技术范式转换、新兴产业演化与金融资本角色转变：国际经验与我国政策选择

经济长波中每一次的技术革命都会带来范式的转换，新兴产业也将随之出现，进入动态的演化过程。新旧范式转换中出现的经济短期失衡将导致金融泡沫出现，金融资本的角色将由前期的资金服务者转向生产的主导者，并在经历金融危机和经济调整后，又回归到其服务者的身份。促进金融资本与战略性新兴产业的协调发展，不仅要构建动态金融支持体系、强化政策对金融资本的引导作用，还要在经济失衡期重拾发展信心且避免过度的刺激政策，努力促进主导设计的成熟与市场需求的培育。

Technological Paradigms Shift,Emerging Industry Evolution,and the Changing Role of Financial Capital:International Experience and the Policy Choice in China

In the economic long wave,every technological revolution will bring a paradigm shift. The e-merging industries will subsequently appear and evolve. The economy will be short-term imbalances in the paradigm shift,which will causes that the role of financial capital shift from financial service providers to pro-duction leader and return to service the strategic emerging industries after experiencing financial crisis and eco-nomic adjustment. To promote the coordinated development of financial capital and strategic emerging indus-tries,we not only need to build a dynamic financial support system and enhance the control and guide on fi-nancial capital,but also to regain confidence in the imbalance period and avoid excessive stimulus packages. In addition,to promote the maturity of dominant design and cultivate the market demand are also necessary.