我国资本市场金融约束对居民消费抑制效应的研究

发布时间：2018-01-12 15:39

本文关键词：我国资本市场金融约束对居民消费抑制效应的研究　出处：《江西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：中国长期以来经济快速增长的同时消费率却持续下滑，出现了明显的消费抑制现象，本文在对消费需求理论回顾的基础上，通过对中国居民消费行为、消费需求问题研究文献的梳理，从金融约束的视角来分析消费抑制的现象。金融约束是指政府通过一系列的金融政策在金融部门和生产部门内创设租金机会，以激励其促进经济增长。传统的金融约束理论研究主要局限在银行存贷款市场中，本文旨在将该理论扩展到我国的资本市场，进而分析资本市场金融约束政策对居民消费水平的影响。通过金融约束政策创造的租金必然会发生从居民家庭部门和没有获得外源融资的生产部门向金融部门和能获得外源融资的生产部门的转移，并导致收入分配结构的偏离和差距的扩大。资本市场的金融约束对消费抑制的作用主要体现在其对居民财产性收入的影响上，中国股民多年来累积投入的资金远高于他们从股市得到的回报，此外利率管制还导致公司的股权融资偏好、高溢价发行和配股，间接地对流通股股东的利益造成了损害。财富的转移和劳动收入分配比的下降必然会带来居民消费能力的下降，再加上居民收入差距拉大的制约，进一步导致了我国居民消费抑制的产生。在确定了我国资本市场存在金融约束政策并可能对居民消费产生抑制效应的思路下，文章首先深入分析了我国资本市场存在的制度性缺陷，主要表现在资本市场核心功能的缺失造成资源无法优化配置，股权分置遗留的一系列历史问题阻碍着资本市场发展，政府主管部门监管不力导致市场运行不规范。究其原因，造成我国资本市场制度性缺陷的根源在于金融约束政策的行政化干预使得我国资本市场由成立之初的先天不足演变到后天的畸形发展，长期处于制度无效供给的状态。基于对我国资本市场制度性缺陷的深刻认识，作者进一步剖析了资本市场制度组合中具备显著金融约束效应的相关政策制度，文章审视了我国资本市场发展过程中从上市发行到定价交易，从再融资管理到市场规范监管，几乎每个环节都渗透着浓重的行政化色彩。作者从利率管制、上市主体国有化、股票发行监管制度、股票发行定价方式、再融资低门槛和宽松的监管环境等六个方面展开对资本市场金融约束政策的分析和评价。文章的研究目的在于实证分析我国资本市场金融约束对居民消费的抑制效应，作者将依据对资本市场金融约束政策的理论分析构建一个度量金融约束的动态指数用以测度我国资本市场金融约束的程度。在构建金融约束指数方面，作者将借鉴相关文献中金融市场化指数的构建方法，对不同维度的金融约束政策采用不同的量化处理方法将其转变为时间序列值，以描述金融约束政策的渐变过程。结合对资本市场主要金融约束制度的分析，文章引入了六个指标作为构建金融约束指数的政策变量，分别是利率控制指标、市场主体限制指标、再融资管理指标、监管宽容程度指标、股票发行监管指标和股票发行定价指标。对照各指标的特性，，作者采用了隶属函数法和简单赋值法对各政策变量进行量化处理并得到相应的时间序列，最后通过主成分分析法得到刻画资本市场金融约束程度的金融约束指数，该指数序列表明1994年至2011年期间我国资本市场金融约束程度呈现总体提高的趋势。文章进一步运用误差修正模型法来检验资本市场金融约束指数序列对居民消费水平的影响。金融约束指数序列和居民消费水平序列先后通过了ADF单位根检验和协整关系检验，并以此推导出的误差修正模型证实了我国资本市场金融约束指数对居民消费存在抑制效应，实证结果表明影响居民消费水平短期变动的因素可分解为金融约束指数产生的短期波动影响和误差修正项的长期均衡调整两部分。通过研究资本市场金融约束对居民消费的抑制效应，文章围绕改善资本市场制度组合模式和增加居民财产性收入提出了相关的政策建议，作者认为金融约束应该逐渐淡出我国资本市场，加快我国金融体制改革，让我国资本市场向市场化方向迈进，有助于让更多中小投资者从股票投资中获取财产性收入，保护中小投资者的利益应成为我国资本市场的立市之本。
[Abstract]:Chinese long-term rapid economic growth while the consumption rate has continued to decline, there is an obvious inhibition of consumption phenomenon, based on the review of consumer demand theory, based on the consumer behavior of China residents, research consumer demand problem combing, analysis of consumption inhibition phenomenon from the perspective of financial constraints.
Financial restraint refers to the government rent creating opportunities in the financial sector and the manufacturing sector through a series of financial policies, to encourage them to promote economic growth. The traditional theory of financial restraint is mainly limited to the bank loan market, this paper aims at the theory is extended to the capital market of our country, and analyses the influence of financial restraint policy capital the market for the consumption level of residents. Through the creation of financial restraint policy rents will inevitably occur from household sector and have no access to external financing to the financial department and the production department to obtain external financing production departments transfer, and lead to the income distribution structure deviation and the widening of the gap between the capital market. The financial constraint on consumption suppression the effect is mainly reflected in its impact on property income, Chinese investors over the years accumulated investment funds from the stock market is far higher than they have In addition to return, the interest rate control also led to the company's equity financing preference, high premium issuance and allotment, indirectly circulation shareholders' interests caused damage. Decrease the transfer of wealth and the distribution of labor income than the decline will bring the consumer's ability to control, coupled with the income gap widening further. To inhibit the generation of Chinese residents' consumption.
In the capital market of our country has financial restraint policy and may have inhibitory effects on the consumption idea, this article firstly analyzes the institutional defects of China's capital market, mainly in the lack of the core function of the capital market to optimize the allocation of resources can not be caused, a series of historical issues of non tradable shares left hinder the development of the capital market, the government department in charge of supervision led to the operation of the market is not standardized. The reason for the cause of the defects of China's capital market system is the financial constraint policy of administrative intervention makes China's capital market evolution from its inception to congenitally deficient abnormal development of the day after tomorrow, in the system of invalid supply state for a long time.
Deep understanding of the system in China's capital market based on the defect, the author further analyzes the related policy system has a significant effect of financial restriction of capital market system in combination, this paper examines the development process of China's capital market from the listing to the pricing of the transaction, from financial management to market regulation and supervision, all penetration a strong administrative color. The author listed the main interest rate controls, nationalization, stock issuance system, stock pricing, conduct analysis and evaluation on the financial constraint policy of capital market six aspects of refinancing low threshold and lax regulatory environment.
The purpose of this article is to analysis the inhibitory effect of financial constraints of China's capital market to the consumer, the author on the basis of the policy of financial restraint of capital market theory to construct a measure of financial constraint dynamic index to measure the financial constraints of the capital market of our country. In the construction of financial restraint index, the author will draw on the construction methods the index of financial market in the relevant literature, on different dimensions of financial restraint policy using different methods to quantify the change as time series values to describe the financial restraint policy of gradual process. Combined with the analysis of capital market financial restraint system, this paper introduces six indicators as the construction of financial restraint index the policy variables, including interest rate control index, index market, refinancing management index, index of the degree of regulatory forbearance, the issue of shares. Tube index and IPO pricing control. The characteristics of each index, the author adopts the method of membership function and simple assignment method to quantify the processing for each of the policy variables and the corresponding time series, and finally get the characterization of capital market financial constraint level of financial restraint index by principal component analysis method, the index sequence shows that during the period from 1994 to 2011 China's capital market financial constraint level shows an overall increasing trend.
The article further uses error correction model to test the impact of financial restraint index series of capital market on the consumption level of residents. The financial restraint index series and the consumption level of residents sequence through the ADF unit root test and cointegration test, error correction model and deduces that financial restraint index of China's capital market has inhibitory effect on the consumer, the empirical results show that the factors affecting the consumption level of short-term changes can be divided into short-term fluctuations and the error correction term of the long-term equilibrium of financial restraint index produced by adjusting two parts.
Through the study of capital market financial constraints on consumption based on the inhibition effect, improve the capital market system and the combination mode of the increase in property income residents put forward relevant policy recommendations, the author believes that financial constraints should gradually fade out of China's capital market, accelerate the reform of the financial system in China, so that China's capital market to the market direction. To help make more small investors from the stock investment in the acquisition of property income, to protect the interests of investors in China's capital market should become the foundation of.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F126;F224

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