社会融资规模与融资结构对实体经济的影响——基于空间计量模型的实证研究

发布时间：2018-07-14 09:37

【摘要】：文章以中国31个省份的季度数据为研究样本,通过构建空间计量模型实证分析了社会融资规模和融资结构对实体经济的影响。研究表明:(1)我国省域实体经济的发展状况存在显著的正向空间相关性,且邻近省级区域之间实体经济增长存在空间集聚特征。(2)社会融资规模的增加显著促进了实体经济发展,但不同的社会融资结构对实体经济的影响各有差异:人民币贷款和企业债券融资显著促进了实体经济的发展;委托贷款、信托贷款和未贴现银行承兑汇票阻碍了实体经济的发展;外币贷款和非金融企业境内股票融资对实体经济的发展产生了负面影响,但并不显著。基于此,提出了促进实体经济快速发展的政策及建议。
[Abstract]:Based on the quarterly data of 31 provinces in China, this paper empirically analyzes the impact of social financing scale and financing structure on the real economy by constructing a spatial econometric model. The results show that: (1) there is a significant positive spatial correlation in the development of the real economy in China, and there is a spatial agglomeration feature in the growth of the real economy between the neighboring provinces. (2) the increase of the scale of social financing promotes the development of the real economy. However, the impact of different social financing structures on the real economy is different: RMB loans and corporate bond financing significantly promote the development of the real economy; Trust loans and non-discounted bank acceptance bills hinder the development of the real economy, while foreign currency loans and domestic stock financing of non-financial enterprises have a negative impact on the development of the real economy, but they are not significant. Based on this, the paper puts forward policies and suggestions to promote the rapid development of the real economy.
【作者单位】：石河子大学经济与管理学院;
【基金】：国家社会科学基金项目“新疆少数民族地区扶贫开发中的金融支持问题研究”(13XMZ075) 新疆维吾尔自治区人文社会科学重点研究基地兵团屯垦经济研究中心项目“新疆绿色经济可持续发展与政府行为研究”(XJEDU020217C05) 国家自然科学基金项目“新一轮对口援疆政策效率测度及其提升路径研究”(71363046) 山东省高校人文社会科学研究项目“规范和引导山东省民间金融健康发展问题研究”(J12WG13)阶段性成果
【分类号】：F124

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