交通基础设施、金融约束与县域产业发展——基于“国道主干线系统”自然实验的证据

Transportation Infrastructure, Financial Constraint and County Industry Development : Evidence from China's National Trunk Highway System

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

View graph of relations

Author(s)

Detail(s)

Original languageChinese (Simplified)
Pages (from-to)78-88, 203
Journal / Publication管理世界
Issue number7
Publication statusPublished - Jul 2019

Abstract

在产业升级和发展过程中,交通基础设施和金融发展都发挥了重要作用。本文利用1999~2007年中国县—行业层面的面板数据,借鉴Faber(2014)"国道主干线系统"的自然实验,检验了交通基础设施对我国制造业产业发展的影响,并探究了金融约束不同而导致的产业发展异质性。研究发现:(1)交通基础设施的提升带来了县域产业增加值、总产值、工业销售产值、从业人数和投资的增长。(2)金融约束显著地影响了各行业从交通基础设施提升中获得的市场机遇:金融约束越弱的行业,从整合的市场中获益越大。上述发现在增加控制变量、更换度量指标和处理内生性问题后,都是稳健的。我们进一步发现,交通基础设施提升有助于促进企业创新,且对金融约束较弱企业的创新促进作用更强。
Transportation infrastructure and financial development have played an important role in the process of industry upgrading and development. Based on the panel data of China's county-industry level from 1999 to 2007, this paper draws on the natural experiments of China's National Trunk Highway System exploited by Faber (2014) to investigate the impact of the transport infrastructure on the development of manufacturing industry, and analyzes its heterogeneity due to the different financial constraints within the same region. This study finds that: (1) the development of transportation infrastructure has increased the value added, total output, sales, employment and investment of county-level industry;(2) Financial constraint significantly affects the enterprises' accessibility of market opportunities brought by transportation infrastructure's development, the weaker the industry's financial constraint is, the more it gains from the integrated market. These findings above are proofed to be robust after adding covariates, replacing the measures of variables and dealing with the endogeneity problems. We further find that transportation infrastructure's development has promoted firms' innovation and this stimulation effect is stronger for those with weaker financial constraints.

Research Area(s)

  • 交通基础设施, 金融约束, 产业发展

Bibliographic Note

Research Unit(s) information for this publication is provided by the author(s) concerned.