我国金融市场化与资本配置效率的实证研究
发布时间：2018-07-25 17:17
【摘要】：随着我国综合国力的增强,金融市场的国际地位、作用和影响日益显现,金融市场化改革现已成为经济发展的一个重要组成部分,本文从金融市场融资度、非财政影响度和对外金融开放度三个维度五项指标构建了一个衡量金融市场化的指标体系,运用Wurgler资本配置效率测算模型,对我国14年30个地区的金融市场化的指标面板数据加以验证,得出结论:我国现阶段金融市场化中融资规模和结构对资本配置效率的提高显著正相关,利率市场化和金融对外开放对资本配置效率显著负相关,财政干预与资本配置效率无显著相关关系。
[Abstract]:With the enhancement of our country's comprehensive national strength, the international position, function and influence of financial market are becoming more and more obvious. The reform of financial marketization has become an important part of economic development. Three dimensions and five indexes of non-fiscal impact and external financial openness have been constructed to measure the financial marketization, and the Wurgler capital allocation efficiency model has been used to measure the financial marketization. This paper verifies the index panel data of financial marketization in 30 regions of China for 14 years, and draws a conclusion that the improvement of capital allocation efficiency by the scale and structure of financing in the current stage of financial marketization in China is significantly positively related to the improvement of the efficiency of capital allocation. Interest rate marketization and financial opening to the outside world have negative correlation with capital allocation efficiency, but there is no significant correlation between financial intervention and capital allocation efficiency.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.5
，
本文编号：2144500
[Abstract]:With the enhancement of our country's comprehensive national strength, the international position, function and influence of financial market are becoming more and more obvious. The reform of financial marketization has become an important part of economic development. Three dimensions and five indexes of non-fiscal impact and external financial openness have been constructed to measure the financial marketization, and the Wurgler capital allocation efficiency model has been used to measure the financial marketization. This paper verifies the index panel data of financial marketization in 30 regions of China for 14 years, and draws a conclusion that the improvement of capital allocation efficiency by the scale and structure of financing in the current stage of financial marketization in China is significantly positively related to the improvement of the efficiency of capital allocation. Interest rate marketization and financial opening to the outside world have negative correlation with capital allocation efficiency, but there is no significant correlation between financial intervention and capital allocation efficiency.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.5
，
本文编号：2144500
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