经贸摩擦和新冠肺炎疫情对中国制造业造成了强烈的负向外生冲击,如何调节金融供给环境,以释放实体经济的竞争力和逆境中的科技创新,促进“中国制造”向“中国创造”转变,是应对危机的重大课题。文章通过分析外生冲击下融资模式对产业升级的作用机制发现:总体上,债权融资对制造业升级呈现抑制作用,而股权融资则发挥促进作用。与正向外生冲击相比,负向外生冲击会降低企业的融资规模,并且债权融资下滑非常显著,而股权融资下降比较缓慢。相较于正向外生冲击,负向冲击下债权融资对制造业升级具有更严重的消极影响,但股权融资具有更突出的促进作用。研究结论为当前金融体系更有针对性地保障制造业转型升级提供理论基础和经验支持,对金融供给侧改革和制造业升级具有政策启示。
外生冲击、融资模式选择与制造业升级——兼论经贸摩擦和新冠肺炎疫情下的金融供给侧改革
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引用本文
孙巍, 董文宇, 宋南. 外生冲击、融资模式选择与制造业升级——兼论经贸摩擦和新冠肺炎疫情下的金融供给侧改革[J]. 上海财经大学学报, 2020, 22(4): 3-17.
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