金融生態(tài)環(huán)境的“資金洼地”效應(yīng)及其對(duì)資本配置效率的影響
本文選題:金融生態(tài)環(huán)境 切入點(diǎn):“資金洼地”效應(yīng) 出處:《浙江工商大學(xué)》2012年碩士論文
【摘要】:在開(kāi)放經(jīng)濟(jì)條件下,吸引外來(lái)資本流入以促進(jìn)本地區(qū)的資本形成以及提高地區(qū)存量資本的配置效率是提高產(chǎn)出的重要手段,辨識(shí)其背后的影響因素具有重要現(xiàn)實(shí)意義。一些理論研究認(rèn)為,金融生態(tài)環(huán)境改善通過(guò)資本積累效應(yīng)和資本配置效率效應(yīng)對(duì)經(jīng)濟(jì)運(yùn)行產(chǎn)生有益的影響。然而,在經(jīng)驗(yàn)意義上,金融生態(tài)環(huán)境究竟通過(guò)何種渠道對(duì)經(jīng)濟(jì)運(yùn)行產(chǎn)生影響尚無(wú)定論,因此進(jìn)一步進(jìn)行相關(guān)研究具有重要學(xué)術(shù)價(jià)值。 本文在系統(tǒng)回顧金融生態(tài)環(huán)境相關(guān)研究文獻(xiàn)的基礎(chǔ)上,討論了金融生態(tài)環(huán)境質(zhì)量對(duì)地區(qū)吸引外來(lái)資本流入能力以及地區(qū)資本配置效率的影響及其作用路徑。在文獻(xiàn)研究和機(jī)理探討的基礎(chǔ)上,本文從全國(guó)和浙江省兩個(gè)層面實(shí)證檢驗(yàn)了金融生態(tài)環(huán)境的“資金洼地”效應(yīng)和資本配置效率改善效應(yīng)。在“資金洼地”效應(yīng)方面,本文從金融生態(tài)環(huán)境質(zhì)量與金融資產(chǎn)風(fēng)險(xiǎn)狀況的相關(guān)關(guān)系出發(fā)分析了金融生態(tài)環(huán)境的“資金洼地”效應(yīng)。為進(jìn)一步提供堅(jiān)實(shí)有效的經(jīng)驗(yàn)證據(jù),基于中國(guó)分省面板數(shù)據(jù),本文采用空間計(jì)量模型檢驗(yàn)了金融生態(tài)環(huán)境質(zhì)量的“資金洼地”效應(yīng)。在資本配置效率改善方面,本文從宏觀區(qū)域和中觀行業(yè)兩個(gè)層面進(jìn)行了經(jīng)驗(yàn)研究。 文章發(fā)現(xiàn),金融生態(tài)環(huán)境質(zhì)量與地區(qū)投資風(fēng)險(xiǎn)具有顯著的負(fù)相關(guān)關(guān)系,金融生態(tài)環(huán)境改善帶來(lái)地方投資風(fēng)險(xiǎn)降低,能夠有效的吸引資金流入;進(jìn)一步的實(shí)證研究表明,金融生態(tài)環(huán)境的改善具有顯著的“資金洼地”效應(yīng),并且這種結(jié)果具有穩(wěn)健性;在資本配置效率方面,金融生態(tài)環(huán)境質(zhì)量的提高顯著提升了信貸跨區(qū)域配置效率;在行業(yè)層面,金融生態(tài)環(huán)境改善的資本配置效率效應(yīng)取決于行業(yè)發(fā)展?fàn)顟B(tài),對(duì)發(fā)展?fàn)顟B(tài)較好的行業(yè)而言,金融生態(tài)環(huán)境改善能減少他們面臨的融資約束,有助于這些行業(yè)資本配置效率的提高。
[Abstract]:Under the condition of open economy, attracting foreign capital to promote regional capital formation, improve the regional stock of capital allocation efficiency is an important means to improve the output and influence factors have important practical significance to identify its behind. Some theoretical studies suggest that financial ecological environment improvement through capital accumulation effect and the efficiency of capital allocation has beneficial effect the impact on the economy. However, in the sense of experience, financial ecological environment whether the channels through which the economic operation of the impact is not clear, so further research has important academic value.
Based on the review of the relevant literature on the financial ecological environment, discusses the financial ecological environment quality influence on the efficiency of capital allocation in attracting foreign capital and region and its role in the path. Based on literature research and Discussion on the mechanism of this paper from the two levels of Zhejiang province and the empirical test of the financial ecological environment. The low-lying land effect and improve the efficiency of capital allocation effect. In the low-lying land effect, this article from the financial ecological environment quality and the relationship between financial assets risk condition analysis of the financial ecological environment's depression effect. Provide further empirical evidence, Chinese provincial panel data based on this. Using spatial econometric model to test the financial ecological environment quality of the low-lying land effect in improving the efficiency of capital allocation, This article has carried on the empirical study from two aspects of the macro area and the middle view industry.
The article found that the investment risk of financial ecological environment quality and the area has a significant negative correlation, the improvement of financial ecological environment will reduce the risk of local investment, generate capital inflows; further empirical research shows that improving financial ecological environment has significant low-lying land effect on capital, and this result is robust in terms of; the efficiency of capital allocation, financial ecological environment, improve the quality of credit significantly enhance the cross regional allocation efficiency; at the industry level, the improvement of financial ecological environment of the capital allocation efficiency effect depends on the development of the industry, the good state of development of the industry, the improvement of financial ecological environment can reduce the financing constraints they face, contribute to the efficiency of capital allocation these industries improve.
【學(xué)位授予單位】:浙江工商大學(xué)
【學(xué)位級(jí)別】:碩士
【學(xué)位授予年份】:2012
【分類(lèi)號(hào)】:F830;F224
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