股票融资对产业结构升级的影响研究
发布时间：2018-08-24 16:22
【摘要】：改革开放以来,我国的国民经济快速发展,经济总量不断扩大。到2009年,我国的经济总量已位居全球第二,仅次于美国。然而,在我国经济总量高速增长的同时,我国国民经济发展中存在的一系列问题和矛盾也开始凸显：比如在2008年国际金融危机的冲击下,我国经济增速明显下滑,尽管2009年在全球率先实现经济回升,但经济增长的内生动力不足；我国自主创新能力不强,部分行业产能过剩矛盾突出,产业结构不合理,制造业大多数处于国际分工产业价值链的低端,附加值很低,而新兴高新技术产业发展方面,我国总体上缺乏核心技术和领军人才；第三产业发展相对整体经济发展滞后；我国的经济体制机制还不够健全等。由此,加快转变发展方式,大力推进经济结构的战略性调整,已经成为当前经济工作的核心,直接决定着我国经济发展的未来方向,保障国民经济的持续健康发展。发达国家工业化进程的普遍经验表明,经济要获得持续稳定的发展,必须要以市场为导向的不断优化的产业结构为支撑,而产业资本与金融资本的密切配合是完成结构转换不可缺少的条件。没有金融资本的介入,规模经济、技术手段的大规模更新等很难完成,产业结构的优化和升级也无法顺利实现。其中,资本市场以其所具有的资本形成、集聚、配置等功能,已经成为实现科技与资本融合不可或缺的重要环节。 自我国股票市场成立以来,通过股票市场的融资额总体上呈现出逐年增加的趋势。股票融资已经成为我国企业融资的重要路径。我国股票市场的融资对产业结构调整的作用如何?股票市场融资是否有利于我国产业升级?这些问题已经成为目前理论界和实务界普遍关注的问题,它不仅有助于厘清学术界对于股票市场特殊功能的认识,更有助于领导决策,对加快我国经济发展方式的转变,实现产业结构的不断调整和升级具有重要的理论指导意义。目前国内已有学者对股票融资与产业结构升级的关系进行了理论和实证研究,但对于这个问题,学者们并没有进行深入细化的研究。因此有必要深入探讨股票融资与产业结构升级之间的关系及其特点,这对于我国产业结构的调整和升级,乃至宏观经济的转型具有一定的实际参考价值。 在研究方法上,本文综合运用多种研究方法,力求做到定性与定量方法、规范与实证方法相结合。规范研究方面,论文首先介绍了股票融资、产业结构升级的相关理论,通过阐述股票市场融资功能,分析股票融资促进产业增长与产业结构升级的作用机制。实证研究方面,一方面采用统计、对比等方法对我国的股票市场融资与产业结构的分布特点进行分析；另一方面用资本配置模型对我国股票市场融资资本配置进行实证分析,以考察我国股票市场资本配置与地区间资本配置的现状,同时运用线性方程对我国股票市场融资与产业结构升级之间进行回归分析,以增强论文研究的可信性和科学性。 本文从我国所面临的产业结构调整任务出发,从不同视角分析了股票市场融资对产业结构升级的影响。论文的思路是：首先,通过相关理论的梳理和国内外文献综述,对企业的融资路径及其特点进行比较分析,运用整体与部分的数学思想,确定股票融资对产业结构升级影响关联程度的大小。其次,由于股票市场融资与产业结构各自具有不同的特点,本文从不同的视角对股票市场融资对产业结构升级的影响进行分析。我国股票发行制度的变迁会影响到股票市场的融资功能,进而会对股票市场融资对产业结构升级的影响和作用效果产生影响；IP0和再融资作为股票市场融资的重要方式,对于产业结构升级的影响机制上表现出各自的特点；我国股票市场融资和产业结构都表现出了地区差异,不同区域内的企业融资对于地区产业结构升级的影响也会表现出差异；股票市场具有周期性,我们有必要考察周期性对股票市场融资对产业结构升级的影响。因此,我们分别从不同发行制度的视角、不同融资方式的视角、不同区域的视角和股市不同周期的视角,研究股票市场融资对产业结构升级的影响。还有,高新技术企业作为未来产业政策扶持的核心,在国民经济中具有重要的地位,它的发展对于产业结构升级将具有深远的影响,本文将单独考察高新技术企业股权融资对高新技术产业升级的影响。最后,对理论分析和实证分析进行总结,提出股票融资促进产业结构升级的政策思考和未来的研究方向。 本文的主要内容如下： 第一章是导论。第一部分阐述论文的研究背景和意义；第二部分是相关概念界定,界定了论文中有关概念的内涵和外延；第三部分是融资理论和产业结构升级理论的介绍；第四部分是本文研究结构、方法；第五部分是论文的创新与不足。 第二章是文献综述。从国外文献综述、国内文献综述两个方面对与论文研究相关的文献进行回顾,并对现有的研究文献进行简单评述。 第三章是股票市场的功能与产业结构调整。第一部分是股票市场功能的介绍；第二部分分析了新中国成立以来,我国产业结构调整的演变过程以及每个过程所表现的特点以及我国产业结构调整中存在的问题；第三部分对我国股票市场的综合性功能进行分析。 第四章是不同融资路径对产业结构升级的影响。第一部分是我国企业融资路径选择,阐述我国企业不同的融资路径及其各自的特点；第二部分分析了不同融资路径对产业结构升级的作用机制；第三部分利用灰色关联分析——协整检验两步法对信贷融资、债券融资和股权融资对产业结构升级的关联程度进行分析,运用协整检验和误差修正模型,分析三种融资路径和产业结构升级的关联度,以判断不同融资路径对产业结构升级影响的大小；第四部分是对本章进行小结。 第五章是股票融资对产业结构升级的影响：基于不同发行制度的视角。这一章主要分析不同发行制度下,股票融资对产业结构升级的影响。第一部分是股票发行制度的类型和我国股票发行制度的演变；第二部分分析股票发行制度对股票融资功能的影响；第三部分从定性角度分析不同发行制度下股票融资对产业结构升级促进作用的路径；第四部分是不同发行制度下股票融资对产业结构升级影响的实证分析,分析了审批制和核准制下股票融资对产业结构升级的影响,分析核准制中的通道制和保荐制下股票融资对产业结构升级的影响；最后是本章小结。 第六章是股票融资对产业结构升级的影响：基于不同融资方式的视角。这一章主要分析不同股票融资方式对产业结构升级的影响。第一部分对我国资本市场的股票融资情况进行统计分析；第二部分是首次公开募股对产业结构升级的影响,首先介绍IPO融资对我国产业结构升级的作用机制,其次是IPO融资对产业结构升级的影响进行实证检验；第三部分是再融资对产业结构升级的影响,在介绍再融资对我国产业结构升级的作用机制的基础上,对再融资对产业结构升级的影响进行实证检验；第四部分对我国上市公司股权再融资投资方向变更现象进行分析；第五部分是本章小结。 第七章是股票融资对产业结构升级的影响：基于不同区域的视角。这一章主要分析股票融资对不同区域产业结构升级的影响。第一部分对我国股票市场融资地区差异进行分析；第二部分分析我国不同地区产业结构特点；第三部分是股票市场地区融资差异对产业结构升级影响的实证分析,首先分析不同地区融资与地区生产总值的相关性,其次对股票市场地区融资对产业结构升级的影响进行实证分析；第四部分是本章小结。 第八章是股票融资对产业结构升级的影响：基于股市不同周期阶段的视角。这一章主要分析不同股市周期下股票融资对产业结构升级的影响。第一部分阐述和分析了股票市场周期的衡量及其特征；第二部分介绍股票市场周期转换的理论解释并分析我国股票市场不同周期阶段股票融资特点；第三部分按照严武等(2006)基于商业周期划分方法发展起来的BP“转折点确认程序”分析方法,将1991年2月至2011年12月的我国股票市场划分为五个牛市、五个熊市阶段,实证分析我国股市不同周期阶段的股票融资对产业结构升级的影响；第四部分是本章小结,并对实证分析结果进行解释。 第九章是股票融资对产业结构升级的影响：基于高新技术产业作为升级标志的视角。第一部分阐述高新技术产业的含义和划分；第二部分分析我国高新技术产业发展的现状和发展的制约因素；第三部分对股票融资对高新技术产业升级的影响进行实证检验；最后是本章小结。 第十章是结论及政策思考。第一部分对全文进行总结,得出结论。第二部分在结论的基础上提出相应的政策建议,主要包括：多层次、多角度建立中国资本市场,在现阶段我们应该保证主板市场、中小板市场、创业板市场的健康发展,并且积极稳妥地推动新三板市场的建立；改革新股发行制度,必须坚持新股发行制度的市场化改革方向,注重市场因素在其中的作用；协调各种再融资方式的发展,提高股权融资的成本,积极推进债券市场的发展,提高再融资的效率,切实保护中小投资者的利益；突出高新技术产业的融资地位,重视创业板在资本市场中的作用；平衡区域融资,在企业进行上市审核时,管理层应该注意区域因素的影响。对于东部地区的公司提高上市的标准,对中西部则适当降低上市的门槛。对于上市资源的分配,政策上对中西部予以一定的照顾。第三部分阐述未来的研究发向。 本文的主要观点是：(1)股票市场融资与产业结构升级度的关联度最高,债券市场次之,银行中长期贷款市场最低。(2)我国股票发行制度由审批制向核准制发展、由通道制向保荐制发展,减少了对股票市场的行政干预、注重用市场因素调节经济,IP0融资对我国产业结构升级的正向影响显著,对我国高新技术产业的升级影响也是如此。(3)在不受我国宏观经济政策因素干预的情况下,IP0融资率每增长1个百分点能促进产业结构升级率提高0.784个百分点,能促进高新技术产业升级率提高0.120个百分点；再融资率每增长1个百分点则能促进产业结构升级率提高1.794个百分点,能促进高新技术产业升级率提高0.238个百分点。在受我国“五年计划”宏观经济政策干预的前提下(即受“九五”计划、“十五”计划和“十一五”计划干预),IPO融资率每增长1个百分点能促进产业结构升级率提高2.066个百分点,能促进高新技术产业升级率提高0.771个百分点；再融资率每增长1个百分点则能促进产业结构升级率提高2.091个百分点,能促进高新技术产业升级率提高2.165个百分点。若是在受我国财政货币政策干预的情况下,IPO融资率每增长1个百分点能促进产业结构升级率提高1.760个百分点,能促进高新技术产业升级率提高0.158个百分点；再融资率每增长1个百分点则能促进产业结构升级率提高1.725个百分点,能促进高新技术产业升级率提高0.311个百分点。(3)高产业结构升级率组各地区的股票融资对产业结构升级的影响是消极的,中产业结构升级率组和低产业结构升级率组各地区的股票融资对产业结构升级有着显著的影响；东部地区的股票融资对产业结构升级的影响是反向的,中部地区和西部地区的股票融资对产业结构升级的影响是正向的,但中部地区的作用程度略高于西部地区；低融资率组各地区的股票市场融资对产业结构升级的影响显著,而高融资率组和中融资率组各地区的股票市场融资对产业结构升级的影响呈负相关关系。(5)在我国股票市场中,熊市中,股票融资率每增长1个百分点能促进产业结构升级率提高7.37个百分点；牛市中,股票融资率每增长1个百分点能促进产业结构升级率提高6.31个百分点。
[Abstract]:Since the reform and opening up, China's national economy has been developing rapidly and the total economic volume has been expanding. By 2009, China's total economic volume has ranked second in the world, second only to the United States. Under the impact of the financial crisis, China's economic growth has declined markedly. Although the world took the lead in achieving economic recovery in 2009, the endogenous impetus of economic growth is insufficient; China's independent innovation capacity is not strong, the contradiction between excess capacity of some industries is prominent, the industrial structure is unreasonable, and most manufacturing industries are at the low end of the value chain of the international division of labor, with additional. As for the development of new high-tech industries, China is generally short of core technology and leading talents; the development of the tertiary industry is lagging behind the overall economic development; China's economic system and mechanism is not sound enough. The core of the work directly determines the future direction of China's economic development and guarantees the sustained and healthy development of the national economy. The common experience of industrialization in developed countries shows that if the economy is to achieve sustained and stable development, it must be supported by the continuously optimized industrial structure oriented by the market, and the close relationship between industrial capital and financial capital. Coordination is an indispensable condition for structural transformation. Without financial capital intervention, large-scale economic and technological means updating is difficult to complete, and the optimization and upgrading of industrial structure can not be smoothly achieved. It is an indispensable link.
Since the establishment of China's stock market, the amount of financing through the stock market has generally shown an increasing trend year by year. Stock financing has become an important way for Chinese enterprises to finance. It is not only helpful to clarify the academia's understanding of the special functions of the stock market, but also helpful to the leadership and decision-making. It is of great theoretical significance to accelerate the transformation of the economic development mode and realize the continuous adjustment and upgrading of the industrial structure. The relationship between ticket financing and the upgrading of industrial structure has been studied theoretically and empirically, but scholars have not made a thorough study on this issue. Therefore, it is necessary to probe into the relationship between stock financing and the upgrading of industrial structure and its characteristics, which will be beneficial to the adjustment and upgrading of industrial structure and even the transformation of macro-economy. It has certain practical reference value.
In the research method, this paper uses a variety of research methods, striving to achieve qualitative and quantitative methods, normative and empirical methods combined. Standardized research, the paper first introduces the stock financing, industrial structure upgrade related theories, through the elaboration of the stock market financing function, analysis of stock financing to promote industrial growth and industrial structure upgrade. Empirical research, on the one hand, using statistical and comparative methods to analyze the distribution characteristics of China's stock market financing and industrial structure; on the other hand, using the capital allocation model to empirical analysis of China's stock market financing capital allocation, to investigate China's stock market capital allocation and regional capital allocation. In order to enhance the credibility and scientificity of this paper, we use linear equation to analyze the relationship between stock market financing and industrial structure upgrading.
Starting from the task of industrial restructuring faced by China, this paper analyzes the impact of stock market financing on the upgrading of industrial structure from different perspectives. The ideas of this paper are as follows: Firstly, through the combing of relevant theories and literature review at home and abroad, this paper makes a comparative analysis of financing paths and characteristics of enterprises, using the mathematical thinking of the whole and part. Secondly, because of the different characteristics of stock market financing and industrial structure, this paper analyzes the impact of stock market financing on the upgrading of industrial structure from different perspectives. IP0 and refinancing, as an important way of financing in the stock market, have their own characteristics on the impact mechanism of industrial structure upgrading; China's stock market financing and industrial structure have shown regional differences, different regions The impact of corporate financing on the upgrading of regional industrial structure is also different; the stock market is cyclical, so it is necessary to examine the impact of cyclical financing on the upgrading of industrial structure. In addition, as the core of future industrial policy support, high-tech enterprises play an important role in the national economy. Its development will have a far-reaching impact on the upgrading of industrial structure. This paper will examine the equity financing of high-tech enterprises separately. Finally, it summarizes the theoretical analysis and empirical analysis, and puts forward the policy thinking and future research direction of stock financing to promote the upgrading of industrial structure.
The main contents of this paper are as follows:
The first chapter is the introduction. The first part elaborates the research background and significance of the paper; the second part defines the relevant concepts, defines the connotation and extension of the paper; the third part is the introduction of financing theory and industrial structure upgrading theory; the fourth part is the research structure and methods of this paper; the fifth part is the innovation and innovation of the paper. Not enough.
The second chapter is the literature review. The literature related to the paper research is reviewed from two aspects: the foreign literature review and the domestic literature review, and the existing research literature is briefly reviewed.
The third chapter is the function of the stock market and the adjustment of the industrial structure.The first part is the introduction of the function of the stock market.The second part analyzes the evolution process of the industrial structure adjustment and the characteristics of each process since the founding of New China. The comprehensive function of the field is analyzed.
The fourth chapter is the impact of different financing paths on the upgrading of industrial structure. The first part is the choice of financing paths for Chinese enterprises, explaining the different financing paths and their respective characteristics; the second part analyzes the mechanism of different financing paths on the upgrading of industrial structure; the third part uses gray correlation analysis-co-integration inspection. The two-step test method is used to analyze the relationship between credit financing, bond financing and equity financing and the upgrading of industrial structure. The co-integration test and error correction model are used to analyze the correlation between the three financing paths and the upgrading of industrial structure in order to judge the impact of different financing paths on the upgrading of industrial structure. Summary.
The fifth chapter is the impact of stock financing on the upgrading of industrial structure: based on the perspective of different issuing systems. This chapter mainly analyzes the impact of stock financing on the upgrading of industrial structure under different issuing systems. The effect of stock financing on the upgrading of industrial structure is analyzed qualitatively in the third part. The impact of stock financing on the upgrading of industrial structure under different issuing systems is analyzed empirically in the fourth part. The impact of stock financing on the upgrading of industrial structure under the channel system and recommendation system is analyzed.
Chapter 6 is the impact of stock financing on the upgrading of industrial structure: based on the perspective of different financing methods. This chapter mainly analyzes the impact of different stock financing methods on the upgrading of industrial structure. Firstly, this paper introduces the mechanism of IPO financing on the upgrading of industrial structure in China, secondly, it empirically examines the impact of IPO financing on the upgrading of industrial structure; thirdly, the impact of refinancing on the upgrading of industrial structure, and on the basis of introducing the mechanism of refinancing on the upgrading of industrial structure in China, it also examines the effect of refinancing on the upgrading of industrial structure The fourth part analyzes the change of investment direction of equity refinancing of Listed Companies in China; the fifth part is the summary of this chapter.
The seventh chapter is the impact of stock financing on the upgrading of industrial structure: based on the perspective of different regions. This chapter mainly analyzes the impact of stock financing on the upgrading of industrial structure in different regions. The empirical analysis of the impact of regional financing differences on the upgrading of industrial structure in stock market firstly analyzes the correlation between regional financing and GDP, secondly analyzes the impact of regional financing on the upgrading of industrial structure in stock market; the fourth part is the summary of this chapter.
Chapter 8 is about the impact of stock financing on the upgrading of industrial structure: based on the perspective of different periods of stock market. This chapter mainly analyzes the impact of stock financing on the upgrading of industrial structure under different stock market cycles. The third part divides China's stock market from February 1991 to December 2011 into five bull markets and five bear markets according to the BP "turning point confirmation procedure" method developed by Yan Wu et al. (2006) based on the business cycle division method. The fourth part is the summary of this chapter, and explains the empirical results.
Chapter 9 is the impact of stock financing on the upgrading of industrial structure: based on the perspective of high-tech industry as a sign of upgrading. The first part elaborates the meaning and division of high-tech industry; the second part analyzes the current situation and development constraints of high-tech industry in China; the third part analyzes the stock financing on high-tech industry. The impact of upgrading is empirically tested; finally, the summary of this chapter.
Chapter 10 is the conclusion and policy thinking. The first part summarizes the whole paper and draws the conclusion. The second part puts forward the corresponding policy suggestions on the basis of the conclusion, mainly including: establishing the Chinese capital market from multi-level and multi-angle. At this stage, we should ensure the healthy development of the main board market, the small and medium board market and the GEM market, and Actively and steadily promote the establishment of the new three-board market; to reform the new share issuance system, we must adhere to the market-oriented reform direction of the new share issuance system, pay attention to the role of market factors in it; coordinate the development of various refinancing methods, improve the cost of equity financing, actively promote the development of the bond market, improve the efficiency of refinancing, and practically. Protecting the interests of small and medium investors, highlighting the financing status of high-tech industries, and attaching importance to the role of GEM in the capital market; balancing regional financing, management should be in the process of listing audit of enterprises.
【学位授予单位】：江西财经大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.51;F224
本文编号：2201361
[Abstract]:Since the reform and opening up, China's national economy has been developing rapidly and the total economic volume has been expanding. By 2009, China's total economic volume has ranked second in the world, second only to the United States. Under the impact of the financial crisis, China's economic growth has declined markedly. Although the world took the lead in achieving economic recovery in 2009, the endogenous impetus of economic growth is insufficient; China's independent innovation capacity is not strong, the contradiction between excess capacity of some industries is prominent, the industrial structure is unreasonable, and most manufacturing industries are at the low end of the value chain of the international division of labor, with additional. As for the development of new high-tech industries, China is generally short of core technology and leading talents; the development of the tertiary industry is lagging behind the overall economic development; China's economic system and mechanism is not sound enough. The core of the work directly determines the future direction of China's economic development and guarantees the sustained and healthy development of the national economy. The common experience of industrialization in developed countries shows that if the economy is to achieve sustained and stable development, it must be supported by the continuously optimized industrial structure oriented by the market, and the close relationship between industrial capital and financial capital. Coordination is an indispensable condition for structural transformation. Without financial capital intervention, large-scale economic and technological means updating is difficult to complete, and the optimization and upgrading of industrial structure can not be smoothly achieved. It is an indispensable link.
Since the establishment of China's stock market, the amount of financing through the stock market has generally shown an increasing trend year by year. Stock financing has become an important way for Chinese enterprises to finance. It is not only helpful to clarify the academia's understanding of the special functions of the stock market, but also helpful to the leadership and decision-making. It is of great theoretical significance to accelerate the transformation of the economic development mode and realize the continuous adjustment and upgrading of the industrial structure. The relationship between ticket financing and the upgrading of industrial structure has been studied theoretically and empirically, but scholars have not made a thorough study on this issue. Therefore, it is necessary to probe into the relationship between stock financing and the upgrading of industrial structure and its characteristics, which will be beneficial to the adjustment and upgrading of industrial structure and even the transformation of macro-economy. It has certain practical reference value.
In the research method, this paper uses a variety of research methods, striving to achieve qualitative and quantitative methods, normative and empirical methods combined. Standardized research, the paper first introduces the stock financing, industrial structure upgrade related theories, through the elaboration of the stock market financing function, analysis of stock financing to promote industrial growth and industrial structure upgrade. Empirical research, on the one hand, using statistical and comparative methods to analyze the distribution characteristics of China's stock market financing and industrial structure; on the other hand, using the capital allocation model to empirical analysis of China's stock market financing capital allocation, to investigate China's stock market capital allocation and regional capital allocation. In order to enhance the credibility and scientificity of this paper, we use linear equation to analyze the relationship between stock market financing and industrial structure upgrading.
Starting from the task of industrial restructuring faced by China, this paper analyzes the impact of stock market financing on the upgrading of industrial structure from different perspectives. The ideas of this paper are as follows: Firstly, through the combing of relevant theories and literature review at home and abroad, this paper makes a comparative analysis of financing paths and characteristics of enterprises, using the mathematical thinking of the whole and part. Secondly, because of the different characteristics of stock market financing and industrial structure, this paper analyzes the impact of stock market financing on the upgrading of industrial structure from different perspectives. IP0 and refinancing, as an important way of financing in the stock market, have their own characteristics on the impact mechanism of industrial structure upgrading; China's stock market financing and industrial structure have shown regional differences, different regions The impact of corporate financing on the upgrading of regional industrial structure is also different; the stock market is cyclical, so it is necessary to examine the impact of cyclical financing on the upgrading of industrial structure. In addition, as the core of future industrial policy support, high-tech enterprises play an important role in the national economy. Its development will have a far-reaching impact on the upgrading of industrial structure. This paper will examine the equity financing of high-tech enterprises separately. Finally, it summarizes the theoretical analysis and empirical analysis, and puts forward the policy thinking and future research direction of stock financing to promote the upgrading of industrial structure.
The main contents of this paper are as follows:
The first chapter is the introduction. The first part elaborates the research background and significance of the paper; the second part defines the relevant concepts, defines the connotation and extension of the paper; the third part is the introduction of financing theory and industrial structure upgrading theory; the fourth part is the research structure and methods of this paper; the fifth part is the innovation and innovation of the paper. Not enough.
The second chapter is the literature review. The literature related to the paper research is reviewed from two aspects: the foreign literature review and the domestic literature review, and the existing research literature is briefly reviewed.
The third chapter is the function of the stock market and the adjustment of the industrial structure.The first part is the introduction of the function of the stock market.The second part analyzes the evolution process of the industrial structure adjustment and the characteristics of each process since the founding of New China. The comprehensive function of the field is analyzed.
The fourth chapter is the impact of different financing paths on the upgrading of industrial structure. The first part is the choice of financing paths for Chinese enterprises, explaining the different financing paths and their respective characteristics; the second part analyzes the mechanism of different financing paths on the upgrading of industrial structure; the third part uses gray correlation analysis-co-integration inspection. The two-step test method is used to analyze the relationship between credit financing, bond financing and equity financing and the upgrading of industrial structure. The co-integration test and error correction model are used to analyze the correlation between the three financing paths and the upgrading of industrial structure in order to judge the impact of different financing paths on the upgrading of industrial structure. Summary.
The fifth chapter is the impact of stock financing on the upgrading of industrial structure: based on the perspective of different issuing systems. This chapter mainly analyzes the impact of stock financing on the upgrading of industrial structure under different issuing systems. The effect of stock financing on the upgrading of industrial structure is analyzed qualitatively in the third part. The impact of stock financing on the upgrading of industrial structure under different issuing systems is analyzed empirically in the fourth part. The impact of stock financing on the upgrading of industrial structure under the channel system and recommendation system is analyzed.
Chapter 6 is the impact of stock financing on the upgrading of industrial structure: based on the perspective of different financing methods. This chapter mainly analyzes the impact of different stock financing methods on the upgrading of industrial structure. Firstly, this paper introduces the mechanism of IPO financing on the upgrading of industrial structure in China, secondly, it empirically examines the impact of IPO financing on the upgrading of industrial structure; thirdly, the impact of refinancing on the upgrading of industrial structure, and on the basis of introducing the mechanism of refinancing on the upgrading of industrial structure in China, it also examines the effect of refinancing on the upgrading of industrial structure The fourth part analyzes the change of investment direction of equity refinancing of Listed Companies in China; the fifth part is the summary of this chapter.
The seventh chapter is the impact of stock financing on the upgrading of industrial structure: based on the perspective of different regions. This chapter mainly analyzes the impact of stock financing on the upgrading of industrial structure in different regions. The empirical analysis of the impact of regional financing differences on the upgrading of industrial structure in stock market firstly analyzes the correlation between regional financing and GDP, secondly analyzes the impact of regional financing on the upgrading of industrial structure in stock market; the fourth part is the summary of this chapter.
Chapter 8 is about the impact of stock financing on the upgrading of industrial structure: based on the perspective of different periods of stock market. This chapter mainly analyzes the impact of stock financing on the upgrading of industrial structure under different stock market cycles. The third part divides China's stock market from February 1991 to December 2011 into five bull markets and five bear markets according to the BP "turning point confirmation procedure" method developed by Yan Wu et al. (2006) based on the business cycle division method. The fourth part is the summary of this chapter, and explains the empirical results.
Chapter 9 is the impact of stock financing on the upgrading of industrial structure: based on the perspective of high-tech industry as a sign of upgrading. The first part elaborates the meaning and division of high-tech industry; the second part analyzes the current situation and development constraints of high-tech industry in China; the third part analyzes the stock financing on high-tech industry. The impact of upgrading is empirically tested; finally, the summary of this chapter.
Chapter 10 is the conclusion and policy thinking. The first part summarizes the whole paper and draws the conclusion. The second part puts forward the corresponding policy suggestions on the basis of the conclusion, mainly including: establishing the Chinese capital market from multi-level and multi-angle. At this stage, we should ensure the healthy development of the main board market, the small and medium board market and the GEM market, and Actively and steadily promote the establishment of the new three-board market; to reform the new share issuance system, we must adhere to the market-oriented reform direction of the new share issuance system, pay attention to the role of market factors in it; coordinate the development of various refinancing methods, improve the cost of equity financing, actively promote the development of the bond market, improve the efficiency of refinancing, and practically. Protecting the interests of small and medium investors, highlighting the financing status of high-tech industries, and attaching importance to the role of GEM in the capital market; balancing regional financing, management should be in the process of listing audit of enterprises.
【学位授予单位】：江西财经大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.51;F224
【引证文献】
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1 金发奇;钟蕾;;股票市场融资对区域产业结构升级影响的实证研究——基于动态面板数据模型[J];财务与金融;2013年06期
，本文编号：2201361
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