我国沿海地区资本市场发展空间差异研究

发布时间：2018-05-12 17:55

本文选题：资本市场 + 空间差异　；参考：《中国海洋大学》2012年硕士论文

【摘要】：自上交所和深交所成立以来，中国的资本市场走过了20多年不平凡的历程，1990年12月19日，当朱昒基总理宣布上海证券交易所成立的时候，挂牌股票只有8只，市值总规模不足10亿元，开市第一天的成交额只有49.4万元。20多年来，A股市场累计融资3.7万亿元，加速了社会资源向优质企业集中，为国民经济快速发展提供了重要支撑。区域资本市场是指以一个国家经济发展中自然形成的以经济区域为背景而形成的资本市场，本文所研究的资本市场以行政区划为背景，以东部沿海9个省份以及五个副省级城市（计划单列市）为地域单元，从省域与市域两个层次测度沿海地区资本市场发展的空间差异，并分析各地区资本市场发展的动因差异。文章以沿海地区资本市场发展的比较研究为主线，以各地区资本市场发展差异的测度与各地区资本市场发展动因分析为研究重点，本着“一线两点”的研究思路，一是通过系统构建资本市场发展的指标体系与差异测度模型，运用主成分方法与聚类方法测度资本市场发展的综合指标差异，运用泰尔系数法与变异系数法测度资本市场发展的单指标差异，细致研究省域与市域两个地理单元的资本市场发展的差异状况并进行深入比较。二是引入面板数据模型，探求各地区资本市场发展与地方经济社会发展的内在联系，分析资本市场发展的动态影响因素，对各动态影响因素对各区域资本市场发展的影响差异做出解释。通过研究发现，各地区资本市场的发展存在明显的空间差异，其中省域资本市场发展呈现较为明显的梯度性差异，广东的资本市场发展程度最高，，属于第一梯队；浙江、江苏属于第二梯队；山东、辽宁属于第三梯队；福建、天津、河北、海南属于第四梯队；市域资本市场发展中，深圳与宁波的资本市场发展程度最高，其余三个城市的资本市场发展程度基本处于同一水平，总体差异不大。在资本市场发展的动因分析方面，从省域资本市场发展的面板分析结果来看，固定资产投资额与就业人员的受教育程度对各省份资本市场发展的影响差异较大，变量居民收入的影响差异最小。从市域资本市场发展的面板分析结果来看，地区产业集聚力对各副省级城市资本市场发展影响差异较大，而其余变量的影响差异较小。
[Abstract]:Since the establishment of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, China's capital market has gone through an extraordinary course of more than 20 years. On December 19, 1990, when Premier Zhu Yuji announced the establishment of the Shanghai Stock Exchange, there were only eight listed stocks. The total scale of market value is less than 1 billion yuan, and the turnover on the first day of the market is only 494000 yuan. In the past 20 years, the A share market has accumulated 3.7 trillion yuan in financing, which accelerates the concentration of social resources to high-quality enterprises and provides an important support for the rapid development of the national economy. Regional capital market is a capital market formed naturally in the economic development of a country. The capital market studied in this paper is based on the administrative division. Taking nine provinces and five sub-provincial cities in the eastern coastal areas as regional units, the paper measures the spatial differences of capital market development in coastal areas from two levels of provincial and municipal levels, and analyzes the differences in the drivers of capital market development in different regions. This paper takes the comparative study of the development of capital market in coastal areas as the main line, the measurement of the differences in the development of capital markets in various regions and the analysis of the reasons for the development of the capital markets in various regions as the focus of the research, and takes the thinking of "one line and two points" as the research idea. The first is to construct the index system and difference measure model of capital market development systematically, and use principal component method and cluster method to measure the comprehensive index difference of capital market development. Using the method of Tyre coefficient and coefficient of variation to measure the single index difference of the development of capital market, the paper makes a detailed study on the difference of the development of capital market between provincial and municipal geographical units and makes a deep comparison. Secondly, the panel data model is introduced to explore the internal relationship between the capital market development and the local economic and social development in various regions, and to analyze the dynamic influencing factors of the capital market development. This paper explains the difference of the influence factors on the development of capital market in different regions. Through the research, it is found that there are obvious spatial differences in the development of capital markets in various regions, in which the development of capital markets in provincial areas presents obvious gradient differences, and Guangdong has the highest degree of capital market development, which belongs to the first echelon. Jiangsu belongs to the second echelon; Shandong and Liaoning belong to the third echelon; Fujian, Tianjin, Hebei and Hainan belong to the fourth echelon; Shenzhen and Ningbo have the highest degree of capital market development in the development of the municipal capital market. The other three cities' capital market development level is basically in the same level, the overall difference is not big. In terms of the analysis of the reasons for the development of the capital market, from the panel analysis of the development of the capital market in the province, we can see that the influence of the investment in fixed assets and the education level of the employed personnel on the development of the capital market in each province is quite different. The difference of variable residents' income is the least. From the panel analysis of the development of city capital market, the influence of regional industrial agglomeration on the development of capital market of each sub-provincial city is quite different, but the influence of other variables is relatively small.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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