各地区上市公司数量和经济增长的动态反馈--分省的Panel Data模型分析

The Dynamic Feedback of the Quantity of Listed Companies and Economic Growth in China——An Inter-provincial Panel Data Model Analysis

上市公司数量与上市公司所在地区的经济发展状况的传导机制说明两者紧密相关。同全国的固定效应模型比较,经济发达地区经济增长与上市公司数量的固定效应模型表明两者形成的是一种良性循环,而经济落后地区经济增长与上市公司数量的随机效应模型表明两者形成的是恶性循环,并且按照市场机制的股票发行规则会使这种"马太效应"愈演愈烈,由此构成中国分省经济增长的一个程式化事实。在一定程度上采取行政干预手段是避免过度两极分化和区域经济发展失衡的有效措施。

The quantity of listed companies is closely related to the economic development of the regions according to the transmission mechanism between them. Compared with the stationary effect model of the whole country, the stationary effect model of the economic growth of developed regions and the quantity of listed companies shows that they engender a benign circulation, while the random effect model of the economic growth of the underdeveloped regions and the quantity of listed companies shows that they engender a malignant circulation. And the stock-issuing rules based on market mechanism will make the Matthew Effect more serious, forming a stylized fact that China＇s economic growth is based on individual provinces. So in order to avoid the severe polarization and the imbalance of regional economic development, the governmental administrative intervention is quite effective and necessary to some extent.