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曹玉平,操一萍.风险投资、不良贷款与产业转型升级——基于中国省级面板数据的实证研究[J].北京理工大学学报(社会科学版),2020,22(3):76~87 本文二维码信息
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风险投资、不良贷款与产业转型升级——基于中国省级面板数据的实证研究
Venture Capital,Non-performing Loans and Industrial Upgrading—Empirical Research based on Chinese Provincial Panel Data
投稿时间:2019-04-07  
DOI:10.15918/j.jbitss1009-3370.2020.1012
中文关键词:  风险投资  不良贷款  产业转型升级  熵权法  面板数据模型
English Keywords:venture capital  non-performing loans  industrial upgrading  entropy weight method  panel data model
基金项目:国家社会科学基金青年项目(14CJL019);河南省重点研发与推广专项软科学研究项目(192400410015);全国统计科学研究项目(2018LY01);中国博士后科学基金面上项目(2018M632272);中国国家留学基金项目(201808410193);全国统计科学研究项目(2019LY61)
作者单位
曹玉平 河南大学 产业经济与农村发展研究所, 河南 开封 475000 
操一萍 湖南大学 经济与贸易学院, 湖南 长沙 410000 
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全文下载次数: 22
中文摘要:
      理论上,从风险收益匹配性的视角探讨了风险投资影响产业转型升级的内在机理,并着重对比了市场运营和政府主导的风险投资对产业升级的异质影响,同时阐释了不良贷款阻碍产业升级的影响机制。实证上,通过熵权法加权14项统计指标,构建了中国29省2005—2014年的产业转型升级指数,采用面板数据模型对提出的理论假说进行了实证分析和稳健性检验。研究发现:政府主导的风险投资模式会产生预算软约束、多级委托—代理、绩效评价困难、决策偏差等一系列问题,不利于产业转型升级;而不良贷款会导致金融资源的低效配置和阻碍创造性破坏的熊彼特动态,也不利于推动中国产业升级。最后,结合经济理论与中国现实提出了针对性的政策建议。
English Summary:
      The effect of venture capital on industrial upgrading was discussed theoretically from the risk-return matching perspective, and the different effects of private sources and government-leading venture capital on industrial upgrading were compared. In addition, the internal mechanism between non-performing loans and industrial upgrading was also explained. Subsequently, the industrial upgrading index of 29 provinces in China from 2005 to 2014 was measured by entropy weight method, then the proposed theoretical hypothesis was tested by panel data model. It was found that government-leading venture capital will generate a series of horrible problems, such as soft budget constraint, multi-level principal-agent problem, performance evaluation difficulty, decision-making mistake, which is detrimental to industrial upgrading. Besides, it was also found that non-performing loans will lead to inefficient allocation of financial resources and hinder Schumpeterian dynamics of creative destruction, so it is not conducive to China’s industrial upgrading. Finally, some policy?suggestions are proposed considering related theory and Chinese economic reality.
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