资本市场支持产业结构升级研究

发布时间：2018-01-21 13:24

本文关键词： 资本市场产业结构升级协整分析灰色关联分析相关分析　出处：《武汉理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：现代经济增长理论研究表明,产业结构升级是经济增长的重要推动力。作为国民经济结构的核心组成部分和最基本的结构形态,产业结构将在很大程度上决定着一个国家的经济竞争力。本质上来讲,现代经济增长方式正是以产业结构变动为核心的经济增长模式。中国经济发展正处在“稳增长、调结构、促改革”的转型期,要调整经济增长模式,产业结构升级是重点。金融是现代经济的核心,实体经济的发展离不开金融的支持,产业结构升级自然也需要金融支持。而资本市场作为现代金融的核心、现代金融体系的构建基础,在金融活动中占据了重要的比重。通过资本市场来促进产业结构升级将成为一项重要手段。资本市场能否有效促进产业结构升级可以看成是对资本市场资源配置有效性的一种检验方式。在此基础上,本文通过理论推导加实证研究的方法论证了我国资本市场与产业结构升级之间的关系,并结合现状考察了我国资本市场本身发展的不足,最终为我国现阶段如何逐步完善资本市场以促进产业结构升级提出建议。本文主要研究内容与相关结论可整理为以下三个部分。(1)资本市场支持产业结构升级的相关机理分析。在关于资本市场支持产业结构升级的系统理论未形成的情况下,通过引入企业这个微观主体探索了一条资本市场支持产业结构升级的路径。(2)在理论研究与机理研究的基础上,运用1994-2011年的相关数据对资本市场支持产业结构升级进行了实证分析,主要分为三个层次：一是运用协整理论分析了整个资本市场对产业结构升级的影响,证实前者对后者具有正向推动作用：二是,在根据不同融资来源对资本市场进行分类的基础上,对各个子市场与产业结构升级之间的相关度进行了灰色关联度分析,结果表明股票市场与产业结构升级之间的关联度最高,银行中长期贷款市场次之,债券市场排在最后；三是,在分析了整个资本市场与高技术产业结构升级的基础上,专门考察了中小板与创业板对于高技术产业结构升级之间的相关性,从动态的角度对比发现资本市场自身的扩容还未达到预期效果。(3)结合实证分析结果,联系我国资本市场相关现状,从宏观到微观、整体与局部相结合的角度出发提出了完善资本市场建设的可行性建议,如在转板制度中设立标准区域与缓冲期。
[Abstract]:Modern economic growth theory research shows that industrial structure upgrading is an important driving force of economic growth, as the core part of the national economic structure and the most basic structural form. Industrial structure will determine the economic competitiveness of a country to a large extent. The mode of modern economic growth is just the mode of economic growth with the change of industrial structure as the core. China's economic development is in the transition period of "steady growth, adjusting the structure and promoting reform", it is necessary to adjust the mode of economic growth. The upgrading of industrial structure is the key point. Finance is the core of modern economy, and the development of real economy can not be separated from the support of finance. The upgrading of industrial structure naturally also needs financial support. The capital market is the core of modern finance. The foundation of the modern financial system occupies an important proportion in the financial activities, and it will become an important means to promote the upgrading of industrial structure through the capital market. Whether the capital market can effectively promote the upgrading of industrial structure can be seen as a way to test the effectiveness of the allocation of capital market resources. This paper demonstrates the relationship between China's capital market and industrial structure upgrading through theoretical derivation and empirical research, and examines the deficiencies of the development of China's capital market itself in combination with the current situation. Finally, suggestions on how to improve the capital market in order to promote the upgrading of industrial structure are put forward. The main research contents and related conclusions can be sorted into the following three parts. Analysis of the mechanism of capital market supporting industrial structure upgrading. In the case of capital market supporting industrial structure upgrading system theory has not been formed. By introducing enterprise as a micro subject, this paper explores a path of capital market supporting industrial structure upgrading. (2) on the basis of theoretical research and mechanism research. Using the relevant data from 1994 to 2011, the paper makes an empirical analysis on the upgrading of capital market supporting industrial structure. It is mainly divided into three levels: first, the use of co-integration theory to analyze the impact of the entire capital market on the upgrading of industrial structure, to confirm that the former has a positive role in the latter; the second is. On the basis of classifying the capital market according to different financing sources, this paper analyzes the correlation between each sub-market and the upgrading of industrial structure. The results show that the relationship between the stock market and the upgrading of industrial structure is the highest, the medium and long-term loan market of banks is the second, and the bond market is the last. Third, based on the analysis of the whole capital market and the upgrading of high-tech industrial structure, the correlation between the small and medium-sized board and the gem for the upgrading of high-tech industrial structure is investigated. From the dynamic point of view, we find that the expansion of the capital market itself has not achieved the expected results. (3) combined with the results of empirical analysis, linked to the current situation of China's capital market, from macro to micro. From the angle of the combination of whole and part, the paper puts forward some feasible suggestions to perfect the construction of capital market, such as setting up standard area and buffer period in the system of transfer board.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F121.3;F832.5

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