新三板与四板股权融资纳入社会融资规模统计的探讨

NEEQ and regional equity market’s influences research on Aggregate Financing to the Real Economy

社会融资规模是"广义信贷"框架在中国的延伸和运用,反映了我国金融性公司通过各类金融工具向实体经济提供的资金支持。但随着金融改革和创新不断深化,尤其是目前我国资本市场迅猛发展,股权融资中一些新的融资模式,如新三板、四板市场融资尚未被纳入社会融资规模统计,研究构建更为完善指标体系,全面准确地衡量金融支持实体经济程度对我国宏观调控意义重大。本文结合市场现状、指标内涵及实证方法,探讨新三板及四板市场股权融资纳入我国社会融资规模指标的必要性、可行性及科学性,以期为指标体系的进一步扩展完善提供参考。结果显示,这些融资方式符合纳入社会融资规模的统计内涵和原则,构建得到的社会融资规模指标与货币政策最终目标相关性更高,对各项宏观经济指标变化的解释力也更强。

Aggregate Financing to the Real Economy reflects the financial support provided by financial system to the real economy through various financial instruments.However,as financial reform and innovation,especially with the rapid development of capital market,some new financing models in equity financing,such as NEEQ(National Equities Exchange and Quotations)and regional equity market financing,have not been included in existing statistics of Aggregate Financing to the Real Economy.A comprehensive measurement of financial support is of great significance to country’s macroeconomic regulation.This article explores the necessity,feasibility and scientificity of the inclusion of equity financing.The results show that these financing methods conform to the statistical connotations and principles of Aggregate Financing to the Real Economy.The adjusted index has a higher correlation with monetary policy,and has a stronger explanatory power for changes in macroeconomic indicators.