股票市场资源配置效率及其溢出效应

发布时间：2018-01-02 17:41

本文关键词：股票市场资源配置效率及其溢出效应　出处：《系统工程》2017年05期 　论文类型：期刊论文

【摘要】：基于全国31个省、直辖市和自治区1997~2013年的面板数据,采用空间计量模型分别对全国和中、东、西部地区股票市场的发展模式、资源配置效率和空间溢出效应进行了实证分析。结果表明:尽管东部和中部的股票市场呈现出俱乐部收敛,但全域性的β收敛趋势并不存在,并且股票市场仅仅体现了政府指导下的资源配置效率,未能充分发挥市场竞价条件下的基础性配置作用;进一步的分析发现东部和西部股票市场的发展分别促进和抑制了本地区经济的增长,但其空间溢出效应并不显著,而中部地区股票市场在促进邻域省份经济发展的同时,对本地区经济的贡献十分有限。其政策寓意在于:中西部地区应主动破冰资本流动壁垒,在"新三板"框架下重新审视和规划资本市场发展路径,发挥区域联动作用,共同推动新常态下产业结构调整和中国经济改革转型。
[Abstract]:Based on the country's 31 provinces, municipalities and autonomous regions panel data of 1997~2013 years, the spatial econometric model respectively to the national and in the East, the development mode of the stock market in the western region, resource allocation efficiency and spatial spillover effect empirically. The results show that although the eastern and central stock market shows the club convergence but the trend of global convergence, does not exist, and the stock market just reflects the efficiency of the allocation of resources under the guidance of the government, failed to give full play to the role of the basic configuration of market bidding conditions; further analysis found that the East and west of the development of the stock market which promote or restrain the regional economic growth, but its spatial spillover the effect is not significant, while the central region to promote the development of the stock market in the neighborhood economic provinces at the same time, the region's contribution is very limited. The policy implication is that: The central and western regions should take the initiative to break the ice capital flow barrier, re-examine and plan the development path of the capital market under the framework of the new three boards, play the role of regional linkage, and jointly promote the adjustment of industrial structure and the transformation of China's economic reform under the new normal.

【作者单位】：河北大学经济学院;
【基金】：河北省软科学项目(174576212D) 河北省社会科学发展研究课题(201704020201)
【分类号】：F832.51
【正文快照】： 1引言作为资本市场成长最快的新兴经济体,中国近年来却频频以海外股权融资者的身份活跃于国际资本舞台,2014年阿里巴巴更是以217.67亿美元的融资总量成为纽约证券交易所有史以来最大的IPO,万达商业则以37.16亿美元的融资额荣登港股上市之最,中国企业的集体“出走”并在全球资

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