战略新兴产业金融支持研究——以北京中关村为例

战略新兴产业萌发于科技创新，壮大于金融支持。金融市场越完善，创新的生命周期就越短。本文通过使用传统计量方法与空间计量方法，以中关村战略新兴产业为例，测度新兴产业不同生命周期与不同金融支持工具的对应关系，并在此基础上分析新兴产业不同生命周期与金融资源配置主体的动态对应关系，得出如下结论：对于新兴产业的发展来说，银行信贷是最有效的金融支持工具；在战略新兴产业发展的初创期和成长期，金融资源的配置主体应是市场为主，政府为辅，政府过度扶持不会产生明显作用；在战略新兴产业发展的成熟期和衰退期，金融资源的配置主体是完全市场，政府退出，所以放开对私营银行的限制，放松利率管制，放开区域金融垄断是拯救战略新兴中小企业的重要路径。

The Research on Financial Support of Strategic Emerging Industries

Strategic emerging industries start from technological innovation, strengthened by financial support. The more perfect financial markets are, the shorter innovation cycle is. This paper carries out classic econometrics and spatial econometrics, taking for example Zhongguancun, estimating relevance between strategic emerging industries and financial tools, analyzing relevance between industry life cycle and subject of distribution of financial resources. This paper argues that bank credit is the most effective financial support tools for the development of strategic emerging industries and the subject of distribution should give priority to markets in the initial and growth period of strategic emerging industries while the government should exit in the mature and recession period of these. Therefore, only can the government liberate the restrictions on private Banks, relax interest rate controls, remove the regional financial monopoly, the strategic emerging industries will boom.