金融资本对新兴产业发展具有重要的促进作用,但在产业生命周期的不同阶段,金融资本与新兴产业融资主体之间的投融资行为及前者作用于后者的方式存在较大差异;金融资本对新兴产业发展的内在作用机制在三次产业革命中得到了充分体现。利用中国战略性新兴产业上市企业的微观数据,实证考察金融资本对中国新兴产业发展的影响,结论表明银行贷款和政府补贴对新兴产业上市企业成长均具有显著的正向促进作用,但为使这种作用达到最大,应进一步加强银行贷款和政府补贴对新兴产业形成期创业企业的支持力度,同时尽可能地减少风险投资与新兴产业创业企业之间的投融资障碍。
Financial capital plays an important role in promoting the development of new industries, but at different stages of the life cycle, financial capital's investment on new industries and the former's impacts upon the latter can vary significantly. The mechanism of financial capital's impacts upon new industries can be fully shown in the three industrial revolutions. We use the microcosmic data of listed companies in China's strategic emerging industries to study empirically financial capital's impacts on the development of new industries in China. We find that the loans from banks and the subsidies from government can positively promote the development of listed companies in the section of new industries. However, in order to maximize the influence, the banks and the government should increase their loans or subsidies for start-up new-industry enterprises and lower the obstacles for these start-up enterprises to obtain loans and subsidies.