股票市场发展、资本要素积累与产业结构升级

Stock Market Development, Capital Factors Accumulation and Industrial Structure Updating: A Empirical Study of China’s A-Share Market

本文从要素流动角度,在中观和微观层面上实证检验了中国A股市场是否存在推动产业结构优化升级的作用机制。实证结果表明,股票市场规模的扩大有效推动了三次产业和工业产业的结构优化升级,市场流动性的高低对产业结构优化升级存在负向效应,而城市化进程的加快及垂直专业化程度的提高可以降低该负向效应;战略性新兴产业上市公司经营绩效显著,并在创业板市场上最具成长性,而且行业内资本集中度越低、市场风险越高,越能激励行业内企业上市。本文据此在扩大股票市场规模、增强市场流动性、上市资源选择、创业板市场建设等方面提出了相应的政策建议。

In this paper we first make a theoretical assumption that capital markets promote the upgrading of industrial structure via mobility of capital. And we investigate the assumption on the case of China＇s A-share market over the period 1991-2010. The result shows that the expansion of market scale effectively promotes the structure upgrading of three main industries and industrial internal sector while market liquidity makes negative effects, which can be reduced by the raise of urbanization and vertical specialization. We also find that the strategic emerging industries show significant performance on A-share market and show more significant growth on Growth Enterprise Market （GEM） than on other markets. Industries with lower capital concentration and higher market risk encourage more companies to be listed. According to this, we proposed suggestions on expanding market scale, enhancing market liquidity, selection of market resource, and construction of the GEM.