产业投资基金与产业结构调整: 机理与路径

21世纪中国产业发展的结构性矛盾凸显，产业投资基金作为一类新型投融资工具，被寄予了推进产业结构调整的厚望。现有文献对产业投资基金促进产业结构调整的机制分析相对匮乏，且视角多停留在定性层面，鲜有相应的实证研究。产业投资基金促进产业结构调整的影响机理与路径，需通过将微观效应和宏观效应纳入整体的研究框架进行探讨。多群组结构方程模型实证检验结果显示：首先，中国产业投资基金的发展对产业结构调整已发挥促进作用；其次，产业投资基金通过微观效应促进产业结构调整的传导路径被证实，产业投资基金在微观层面对价值创造和研发投入有正影响，进而推动产业结构调整；最后，产业投资基金宏观效应的传导路径不显著，产业投资基金虽然在宏观层面上对就业增长有正影响，但通过宏观效应对产业结构调整的推动作用仍未完全释放。

Industrial Investment Fund and Industrial Structure Adjustment:Mechanism and Path

Since the 21st century,deep-rooted structural imbalance and periodical problems have emerged in Chinese industrial development . Industrial structure adjustment becomes an era proposition,the key points of which are to accelerate the development of strategic emerging industries and to upgrade traditional industries .In this context,industrial investment fund has been growing and expanding steadily . Based on the literature review,studies could be extended as follows:firstly,studies have confirmed that extended industrial investment fund could accelerate industrial structure adjustment,but the conduction mechanism and the intrinsic link between them are not clear . Secondly,there is a lack of data mining and empirical test to support the fact that Chinese industrial investment fund could promote the upgrading and the rationalization of industrial structure . This paper discusses whether and how industrial investment fund facilitates industry structure restructuring .The research shows innovations in theoretical framework and empirical approach .As to the former,the micro-effect and the macro-effect of industrial investment fund are integrated into one unified research framework,which fills the gaps in this field . This research shows that industrial investment fund could promote industrial structure adjustment in the following paths .At the micro level,it can be achieved through value creation and R&D input of enterprises .At the macro level,it can be done by way of capital accumulation and employment growth .Meanwhile,the micro level effect will be passed on to that of macro level .As to the latter,Structural Equation Modeling (SEM ) is applied in the research . This paper uses inter-provincial data in China from 2010 to 2012 and simultaneous analysis of several groups in SEM to test the influence of industrial investment fund on industrial structure adjustment . The empirical results show that industrial investment fund has promoted industrial structure adjustment in China . The micro path from industrial investment fund to industrial structure adjustment is confirmed .The increase of industrial investment fund has a significantly positive influence on the micro-effect of value creation and R&D input,and finally boosts the upgrading and rationalization of industrial structure .However,the macro path of industrial investment fund is unremarkable .Industrial investment fund has a strong positive influence on the macro-effect of employment growth,while the coefficient of macro-effect and industrial structure adjustment is not obvious,which means that macro-effect of industrial investment fund is not fully effective . The research suggests that,to further strengthen the positive effect of industrial investment fund on industrial structure adjustment,policies should be focused on guiding rational development of industrial investment fund,constituting multi-level withdrawal channels and balancing the expansion of industrial investment fund across China .