证券市场融资的产业升级效应研究

Research of Industrial Upgrading Effect of Securities Market Financing

欧美发达国家的经济发展史表明,证券市场的发展过程往往也是产业结构高度化的演进过程,而当前中国经济的产业升级过程陷入了"瓶颈期"。注意到国内证券市场与产业升级关系相关研究在视角、方法等方面的局限性,利用2006-2010年的省际数据,运用动态面板模型实证检验了中国证券市场融资的产业升级效应。结果显示,证券市场融资不仅没有推动反而阻碍了产业升级,且阻碍主要来自股票市场融资,债券市场融资则不存在显著影响。

The economic development history in Europe and the United States indicates that the development process of securities market is often the heightening process of the industrial structure. However, at present, the industrial upgra- ding process of China＇s economy has fallen into a ＂bottleneck period＂. Noting the limitations of visual angles, methods, etc. of Chinese relevant researches on the relationship between the securities market and industrial upgrading, we have confirmed the effect of Chinese securities market financing on industrial upgrading by applying the 2006 -2010 provin- cial panel data and dynamic panel data models. The results show that securities market financing in China not only fails to propel industrial upgrading but obstruct it as well, and the obstruction comes mainly from the stock market financing. There is, however, no significant impact on industrial upgrading in the in the bond market financing.