强大资本市场助力金融强国建设——基于上市公司经济贡献的分析

A Strong Capital Market Supports the Building of a Nation with a Strong Financial Sector:Based on the Analysis of Economic Contribution of Exchanged-listed Firms

为实体经济服务是金融的天职,上市公司作为连接资本市场和实体经济的关键纽带,合理评估上市公司的经济贡献并籍此引导资本市场更好地服务实体经济,是发挥资本市场枢纽功能和建设金融强国的必然要求。本文以2000~2021年所有在境内外上市的中国企业为样本,立足金融服务实体经济,从增加值、就业、创新三个方面研究中国上市公司的经济贡献及其变动趋势。研究发现:第一,中国上市公司的经济贡献份额不断提高,主要来自制造业的稳定发展、第三产业对GDP和就业的贡献提升,以及非国有部门的发展。第二,上市公司经济贡献份额的增速远不及市值份额的增速。这两种增速的差异主要来自制造业、金融业、信息技术等行业,以及非国有部门和境内上市公司。第三,进一步研究表明,卖空机制的引入、资本市场互联互通、注册制改革等境内资本市场制度创新有利于上市公司经济贡献的提高,并缩小了上市公司的经济贡献与市值的份额差异。本文的研究为进一步提高上市公司质量、深化资本市场改革提供了理论依据和政策参考,更好地发挥资本市场枢纽功能,为以中国式现代化全面推进强国建设、民族复兴伟业提供有力支撑。

Ensuring that the financial sector serves the real economy remains a cornerstone of economic development.This study focuses on evaluating the economic contributions of Chinese listed companies,which act as vital intermediaries between the capital market and the real economy.By analyzing a comprehensive sample of Chinese firms listed both domestically and abroad from 2000 to 2021,this paper assesses their impact in terms of value addition,employment generation,and innovation facilitation.The findings reveal several key insights:Firstly,the economic contributions of exchange-listed firms in China have exhibited consistent growth,particularly within strategic emerging industries,non-state-owned enterprises,and those listed overseas.However,it's notable that despite substantial market capitalization,the pace of economic contribution has been relatively moderate.Secondly,the disparity between market capitalization and economic contribution is primarily attributed to sectors such as finance and information technology,as well as non-state-owned and overseas-listed firms.Thirdly,our analysis demonstrates that this disparity has notably diminished following transitions to state ownership,overseas listings,and a series of capital market reforms,including liberalization efforts,short selling pilot programs,and the implementation of a registration system.These findings not only provide valuable theoretical insights but also offer practical policy implications.They serve as a foundation for enhancing the quality of listed firms,advancing capital market reforms,and fostering the development of a robust financial sector.Ultimately,this contributes to the realization of Chinese-style modernization through the high-quality evolution of the capital market.