资本市场融资,经济增长与产业结构升级.PDFVIP

本市场融 、经济增长与产业结构升级 基于中国省际面板数据的检验 1 2 罗文波 安水平 （1. 湘财证券研究所 上海 200120 ；2. 上海财经大学 上海 200433） 摘要：本文利用扩展柯布-道格拉斯生产函数，利用29个省、市、自治区2006年-2010年的面板数 据，检验不同渠道资本融资、经济增长与产业结构升级之间的动态关系。实证结果表明：资本市 场融资对经济增长具有显著的促进效应，但债券市场与FDI对经济增长的作用较 ；银行信贷与 债券对股票市场筹资存在显著的 “溢出效应”，FDI对股票市场筹资存在显著的 “挤出效应”，说 明股票市场融资可以替代FDI在实体经济中的作用。随后对资本市场与产业结构转型关系的数据 进行实证。研究发现股票与债券融资在一定程度上推动了中国的经济结构转型，但FDI与结构转 型负相关，银行信贷与经济转型的关系不显著。 关键词：资本异质性；经济增长；结构转型；挤出效应 Abstract : In this paper, using an extended Cobb-Douglas production function, we analyze the dynamic relationship between various channels of capital accumulation in multi-level capital market and economic growth and industrial restructuring in the background of Chinas further financial deepening. Using the panel data of 29 provinces, municipalities and autonomous regions from 2006 to 2010, we found that multi-level capital market financing has a significant promoting effect to economic growth but the role of bond market and FDI on economic growth is weak. Interaction between different financing sources are not the same: bank credit and bond financing have a significant spillover effect with the stock market, while FDI has a significant crowding out effect. It indicates that stock market financing can replace the role of FDI in the real economy. The relationship between multi-level capital market and industrial restructuring shows that stock market financing and bond financing have promoted economic restructuring, and FDI is significantly negative correlated, while the bank credit is not significant. Keywords: Heterogeneity of Capital; Economic Growth; Industrial restructuring; Crowding out” Effects； 作者简介：罗文波，经济学博士，湘财证券研究所，宏观研究员；安永平，上海财经大学金融学 院硕士生。 中图分类号： 文献标识码：A 引言 作为金融深化的主生力量，资本市场建设的深度与广度对经济增长起着重要的影响作用。这 种作用主要体现在两个方面，一是通过“储蓄-投资”渠道