江苏省战略性新兴产业发展的金融支持研究*

Research on the financial support to the development ofstrategic emerging industry in Jiangsu Province

摘要:

战略性新兴产业的培育与发展离不开金融业的支持。但由于战略性新兴产业的自身特性及其金融需求与传统融资模式之间存在着一定的不匹配性,导致当下金融业在支持战略性 新兴产业发展上仍存在一些问题。本文在分析江苏省战略性新兴产业金融支持现状基础上,以22家江苏省战略性新兴产业上市公司为例建立面板数据模型,通过实证分析发现：留存收益融资和商业信用融资对江苏省战略性新兴产业发展起正向支持作用,而银行信用融资和股权融资对江苏省战略性新兴产业发展起负向支持作用,债券融资对江苏省战略性新兴产业发展的作用则不显著。总之金融对江苏省战略性新兴产业的支持作用尚未得到充分发挥,金融支持效率偏低。由此从政策性金融、银行信贷、资本市场以及风险投资等四个维度系统提出金融支持江苏省战略性新兴产业发展路径的政策建议。

Abstract:

Finance is essential to the cultivation and development of strategic emerging industries. However, since its own characteristics, there exists some mismatch between the financial needs of the strategic emerging industries and the traditional financing model, leading to there are some problems in financing for the strategic emerging industries. On the basis of analyzing the status of strategic emerging industries in financing in Jiangsu Province, this paper established a panel data model, taking 22 listed companies of strategic emerging industries in Jiangsu Province as an example, drawing the following conclusions through empirical analysis, retained earnings financing and commercial credit financing play an positive role in supporting strategic emerging industries of Jiangsu Province, on the contrary, bank credit financing and equity financing play a negative role, while bond financing have no apparent effect to strategic emerging industries of Jiangsu Province. Overall, finance doesn’t play its role well in supporting the development of strategic emerging industries in Jiangsu Province, being with low efficiency. So this paper, from the four dimensions of government supporting, bank credit, capital markets and venture capitals, proposed suggestions for the route of financial support to the development of strategic emerging industries in Jiangsu Province.