Abstract:
Based on a theoretical model and empirical results from panel data of Chinese industrial firms, we find industry clustering to facilitate firm innovation and productivity growth by relaxing financial constraints, and further accelerate regional convergence towards the technology frontier. The model reveals the effect of industry clustering as a result of the higher market value of firms’ collateralized assets due to more first-best alternative users. Empirical findings confirm theoretical hypotheses using comparisons across industries that differ in the probability of systematic risks and reliance on fixed assets, and quantify the mediation effect using firm-level financial constraint measures. Industry clustering is critical for achieving a knowledge economy and balanced growth.
茅锐. 企业创新、生产力进步与经济收敛:产业集聚的效果[J]. 金融研究, 2017, 446(8): 83-99.
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