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寻找出垂直一体化生产模式的决定因素,以促进一个国家或地区生产结构的优化是当前国内外学术界关注的重要问题。本文在不完全契约分析框架的基础上构建了一个引入金融发展与不完全契约的经济模型,从不完全契约的角度考察了金融发展与垂直一体化生产模式之间的内在关系,提出了一个理论假说:金融发展水平的提高,将会促使地区企业更多地选择垂直一体化的生产模式,契约的宽泛实施会扩大其对企业垂直一体化生产模式决策的正向影响。利用中国30个省份26个工业行业数据的经验研究证实,上述结论显著成立;在控制自然资源、人力资本禀赋和市场规模等变量,并解决金融发展变量的内生性问题后,该结论依然稳健。本文的研究不仅丰富了金融发展与垂直一体化生产模式决策行为的研究,还为洞悉中国工业生产模式变迁的决定因素及其影响机制提供了新视角。
Finding the determinants of the vertical integrated production model to promote the optimization of the production structure of a country or region is an important issue for the academic community at home and abroad. This paper builds an economic model that introduces financial development and incomplete contracts on the basis of an incomplete contract analysis framework. It examines the intrinsic relationship between financial development and the vertical integrated production model from the perspective of incomplete contracts, and proposes a theory. Hypothesis: The increase in the level of financial development will prompt regional companies to choose more vertically integrated production models. The wide implementation of the contract will expand its positive impact on the decision of the company’s vertically integrated production model. Empirical studies using data from 26 industries in 30 provinces in China confirmed that the above conclusions were significant. After controlling the variables of natural resources, human capital endowments and market size, and solving the endogenous problems of financial development variables, the conclusion is still robust. This study not only enriches the research on the decision-making behavior of financial development and vertical integrated production mode, but also provides a new perspective for the determinants of the changes of China’s industrial production mode and its influence mechanism.