股票市场、融资模式与产业结构升级——基于中国A股市场的经验证据

Toward Stock Market,Financing Patterns and Industrial Structure Upgrading

本文采用面板数据这一分析工具从区域的层面研究了我国股市融资模式对产业结构升级的影响。在考虑了异质性偏误、遗漏变量和省际特性之后,本文的实证结果发现股票市场融资与我国产业结构升级之间存在正向相关,这种相关性在不同的股市融资模式下又不同:在审批制模式下相关而不显著,而在核准制下通过了1%的显著性检验。这说明我国股市融资模式由审批制向核准制的市场化演进起到了推进产业结构升级的作用;另外,本文的研究还发现,我国股市融资率越高的地区,产业升级的效应越是明显。

This paper researches the effect of financing patterns in equity market on industrial structure upgrading with panel data. Taking heterogeneous error, omitted variable and inter-provincial characteristics into consideration, we empirically find that there is a positive correlation between stock financing and Chinese industrial structure upgrading, and that the correlation under different stock financing systems is different, with no significant effect under Administrative Permission System and with significant effect at 1% confidence level under Approval System. These findings indicate that the market-oriented evolution of stock financing system from Administrative Permission System to Approval System plays an important role in upgrading industrial structure. In addition, we find that the higher the ratio of stock financing, the more significant the effect of industrial structure upgrading.