|
|
|
| Can Venture Capital Drive the Optimization of Economic Structure?A PVAR Model Analysis on the Driving Degree of Industrial Fund to Economic Growth and Industrial Upgrading |
| Dong Fan,Zhu Lin |
| (School of Government,Beijing Normal University, Beijing 100875,China) |
|
|
|
|
Abstract Many local governments in China choose industrial investment funds as a tool to boost economic structure optimization, but in practice, the investment effect of local industrial funds is quite different from the expected goal, so it is necessary to study and verify the economic optimization effect of industrial funds. Theoretical research based on Neumann theorem shows that when exogenous shocks such as innovation and technological progress occur, economic development will enter an unbalanced stage. After the optimization and adjustment of industrial structure at this stage, the economy will have balanced and rapid growth. Therefore, it is necessary to accelerate the structural transformation of the unbalanced stage of economy through financial instruments such as industrial funds. Hence this paper puts forward the research hypothesis that industrial foundation drives economic structure optimization and upgrading (H1). On the other hand, Neumann theorem also shows that industrial value premium will be formed in the process of economic structure optimization, so it will also form an effective attraction to VC / PE. Based on this, another research hypothesis is proposed: industrial fund is not the driving mechanism of economic structure optimization, but economic optimization will attract the investment of industrial fund.#br#In order to study the interactive mechanism between industrial fund and economic structure optimization, this paper selects industrial structure upgrading and economic growth as the proxy variable of economic structure optimization, and constructs a panel vectorauto-regressive model with financial investment variables such as venture capital and total social financing for empirical test and analysis. In the results of the benchmark test, it can be found that the optimization of economic structure will form an attractive effect on venture capital and financial investment, but the impact of venture capital on economic optimization is heterogeneous. The benchmark test shows that financial investment can not only drive economic growth, but also promote the upgrading of industrial structure. Although the effect of venture capital on economic growth is not significant, it can significantly drive industrial upgrading. According to this research conclusion, in practice, some local governments have exhausted various ways to attract and solicit equity investment funds in order to drive industrial upgrading, and even set up a large number of industrial investment funds in some areas. However, in the provinces with relatively backward industrial structure, the industrial structure has not been improved as expected in a certain period. Therefore,some researchers argue that industrial investment funds will not drive industrial upgrading.#br#The problem in the benchmark model is that although it shows that venture capital can drive industrial upgrading, it does not confirm whether the investment scale of industrial funds drives industrial upgrading by increasing the total financial investment, or the industrial structure upgrading caused by the investment scale of industrial funds itself. In order to further refine the research mechanism, this paper selects the entropy of venture capital in financial investment as the research variable to eliminate the interference of other financial instruments on the action mechanism of industrial funds. It is proved by the empirical test that the sample data can not confirm the significance of industrial investment funds to drive industrial upgrading and economic growth, but the upgrading of industrial structure has a significant attraction to the investment of industrial funds. Granger causality test and impulse response function analysis are used to confirm the research conclusion that industrial funds are not the driving factor of economic structure optimization, but only the result. Meanwhile, industrial funds do not directly drive economic growth and industrial structure upgrading, but indirectly affect economic structure optimization by increasing the total amount of financial investment. Therefore on the one hand driving economic optimization can increase the total amount of financial investment rather than just increasing the proportion of industrial funds; on the other hand, industrial upgrading and economic growth will form a significant attraction to industrial investment funds. When the economy is optimized, the proportion of industrial funds in the region will automatically increase significantly.#br#According to the research, the establishment of a large number of industrial investment funds has no significant effect on optimizing the economic structure, but it will lead to factor duplication and resource waste. Therefore we should focus on vigorously promoting the development of diversified financial industry, enhancing enterprise financing ability and developing various forms of financial instruments.#br#
|
|
Received: 19 November 2021
|
|
|
|
|
|
| [1] 徐忠. 新时代背景下中国金融体系与国家治理体系现代化[J]. 经济研究, 2018,53 (7):4-20.[2] MCKINNON R. Money and capital in economic development[M]. Washington: the Brookings Institute, 1973.[3] PASINETTI L. Structural change and economic growth:a theoretical essay on the dynamics of the wealth of nations[M]. CUP Archive, 1983.[4] KING R, LEVINE R. Finance, entrepreneurship and growth: theory and evidence[J]. Journal of Monetary Economics, 1993, 32(3): 513-542.[5] PENEDER M. The impact of venture capital on innovation behaviour and firm growth[J]. Venture Capital, 2010, 12(2):83-107.[6] HIRSCH-KREINSEN. Financial market capitalism and technological innovation[J]. Festschrift Fur Sociologies, 2011, 40(5):356-370.[7] HSU P H, TIAN X, XU Y. Financial development and innovation: cross-country evidence[J]. Journal of Financial Economics, 2014, 112(1):116-135.[8] 钱水土, 周永涛. 金融发展、技术进步与产业升级[J]. 统计研究, 2011, 28(1): 68-74.[9] LEVINE, ZERVOS. Stock markets, banks and economic growth[J]. The American Economic Review, 1998, 88(3):537-558.[10] 郑联盛. 我国产业投资基金的特征、问题与对策[J]. 经济纵横, 2020,36(1):84-95.[11] 王雷, 党兴华. R&D经费支出、风险投资与高新技术产业发展——基于典型相关分析的中国数据实证研究[J]. 研究与发展管理, 2008, 20(4):13-19.[12] 周霞, 王雯童. 创新驱动高技术产业升级——基于省际面板数据研究[J]. 科技管理研究, 2020, 40(10):10-18.[13] 杨玲.产业投资基金与优化产业结构关联性分析[D].天津：天津财经大学, 2008.[14] 陈菲琼, 孟巧爽, 李飞. 产业投资基金对产业结构调整的影响路径研究[J]. 科学学研究, 2017, 33(4):522-529.[15] 董建卫, 王晗, 郭立宏. 政府引导基金本地投资对企业创新的影响[J]. 科技进步与对策, 2018,35(3):116-122.[16] 吴梓境, 张波. 产业基金对产业升级的启动与加速机制研究——基于省级面板数据PVAR模型的异质性分析[J]. 软科学, 2019, 33(9): 1-6.[17] 邓晓兰, 孙长鹏. 企业创新、产业升级与政府引导基金的作用机制[J]. 山西财经大学学报, 2020, 41(5): 54-67.[18] 杨耀武, 张平. 中国经济高质量发展的逻辑、测度与治理[J]. 经济研究, 2021, 56(1): 26-42.[19] 吴华英, 刘霞辉, 苏志庆. 产业结构变迁对经济增长质量的影响研究[J]. 经济学家, 2021,33(7): 73-82.[20] 郭研, 张皓辰. 政府创新补贴、市场溢出效应与地区产业增长——基于科技型中小企业技术创新基金的实证研究[J]. 产业经济研究, 2020,19(4):1-15.[21] 干春晖, 郑若谷, 余典范. 中国产业结构变迁对经济增长和波动的影响[J]. 经济研究, 2011, 46(5): 4-16,31.[22] 刘晖, 刘轶芳, 乔晗,等. 我国战略性新兴产业创新驱动发展路径研究 [J]. 管理评论, 2021, 26(12):20-28.[23] 袁志刚. 增长动能转换中金融与实体经济的关系[J]. 社会科学战线, 2017,40 (12):30-38. |
|
|
|
