资本市场竞争力的国际比较

International Comparison Analysis of Capital Market Competitiveness

基于2009—2014年瑞士洛桑国际管理发展学院国际竞争力数据,在构建"制度环境—市场效率和资本成本—市场活力—经济发展"的资本市场竞争力评价路径基础上,构造资本市场竞争力结构方程模型,计算影响资本市场竞争力各潜变量的路径系数及潜变量指数并进行国家间对比。结果发现:良好的制度环境可以显著降低资本成本,提高资本效率,激发市场活力,促进经济发展;美国资本市场竞争力在全球范围内具有绝对优势,中国的资本市场表现活跃,但金融制度和法治建设还不够完善,资本市场效率仍需提高,资本成本有待降低。

A capital market competitiveness evaluation path of ＂institutional environments- market efficiency and capital cost- market dynamics- economic development＂is created based on data 2009-2014 from Competitiveness Yearbook of Institute of International M anagement and Development,Lausanne,Switzerland. Accordingly,a Capital M arket Competitiveness Structural Equation M odel is constructed. Path coefficients of latent variables affecting capital market competitiveness and indexes of each latent variable of different countries are calculated and compared. Good institutional environment has significant effect on lowering capital cost,increasing capital efficiency,increasing market dynamics and improving economic development. The capital market competitiveness of the United States has leading advantage in the world. Chinese capital market is active,but finance regulation and legislation construction are still not sound,capital market efficiency should be improved and capital cost should be lowered.