直接融资与经济增长

Direct Financing and Economic Growth

本文从金融结构与经济增长的视角,运用我国内地31个省、自治区和直辖市2003年至2014年的面板数据,对直接融资比例变化与区域经济增长之间的关系进行分析。实证结果表明,当期直接融资比例提升与下一期区域经济增长、区域第二产业经济增长、区域第三产业经济增长存在显著正向相关关系,与区域第一产业经济增长关系并不显著。本文结合相关文献和直接融资的特点分析了产生上述结果的可能原因,并提出政策建议。

From the perspective of financial structure and economic growth and using the panel data of 31 regions of China's Mainland from 2003 to 2014, this paper studied the relationship between changes in direct financing ratio and regional economic growth. Empirical results suggested that there was significant positive relationship between current direct financing ratio increase and next period regional economic growth, there was significant positive relationship between current direct financing ratio increase and next period regional 2nd and 3rd industries growth, and that the relationship between current direct financing ratio and next period regional 1st industry growth was insignificant. This paper analyzed the possible reasons for the above results along with the previous literature and the characteristics of direct financing, and suggested the implications for policies.