摘要
中美“科技战”导致仅依靠市场化企业家创新机制不足以支撑战略性新兴产业发展,需要政府产业政策施以援手。本文使用手工整理的2007—2021年产业政策新数据,将对产业政策的研究由产业领域拓展到金融领域。研究表明,产业政策促进金融服务实体经济从而降低了系统性金融风险;产业政策因过度依赖银行主导型金融体系,阻滞了金融市场主导型金融体系形成,使得金融结构在产业政策降低系统性金融风险的过程中产生遮掩效应;政府治理能力越强、市场化程度越高,产业政策降低系统性金融风险的效果越强。金融结构具有遮掩效应的逻辑机制,启示制定产业政策时注重促进金融结构市场化,将既能支持战略性新兴产业高质量发展而提升产业链安全,又能降低系统性金融风险而提升金融安全,一举两得优化国家安全体系。
As a result of the"high-tech war"between China and the United States,relying only on the market-oriented entrepreneur innovation mechanism is not enough to support the development of strategic emerging industries,which requires the help of government industrial policies.This paper expands the research on industrial policy from the industrial field to the financial field by using the new data of industrial policy from 2007 to 2021,which are manually collated.The research shows that:Industrial policies promotes financial services to the real economy,thereby reducing systemic financial risks.The industrial policies excessively relies on the bank leading financial system,which blocks the formation of the financial market leading financial system,making the financial structure have a concealment effect in the process of industrial policies reducing systemic financial risks.The stronger the government’s governance ability and the higher the degree of marketization,the stronger the effect of industrial policies on reducing systemic financial risks.The financial structure has the logic mechanism of concealment effect,which enlightens government that they should pay attention to promoting the marketization of financial structure when formulating industrial policies,which will not only support the rapid development of strategic emerging industries and improve the security of industrial chain,but also reduce systemic financial risks and improve financial security,so as to optimize the national security system at one stroke.
作者
吴茂光
冯涛
Wu Maoguang;Feng Tao
出处
《财经科学》
CSSCI
北大核心
2023年第2期1-14,共14页
Finance & Economics
基金
国家社会科学基金重点项目“突发公共卫生事件冲击下系统性金融风险防控研究”(21AZD075)的资助。
关键词
产业政策
金融结构
系统性金融风险
国家安全体系
Industrial Policy
Financial Structure
Systematic Financial Risk
National Security System
