科创板与沪市A股主板市场金融资源配置的相关性研究

Research on the Correlation of Allocation of Financial Resources Between Science and Technology Innovation Board and A-share Main Board of Shanghai Stock Exchange

本文基于2013—2020年科创板与沪市A股1570家上市公司数据,从完善我国金融市场资源配置功能的视角,通过构建金融资源配置效率模型,实证分析了科创板与沪市A股主板市场的关联性因素。研究结果表明,科创板对沪市A股主板市场局部短期内存在一定的竞争效应,但是从中长期来看,两者构成相容互通的资本池,科创板对于提升沪市A股主板市场金融资源配置效率、促进资本市场结构优化和完善我国多层次资本市场体系建设具有积极作用。基于此,本文从我国资本市场金融资源配置优化的视角,研究提出以科创板制度创新加快提升我国资本市场国际化、市场化和专业化功能的对策建议。

Based on the data of 1570 listed companies in science and technology innovation board and Shanghai A-share market from 2013 to 2020,this paper empirically analyzes the correlation factors between science and technology innovation board and Shanghai A-share main board market by constructing the efficiency model of financial resource allocation from the perspective of improving the resource allocation function of China's financial market.The results show that there is a certain short-term competitive effect of science and technology innovation board on Shanghai A-share main board market,but in the medium and long term,the two constitute a compatible capital pool.Science and technology innovation board plays a positive role in improving the efficiency of financial resource allocation of Shanghai A-share main board market,promoting the optimization of capital market structure and improving the construction of China's multi-level capital market system.Based on this,from the perspective of optimizing the allocation of financial resources in China's capital market,this paper puts forward some countermeasures and suggestions to accelerate the internationalization,marketization and specialization of China's capital market through the institutional innovation of science and technology innovation board.