经济研究,1999(10):53-61.
[45] 王志强,孙刚.中国金融发展规模、结构、效率与经济增长关系的经验分析[J].管理世界,2003(7):13-20.
[46] 伍海华,张旭.经济增长·产业结构·金融发展[J].经济理论与经济管理,2001(5):11-16.
[47] 武志.金融发展与经济增长:来自中国的经验分析[J].金融研究,2010(5):58-68.
[48] 易信,刘凤良.金融发展、技术创新与产业结构转型——多部门内生增长理论分析框架[J].管理世界,2015(10):24-39+90.

Metrics

Viewed

Full text

Abstract

Cited

Shared

Discussed