金融危机对江苏资本市场的影响研究

发布时间：2018-01-06 13:43

本文关键词：金融危机对江苏资本市场的影响研究　出处：《南京财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：2008年美国爆发了次级债务危机，导致全球股市大震荡，引发全球金融危机。随着经济全球化的发展，中国作为世界市场的重要组成部分也未能独善其身。实体经济遭受巨大打击，资本市场的影响主要表现在中国股市的“滑铁卢”。由于国内学者在次贷危机对实体经济的影响方面进行了大量的研究，对资本市场的研究较少，因此本文通过对江苏省资本市场的研究，分析金融危机对江苏省哪些行业产生影响，并提出了应对措施。本文首先分析了本轮金融危机的发展过程，产生原因以及对中国的影响，使读者从宏观方面对金融危机进行深入了解。第三章从定量方面分析了金融危机对江苏省证券经营机构、上市公司股市筹资情况和非金融机构融资结构三个方面的影响，结果表明金融危机对江苏省资本市场的影响主要集中在股票市场。本文第四章对江苏省股票市场进行了研究，运用计量分析方法（如统计描述、最小二乘估计、ADF检验、格兰杰因果检验和事件分析法）分析结果表明金融危机对江苏省电子设备制造业、化工和纺织业等出口型企业的影响最大，对通信设备、医疗设备、软件设备等高新产业的影响较小，，且美国金融危机是我国大盘指数变动的弱格兰杰原因。通过事件分析法得出以雷曼兄弟破产为标志的金融危机这一事件对江苏资本市场产生显著的负效应，且这一效应在雷曼兄弟倒闭的一周后达到最大。通过对江苏省上市公司在职员工的统计得出，金融危机使得江苏省制造业失业人口较多，而对于食品加工业和医疗设备制造业，失业人口不是很明显。根据分析结果本文也给出了相关的政策建议。
[Abstract]:In 2008, the subprime debt crisis broke out in the United States, which led to the global stock market shock and triggered the global financial crisis. With the development of economic globalization. China, as an important part of the world market, has not been spared. The real economy has been hit hard. The influence of capital market is mainly manifested in the "Waterloo" of Chinese stock market. Because domestic scholars have done a lot of research on the impact of the subprime mortgage crisis on the real economy, there is little research on the capital market. Therefore, through the study of the capital market in Jiangsu Province, this paper analyzes which industries are affected by the financial crisis, and puts forward some countermeasures. This paper first analyzes the development process of the current financial crisis, the causes and the impact on China, so that readers can understand the financial crisis from the macro perspective. The third chapter analyzes the impact of the financial crisis on the securities management institutions in Jiangsu Province, the stock market financing situation of listed companies and the financing structure of non-financial institutions. The results show that the impact of the financial crisis on the capital market of Jiangsu Province is mainly concentrated in the stock market. Chapter 4th of this paper studies the stock market in Jiangsu Province, using econometric analysis methods (such as statistical description, least square estimation and ADF test). The results of Granger causality test and event analysis show that the financial crisis has the greatest impact on the electronic equipment manufacturing, chemical and textile export enterprises in Jiangsu Province, and on communications equipment and medical equipment. High-tech industries such as software equipment have less impact. The American financial crisis is the weak Granger cause of the large market index change in China. Through the event analysis, it is concluded that the financial crisis marked by Lehman Brothers bankruptcy has a significant negative effect on Jiangsu capital market. And this effect was the biggest one week after Lehman Brothers collapsed. Through the statistics of the employees of listed companies in Jiangsu Province, the financial crisis caused more manufacturing unemployment in Jiangsu Province. However, for the food processing industry and medical equipment manufacturing, the unemployed population is not obvious. According to the results of the analysis, this paper also gives the relevant policy recommendations.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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