中国证券市场融资效率研究

发布时间：2018-03-20 06:23

本文选题：证券市场　切入点：融资效率　出处：《济南大学》2017年硕士论文　论文类型：学位论文

【摘要】：自上世纪90年代初上海、深圳证券交易所成立以来,中国证券市场在25年的时间里,不仅实现了从无到有的突破,而且不断完善,走完了欧美等发达国家近200年的发展道路。目前,若从总市值和交易量等指标看,上海证券交易所已经成为仅次于纽约证券交易所的全球第二大证券交易所。但在其发展过程中,中国证券市场也积累了很多问题,引起社会各界广泛关注。其中,低迷的证券市场融资效率问题显得尤为突出,主要表现在证券市场宏观融资效率较低和证券市场协同融资效率乏力两个方面。证券市场宏观融资效率方面,本文研究建立在中国证券市场功能缺失的背景下,采用增量法计算直接融资比重表示中国证券市场宏观融资效率,既能反映证券市场的融资功能,又能对证券市场融资效率进行分析,突破了以往学者将证券市场融资功能和融资效率割裂开来的分析范式。研究发现,中国证券市场的宏观融资效率还处于较低水平,从平均水平来看,证券市场所满足的社会融资需求不足20%,导致这一问题的原因在于中国证券市场的定价效率还没有达到半强式有效水平,这造成中国证券市场的资源配置能力低下,融资功能发挥不畅,限制了宏观融资效率的提升。证券市场协同融资效率方面,中国经济持续高增长状态发生转变的时代背景下,政府开始重视证券市场直接融资对于经济增长的推动作用。本文基于实体经济部门和金融部门的两部门划分法以及金融内生增长理论,利用证券市场直接融资与经济增长2002~2015月度数据对证券市场直接融资与经济增长的动态关联性展开研究。研究表明:观测期内,中国证券市场直接融资与经济增长之间已经具备动态的关联性特征,证券市场直接融资额与经济增长之间存在显著的倒“U”形关系,在保持适度的通货膨胀的条件下,通过实施宽松的货币政策有利于通过提高证券市场直接融资比重促进经济平稳增长。
[Abstract]:Since the establishment of the Shanghai and Shenzhen Stock Exchange in early -10s, China's securities market has not only achieved a breakthrough from scratch in 25 years, but also continued to improve. We have completed the development path of developed countries such as Europe and the United States for nearly 200 years. At present, if we look at such indicators as total market value and trading volume, The Shanghai Stock Exchange has become the second largest stock exchange in the world after the New York Stock Exchange. However, in the course of its development, China's securities market has also accumulated many problems, which have aroused widespread concern from all walks of life. The problem of low financing efficiency of securities market is especially prominent, mainly in two aspects: the low efficiency of macro financing in securities market and the weak efficiency of cooperative financing in securities market. In this paper, under the background of the absence of the function of China's securities market, the incremental method is used to calculate the direct financing proportion to express the macro financing efficiency of China's securities market, which can reflect the financing function of the securities market. It can also analyze the financing efficiency of the securities market, breaking through the analytical paradigm of separating the financing function and the financing efficiency of the securities market in the past, and finding that the macro financing efficiency of the securities market in China is still at a low level. On average, the social financing needs of the securities market are less than 20 percent. The reason for this problem lies in the fact that the pricing efficiency of China's securities market has not yet reached the semi-strong effective level. As a result, the resource allocation ability of China's securities market is low, the financing function is not smooth, and the improvement of macro financing efficiency is restricted. In the aspect of securities market co-financing efficiency, under the background of the change of the sustained high growth state of China's economy, The government has begun to attach importance to the role of direct financing in the securities market in promoting economic growth. This paper is based on the division of real and financial sectors and the theory of endogenous financial growth. Based on the monthly data of direct financing and economic growth in the securities market in 2002 / 2015, the dynamic correlation between direct financing and economic growth in the securities market is studied. There is a dynamic correlation between direct financing and economic growth in China's securities market. There is a significant inverted "U" relationship between direct financing and economic growth in the securities market, under the condition of keeping moderate inflation. The implementation of loose monetary policy is conducive to promoting steady economic growth by increasing the proportion of direct financing in the securities market.
【学位授予单位】：济南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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