信贷市场、资本市场与企业成长——基于面板VAR模型的动态分析

Credit Market,Capital Market and Firm Growth——Based on Dynamic Analysis of Panel VAR

银行主导型与市场主导型金融模式孰优孰劣的争论至今尚未形成定论。本文将资本市场细分成债券市场与股票市场,以我国2003-2012年非金融业上市公司季度数据为研究对象,采用面板VAR模型研究信贷市场、资本市场与企业成长的动态关系,进而从微观角度比较信贷市场与资本市场资源配置的事前效率与事后效率,结果发现:信贷市场与债券市场资源配置的事前效率不如股票市场,信贷市场资源配置的事后效率强于债券市场与股票市场。债券市场的规模虽迅速增长,但是与信贷市场及股票市场相比,其在资源配置方面并不具有任何优势。

The discussion of market-based versus bank-based financial mode has never reached an agreement. This paper separates the capital market into bond market and stock market, selects the sample panel data of non-financial listed companies from 2003 to 2012 , research the dynamic relationship among credit market, capital market and finn growth with panel VAR model and then compare the resource allocation efficiency of credit market, bond market and stock market in pre-event dimension and post-event dimension. The result shows that the resource allocation efficiency of credit market and bond market is less than the stock market from pre-event dimension, while the resource allocation efficiency of credit market is greater than bond market and stock market from post-event dimension. Although the bond market grows rapidly, it＇s not better than credit market and stock market in resource allocation aspect.