融资约束、技术创新与跨越“中等收入陷阱”——基于产业结构升级视角的分析

融资约束是制约技术创新与产业结构升级,造成"中等收入陷阱"的重要因素。本文在理论讨论的基础上,利用中等收入国家行业层次面板数据,通过引入融资约束与技术创新的交互项,运用多种估计方法考察了融资约束放松通过促进技术创新而对本国产业结构优化升级产生的影响。结果表明,总体而言,融资约束的放松,能够推动技术创新活动,进而促进产业结构的优化升级,其中金融部门规模扩张与效率提高以及特定领域金融改革所带来的融资约束放松都具有显著的积极作用。从长期看,放松企业外部融资约束,对于顺利实现产业结构升级,成功跨越"中等收入陷阱"具有重要意义。

Financial Constraint,Technological Innovation and Stepping Over the Middle Income Trap --An Industrial Structure Upgrading Perspective

Financial constraint is an important factor which restricts technological innovation and the process of industrial structure upgrading, thus causes the ＂Middle Income Trap＂. Using industry-level panel data from middle-income countries and introducing the interaction term of financial constraint and technological innovation, this paper makes a thorough empirical analysis based on theoretical discussions. The resuhs show that the relaxation of financial constraint does promote technological innovation, and do have positive effects on upgrading of industrial structure. Specifically, the expansion of the scale and increase of the efficiency of financial sector, and the reform in some specific fields in financial sector all have positive effects on industrial structure. In a long run, to relax the financial constraint has an important role to realize the upgrading of industrial structure and to step over the ＂Middle Income Trap＂.