科技金融对制造业结构优化的双重效应研究——基于省级制造业面板数据的GMM估计

科技金融为我国产业升级带来新的发展机遇，制造业作为经济发展的核心，其结构优化升级是否受科技金融的影响值得探索。采用2010—2016年我国省级制造业细分行业数据，从合理化、高级化角度考察科技金融对制造业结构的直接效应和间接效应。结果发现，科技金融对制造业结构合理化和高级化具有直接促进作用，同时其直接影响具有地区异质性。从合理化角度，科技金融对沿海地区制造业结构合理化的影响程度低于内陆地区；从高级化角度，科技金融能够显著促进沿海地区制造业结构高级化，对内陆地区的影响则不显著。另外，通过分析科技金融对制造业结构优化的间接影响发现，技术创新和要素市场发育在科技金融对制造业结构优化的影响过程中发挥积极中介作用。

The Dual Effects of Science and Technology Finance on the Structural Optimization of Manufacturing Industry

Science and technology finance brings new development opportunities for China's industrial upgrading. As the core of economic development, whether the structure optimization and upgrading of manufacturing industry is affected by science and technology finance is worth exploring. In this paper, the direct and indirect effects of science and Technology Finance on manufacturing industry structure are studied from the perspective of rationalization and upgrading by using the data of manufacturing industry subdivision at provincial level in China from 2010 to 2016. The study finds that science and technology finance has a direct role in promoting the rationalization and upgrading of manufacturing industry structure, and its direct impact has regional heterogeneity. From the rationalization point of view, the impact of science and Technology Finance on the rationalization of manufacturing structure in coastal areas is lower than that in inland areas; from the advanced point of view, science and technology finance can significantly promote the upgrading of manufacturing structure in coastal areas, while the impact on inland areas is not significant. In addition, through the indirect impact of science and Technology Finance on the optimization of manufacturing industry structure, technological innovation and factor market development play an active intermediary role in the process of the impact of science and Technology Finance on the optimization of manufacturing industry structure.