资本市场影响产业结构变动度的实证研究

An Empirical Study on the Impact of Capital Market on the Variation Degree of Industrial Structure

通过测度中国31个省份产业结构变动度,对资本市场的主要相关衡量变量进行实证分析,研究发现,资本形成能力和资本配置效率对产业结构变动度均有显著的正向影响,说明中国的资本市场发展随着近年来的不断完善,已经具备了利用资本市场调整产业结构的条件,但这种资本市场的正向效应对于不同地区而言存在显著异质性,即东部发达地区资本市场和实体经济均较为发达,利用资本市场可以有效促进产业结构升级速度的提升,而对于中西部欠发达地区,资本市场尚不能发挥其促进产业结构变动速度提升的作用。因此,利用资本市场促进产业结构升级需要实施因地制宜的政策。

This paper measures the variation degree of industrial structure of 31 provinces and cities in China,and empirically analyzes the relative measuring variables of the capital market.Research shows that both capital formation ability and capital allocation efficiency have significant positive impacts on the variation degree of industrial structure,indicating that with the development in recent years,China’s capital market has had the conditions of adjusting industrial structure.However,the positive effect has significant heterogeneity in different regions.The capital markets and real economy are better developed in developed eastern regions,so the capital markets can effectively promote the upgrading speed of industrial structure;In the less developed regions of the central and western China,the capital market is still unable to play its role in promoting the variation speed of industrial structure.Therefore,the use of capital markets to promote the upgrading of industrial structure requires a policy tailored to local conditions.