Financial Development and Patterns of Industrial Specialization: Evidence from China
Financial Development and Patterns of Industrial Specialization: Evidence from China
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金融发展与产业专业化模式：来自中国的证据
DOI：
10.1093/rof/rfw024
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发表时间：
2017-07-01
影响因子：
4.4
通讯作者：
Zhu, Chenqi
中科院分区：
文献类型：
--
作者：
He, Qing;Xue, Chang;Zhu, Chenqi
本文考察了金融发展对中国地区产业专业化格局的影响。我们发现，依赖外部融资的工业部门往往集中在金融市场发达的地区。外国直接投资（FDI）和替代融资渠道在中国产业专业化模式的形成中都发挥了重要作用。相比之下，正规金融市场的代理，如银行体系和资本市场，对区域产业集聚的影响很小。这一结果对于工具变量估计、替代模型规范和控制其他传统的区域专业化决定因素仍然是稳健的。
This article investigates the influence of financial development on patterns of industrial specialization across China's regions. We find that industrial sectors reliant on access to external finance tend to concentrate in regions with well-developed financial markets. Both foreign direct investment (FDI) and alternative financing channels are shown to play significant roles in shaping patterns of industrial specialization in China. In contrast, proxies for formal financial markets, for example, the banking system and capital markets, have few effects on regional industrial agglomeration. This result remains robust to instrumental variable estimation, alternative model specifications, and controlling for other traditional determinants of regional specialization.