基于我国证券市场发展的产业结构优化升级研究

发布时间：2018-03-18 09:26

本文选题：证券市场　切入点：产业结构　出处：《广东商学院》2012年硕士论文　论文类型：学位论文

【摘要】：自从我国证券市场诞生以来它对我国经济发展起着重要的作用，而国民的经济发展方向与可持续性很大程度上取决产业结构的优化升级。本文先阐述了证券市场发展史与我国产业结构优化升级演变史，在此基础上导出证券市场发展与产业结构优化升级的关联模型。然后从四个方面论述了证券市场对产业优化升级的作用机制即：（1）融资功能机制；（2）资源配置机制；(3）风险分散与交换机制；4）信息披露与传导机制。最后从三个角度对上述理论进行实证分析并检验：（1）我国股票市场与债券市场对三次产业产值影响比较实证分析；（2）我国证券融资率与证券流动率对产业结构优化率影响实证分析。（3）我国证券市场发展对高技术产业结构优化升级影响实证分析。通过理论研究与实证分析及检验得出以下结论：（1）股票市值与债券余额增长对第二、第三产业产值增长的作用是对第一产业产值增长作用5倍左右，同时股票市值、债券余额与证券市值不是第一产业产值的格兰杰原因；（2）证券融资率每提高1%，产业优化率上升0.322646%，由因果检验可知，证券流动率不是产业优化率原因；（3）证券化率提高1%，，高技术产业优化率上升0.118507%。因此总的来说证券市场对产业结构优化升级有一定的促进作用。但是由于我国的证券市场还不够成熟，相关法律制度及监管不完善等问题使得我国证券市场对我国的产业结构优化升级的作用有限，因此必须加强完善我国的证券市场，使其对我国的产业结构优化升级的作用得到充分发挥。
[Abstract]:Since the birth of China's securities market, it has played an important role in the economic development of our country. The direction and sustainability of national economic development largely depend on the optimization and upgrading of industrial structure. This paper first describes the history of the development of the securities market and the history of the optimization and upgrading of the industrial structure of our country. On this basis, the related model between the development of the securities market and the optimization and upgrading of the industrial structure is derived. Then, the paper discusses the mechanism of the securities market acting on the industrial optimization and upgrading from four aspects, that is, the function mechanism of financing, the financing function mechanism and the resource allocation mechanism. Finally, the empirical analysis of the above theory from three angles and the test of the impact of stock market and bond market on the output value of three industries in China (2) the empirical analysis of the impact of China's stock market and bond market on the output value of the three industries. (2) A comparative analysis of the impact of the stock market and the bond market on the output value of the three industries. Empirical Analysis on the impact of China's Securities financing rate and Securities flow rate on the Optimization rate of Industrial structure; (3) the empirical analysis of the impact of the development of China's securities market on the optimization and upgrading of high-tech industrial structure. Through theoretical research and empirical analysis and test, we can draw the following conclusions: (1) the effect of market value and bond balance growth on the growth of the output value of the tertiary industry is about 5 times that of the primary industry, and at the same time, the effect of the increase in the balance of bonds is about 5 times that of the primary industry. Bond balance and Securities market value is not the Granger cause of the output value of the Primary Industry.) for every increase in the financing rate of securities, the industrial optimization rate will rise by 0.322646. The causality test shows that. The securities flow rate is not the reason of industrial optimization.) the securitization rate increases by 1%, and the optimization rate of high technology industry increases by 0.1185077.Therefore, in general, the securities market can promote the optimization and upgrading of the industrial structure to a certain extent. However, the securities market in our country has a certain role in promoting the optimization and upgrading of industrial structure. The market is not mature enough. Some problems such as imperfect legal system and supervision make our securities market play a limited role in optimizing and upgrading the industrial structure of our country, so we must strengthen and perfect the securities market in our country. To optimize and upgrade the industrial structure of our country to play a full role.
【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F121.3

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