融资约束、资本市场高质量发展和扶贫攻坚

Financial constraints, high-quality development of capital markets and poverty alleviation

打好防范化解重大风险、精准脱贫、污染防治三大攻坚战是以习近平为核心的党中央为决胜全面建成小康社会作出的重大决策部署。资本市场高质量发展能够缓解贫困地区中小企业发展的融资约束,有力推动扶贫攻坚向深处发展。本文对全球范围内264个国家1960-2017年贫困发生率和资本市场发展的关系进行研究,发现资本市场发展对于贫困发生率减少具有显著的促进作用;当一个国家融资结构中直接融资占比提高时,资本市场市值对贫困发生率减少的效应更为显著。资本市场发展对贫困减少的间接效应在不同发展阶段都很显著。本文进一步结合中国扶贫攻坚的实例结合研究结论给出了可行的政策建议。

The three major battles to prevent and resolve major risks, precision poverty alleviation, and pollution prevention and control are the major decision-making arrangements made by the Party Central Committee with Xi Jinping as the core to win a comprehensive well-off society. The high-quality development of the capital market can alleviate the financing constraints of the development of small and medium-sized enterprises in poverty-stricken areas, and effectively promote the development of poverty alleviation and deepening. This paper studies the relationship between poverty incidence and capital market development in 264 countries around the world in 1960-2017, and finds that capital market development has a significant role in promoting the reduction of poverty incidence;when the proportion of direct financing in a country’s financing structure increases At the time, the market value of the capital market has a more significant effect on the reduction in the incidence of poverty. The indirect effects of capital market development on poverty reduction are significant at different stages of development. This paper further combines the examples of China’s poverty alleviation and the research conclusions to give feasible policy recommendations.