股权集中度、债务约束与技术创新——基于战略性新兴产业上市公司的经验证据

基于对出口价值构成中行业增加值出口的形式、流向以及途径的区分，从价值链的视角改进了传统的显性比较优势指数，测算12个主要贸易大国1995~2011年制造业和服务业各行业的显性比较优势。结果表明：贸易格局的总体趋势表现为发达国家在巩固制造业高端环节优势的同时又将服务业特别是金融服务业、信息服务业以及商务网络等方面的优势渗透进来，建立起服务于全球的新体系，新兴市场国家则逐渐在不同要素密集度以及不同层次的制造业方面加紧布局。加强贸易与产业的结合，有助于我国通过增加值间接出口的方式参与国际竞争。

The Ownership Concentration Degree,Debt Constraints and Technological Innovation:Based on the Empirical Evidence of Strategic Emerging Industry Listing Corporation

Based on the classification of the forms, flows and channels of the export in value added of industries in the export value constitution, this paper improves the traditional revealed comparative advantage(RCA) from the perspective of value chain, and measures and calculates the revealed comparative advantages in the manufacturing industries and service industries from 1995 to 2011 in twelve major trading powers. Further, the paper also makes a transnational comparative analysis of factor density, value added export channels of competitive industries and the relation between their comparative advantage and the location of their industrial chain. It is found in this paper that the general trend of the patterns of trade indicates that developed countries are integrating the advantages of service industries, especially financial service industry, information service industry and business network, with enhancing the advantage of high end parts of manufacturing industry, establishing a new system which serves the whole world, while emerging economies are speeding up to improve the structure of manufacturing industries with different element concentration and from various levels. The findings in this paper suggest that for China, facilitating the combination between trade and industries is conducive to certain industries in that they will be able to participate in the international competition by indirectly exporting in value added.