美国股市融资对产业结构升级的影响分析与启示

Research on U.S. Stock Market Financing Promoting the Industrial Structure Upgrading

以最发达的美国股票市场为研究对象,本文对美国股市融资在产业结构升级中的促进作用进行定性和定量研究。研究结果显示,美国股市融资对产业结构升级具有正面推动作用,且在不同阶段影响力不同。借鉴美国经验并结合中国实际,在新时代中国经济转型、优化经济结构需要大力发展多层次资本市场,夯实资本市场制度基础,为创新型企业提供良好的融资环境。

In this paper, we take US stock market as the research object, which has the most developed stock market around the world. Through historical review and modelling, we conduct both qualitative and quantitative research on the impacts of US stock market financing on the upgrading of industrial structure. The results show that US stock market financing has a positive effect on the upgrading of industrial structure, but the characteristics are different in historical stages. According to the experience of the US and combining with the Chinese conditions, it is necessary for China to develop multi-level capital market, consolidate the basis system of capital market and provide better financing environment for innovative companies in order to transform economic development pattern and optimize economic structure.