影响金融发展效应的行业特征

利用我国31个省(自治区、直辖市)18个行业的2003年度有关数据,通过建立适当的回归方程,来检验行业的负债情况是否会对金融发展效应产生影响。结果显示,对于低负债的行业,金融发展有正面效应;而对于高负债的行业,金融发展有负面效应。说明只有低负债的行业才能从金融发展中获益,从而降低负债比例是必要的。

Industrial Character Alters the Effect of Financial Development

This paper examines whether the effect of financial development depends on industrial character.Using the data of 2003 from 18 industries of 31 provinces in China,we examine whether the debt level of industry alters the effect of financial development by introducing appropriate regression model.Concretely,we examine whether the effect of financial development on the ratio of earning enterprises in an industry and on the labor productivity(denoted by value added per capita) depends on the debt-asset ratio of an industry,respectively.The results show that financial development has positive effect on the industry with low debt,but has negative effect on the industry with high debt.This implies that in present China,only the industry with low debt can benefit from financial development.Therefore,it is necessary for industry to decrease the ratio of debt.