私人资本对经济增长影响的区域比较分析——基于股票市场发展的视角

Impact of Private Capital on Economic Growth:A Regional Comparative Analysis——From the Perspective of the Development of Stock Market

本文基于1995—2009年的省际面板数据,利用GMM(广义矩估计方法)分别研究两类私人资本(境内私人资本和境外私人资本)在中国东部、中部和西部地区对经济增长的影响。并就股票市场的发展在私人资本对经济增长的影响中扮演着怎样的角色进行探讨。结果显示,境内私人资本在三个地区对经济增长的弹性系数都显著为正,有效地促进经济增长。而境外私人资本表现出明显的区域差异:在东部地区显著地促进经济增长;在中部地区阻碍经济增长,其原因是中部地区的股票市场发展水平有限;西部地区境外私人资本弹性系数为正,但进一步研究表明西部地区境外私人资本绝对量和股票市场发展水平都很落后。

Based on the 1995-2009 provincial panel data and applying GMM （generalized method of moment）, this paper investigates how the two kinds of private capital （domestic private capital and oversea private capital） effect the economic growth in Eastern China, Central China and Western China respectively, focusing on what role the development level of China＇s stock markets plays on the relationship between the private capital flow and the economic growth. The empirical results show that domestic private capital is significantly positive with the economic growth in all three areas, which really promote the economic growth effectively. But overseas private capital presents obvious regional differences. First, in the eastern region it stimulates economic growth significantly. Second, in the central region it hinders economic growth, influenced by the region stock market development level; Third, in western region overseas private capital has a positive coefficient, but the further researches show the small amount of overseas private capital and the low development level of stock market in western region.