金融生态环境的“资金洼地”效应及其对资本配置效率的影响

发布时间：2018-04-03 05:28

本文选题：金融生态环境　切入点：“资金洼地”效应　出处：《浙江工商大学》2012年硕士论文

【摘要】：在开放经济条件下,吸引外来资本流入以促进本地区的资本形成以及提高地区存量资本的配置效率是提高产出的重要手段,辨识其背后的影响因素具有重要现实意义。一些理论研究认为,金融生态环境改善通过资本积累效应和资本配置效率效应对经济运行产生有益的影响。然而,在经验意义上,金融生态环境究竟通过何种渠道对经济运行产生影响尚无定论,因此进一步进行相关研究具有重要学术价值。本文在系统回顾金融生态环境相关研究文献的基础上,讨论了金融生态环境质量对地区吸引外来资本流入能力以及地区资本配置效率的影响及其作用路径。在文献研究和机理探讨的基础上,本文从全国和浙江省两个层面实证检验了金融生态环境的“资金洼地”效应和资本配置效率改善效应。在“资金洼地”效应方面,本文从金融生态环境质量与金融资产风险状况的相关关系出发分析了金融生态环境的“资金洼地”效应。为进一步提供坚实有效的经验证据,基于中国分省面板数据,本文采用空间计量模型检验了金融生态环境质量的“资金洼地”效应。在资本配置效率改善方面,本文从宏观区域和中观行业两个层面进行了经验研究。文章发现,金融生态环境质量与地区投资风险具有显著的负相关关系,金融生态环境改善带来地方投资风险降低,能够有效的吸引资金流入；进一步的实证研究表明,金融生态环境的改善具有显著的“资金洼地”效应,并且这种结果具有稳健性；在资本配置效率方面,金融生态环境质量的提高显著提升了信贷跨区域配置效率；在行业层面,金融生态环境改善的资本配置效率效应取决于行业发展状态,对发展状态较好的行业而言,金融生态环境改善能减少他们面临的融资约束,有助于这些行业资本配置效率的提高。
[Abstract]:Under the condition of open economy, attracting foreign capital to promote regional capital formation, improve the regional stock of capital allocation efficiency is an important means to improve the output and influence factors have important practical significance to identify its behind. Some theoretical studies suggest that financial ecological environment improvement through capital accumulation effect and the efficiency of capital allocation has beneficial effect the impact on the economy. However, in the sense of experience, financial ecological environment whether the channels through which the economic operation of the impact is not clear, so further research has important academic value.
Based on the review of the relevant literature on the financial ecological environment, discusses the financial ecological environment quality influence on the efficiency of capital allocation in attracting foreign capital and region and its role in the path. Based on literature research and Discussion on the mechanism of this paper from the two levels of Zhejiang province and the empirical test of the financial ecological environment. The low-lying land effect and improve the efficiency of capital allocation effect. In the low-lying land effect, this article from the financial ecological environment quality and the relationship between financial assets risk condition analysis of the financial ecological environment's depression effect. Provide further empirical evidence, Chinese provincial panel data based on this. Using spatial econometric model to test the financial ecological environment quality of the low-lying land effect in improving the efficiency of capital allocation, This article has carried on the empirical study from two aspects of the macro area and the middle view industry.
The article found that the investment risk of financial ecological environment quality and the area has a significant negative correlation, the improvement of financial ecological environment will reduce the risk of local investment, generate capital inflows; further empirical research shows that improving financial ecological environment has significant low-lying land effect on capital, and this result is robust in terms of; the efficiency of capital allocation, financial ecological environment, improve the quality of credit significantly enhance the cross regional allocation efficiency; at the industry level, the improvement of financial ecological environment of the capital allocation efficiency effect depends on the development of the industry, the good state of development of the industry, the improvement of financial ecological environment can reduce the financing constraints they face, contribute to the efficiency of capital allocation these industries improve.

【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F830;F224

【参考文献】