互联网金融、股票市场与中小企业发展

发布时间：2018-05-09 01:19

本文选题：互联网金融 + 股票市场　；参考：《财政研究》2017年09期

【摘要】：现阶段,我国金融市场中存在金融资本"脱实向虚"的现象,互联网金融能否有效解决中小企业的融资难题是一个热点问题。本文在分析互联网金融、股票市场与中小企业各自发展现状以及探讨它们之间相互影响机理的基础上,基于SVAR模型实证探究了互联网金融、股票市场与中小企业发展之间的关系,并通过加入制造业进行了稳健性检验。研究结果表明:第一,互联网金融和股票市场未能有效推动中小企业乃至整个实体经济的发展,中小企业的发展主要依靠自身的积累;第二,互联网金融平台的大量资金流向了股票市场,助长了资本市场的繁荣;第三,中小企业对股票市场的发展起到了促进作用,但对互联网金融产生了较弱的负向冲击。最后,本文结合研究结论提出了相关政策建议。
[Abstract]:At present, there is a phenomenon that financial capital "defies reality" in the financial market of our country. Whether Internet finance can effectively solve the financing problem of small and medium-sized enterprises is a hot issue. Based on the analysis of the current situation of Internet finance, stock market and small and medium-sized enterprises, and the mechanism of their mutual influence, this paper explores the Internet finance based on SVAR model. The relationship between the stock market and the development of small and medium-sized enterprises is tested by joining the manufacturing industry. The results show that: first, the Internet financial and stock markets can not effectively promote the development of small and medium-sized enterprises and even the whole real economy, the development of small and medium-sized enterprises mainly depends on their own accumulation; second, A large amount of money from Internet financial platform flows to the stock market, which contributes to the prosperity of the capital market. Thirdly, small and medium-sized enterprises promote the development of the stock market, but have a weaker negative impact on Internet finance. Finally, this paper puts forward the relevant policy recommendations combined with the conclusions of the study.
【作者单位】：安徽财经大学金融学院;安徽财经大学;
【分类号】：F276.3;F724.6;F832.51

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