【摘要】：改革開(kāi)放以來(lái),我國(guó)的國(guó)民經(jīng)濟(jì)快速發(fā)展,經(jīng)濟(jì)總量不斷擴(kuò)大。到2009年,我國(guó)的經(jīng)濟(jì)總量已位居全球第二,僅次于美國(guó)。然而,在我國(guó)經(jīng)濟(jì)總量高速增長(zhǎng)的同時(shí),我國(guó)國(guó)民經(jīng)濟(jì)發(fā)展中存在的一系列問(wèn)題和矛盾也開(kāi)始凸顯：比如在2008年國(guó)際金融危機(jī)的沖擊下,我國(guó)經(jīng)濟(jì)增速明顯下滑,盡管2009年在全球率先實(shí)現(xiàn)經(jīng)濟(jì)回升,但經(jīng)濟(jì)增長(zhǎng)的內(nèi)生動(dòng)力不足；我國(guó)自主創(chuàng)新能力不強(qiáng),部分行業(yè)產(chǎn)能過(guò)剩矛盾突出,產(chǎn)業(yè)結(jié)構(gòu)不合理,制造業(yè)大多數(shù)處于國(guó)際分工產(chǎn)業(yè)價(jià)值鏈的低端,附加值很低,而新興高新技術(shù)產(chǎn)業(yè)發(fā)展方面,我國(guó)總體上缺乏核心技術(shù)和領(lǐng)軍人才；第三產(chǎn)業(yè)發(fā)展相對(duì)整體經(jīng)濟(jì)發(fā)展滯后；我國(guó)的經(jīng)濟(jì)體制機(jī)制還不夠健全等。由此,加快轉(zhuǎn)變發(fā)展方式,大力推進(jìn)經(jīng)濟(jì)結(jié)構(gòu)的戰(zhàn)略性調(diào)整,已經(jīng)成為當(dāng)前經(jīng)濟(jì)工作的核心,直接決定著我國(guó)經(jīng)濟(jì)發(fā)展的未來(lái)方向,保障國(guó)民經(jīng)濟(jì)的持續(xù)健康發(fā)展。發(fā)達(dá)國(guó)家工業(yè)化進(jìn)程的普遍經(jīng)驗(yàn)表明,經(jīng)濟(jì)要獲得持續(xù)穩(wěn)定的發(fā)展,必須要以市場(chǎng)為導(dǎo)向的不斷優(yōu)化的產(chǎn)業(yè)結(jié)構(gòu)為支撐,而產(chǎn)業(yè)資本與金融資本的密切配合是完成結(jié)構(gòu)轉(zhuǎn)換不可缺少的條件。沒(méi)有金融資本的介入,規(guī)模經(jīng)濟(jì)、技術(shù)手段的大規(guī)模更新等很難完成,產(chǎn)業(yè)結(jié)構(gòu)的優(yōu)化和升級(jí)也無(wú)法順利實(shí)現(xiàn)。其中,資本市場(chǎng)以其所具有的資本形成、集聚、配置等功能,已經(jīng)成為實(shí)現(xiàn)科技與資本融合不可或缺的重要環(huán)節(jié)。 自我國(guó)股票市場(chǎng)成立以來(lái),通過(guò)股票市場(chǎng)的融資額總體上呈現(xiàn)出逐年增加的趨勢(shì)。股票融資已經(jīng)成為我國(guó)企業(yè)融資的重要路徑。我國(guó)股票市場(chǎng)的融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)調(diào)整的作用如何?股票市場(chǎng)融資是否有利于我國(guó)產(chǎn)業(yè)升級(jí)?這些問(wèn)題已經(jīng)成為目前理論界和實(shí)務(wù)界普遍關(guān)注的問(wèn)題,它不僅有助于厘清學(xué)術(shù)界對(duì)于股票市場(chǎng)特殊功能的認(rèn)識(shí),更有助于領(lǐng)導(dǎo)決策,對(duì)加快我國(guó)經(jīng)濟(jì)發(fā)展方式的轉(zhuǎn)變,實(shí)現(xiàn)產(chǎn)業(yè)結(jié)構(gòu)的不斷調(diào)整和升級(jí)具有重要的理論指導(dǎo)意義。目前國(guó)內(nèi)已有學(xué)者對(duì)股票融資與產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的關(guān)系進(jìn)行了理論和實(shí)證研究,但對(duì)于這個(gè)問(wèn)題,學(xué)者們并沒(méi)有進(jìn)行深入細(xì)化的研究。因此有必要深入探討股票融資與產(chǎn)業(yè)結(jié)構(gòu)升級(jí)之間的關(guān)系及其特點(diǎn),這對(duì)于我國(guó)產(chǎn)業(yè)結(jié)構(gòu)的調(diào)整和升級(jí),乃至宏觀經(jīng)濟(jì)的轉(zhuǎn)型具有一定的實(shí)際參考價(jià)值。 在研究方法上,本文綜合運(yùn)用多種研究方法,力求做到定性與定量方法、規(guī)范與實(shí)證方法相結(jié)合。規(guī)范研究方面,論文首先介紹了股票融資、產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的相關(guān)理論,通過(guò)闡述股票市場(chǎng)融資功能,分析股票融資促進(jìn)產(chǎn)業(yè)增長(zhǎng)與產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的作用機(jī)制。實(shí)證研究方面,一方面采用統(tǒng)計(jì)、對(duì)比等方法對(duì)我國(guó)的股票市場(chǎng)融資與產(chǎn)業(yè)結(jié)構(gòu)的分布特點(diǎn)進(jìn)行分析；另一方面用資本配置模型對(duì)我國(guó)股票市場(chǎng)融資資本配置進(jìn)行實(shí)證分析,以考察我國(guó)股票市場(chǎng)資本配置與地區(qū)間資本配置的現(xiàn)狀,同時(shí)運(yùn)用線性方程對(duì)我國(guó)股票市場(chǎng)融資與產(chǎn)業(yè)結(jié)構(gòu)升級(jí)之間進(jìn)行回歸分析,以增強(qiáng)論文研究的可信性和科學(xué)性。 本文從我國(guó)所面臨的產(chǎn)業(yè)結(jié)構(gòu)調(diào)整任務(wù)出發(fā),從不同視角分析了股票市場(chǎng)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響。論文的思路是：首先,通過(guò)相關(guān)理論的梳理和國(guó)內(nèi)外文獻(xiàn)綜述,對(duì)企業(yè)的融資路徑及其特點(diǎn)進(jìn)行比較分析,運(yùn)用整體與部分的數(shù)學(xué)思想,確定股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)影響關(guān)聯(lián)程度的大小。其次,由于股票市場(chǎng)融資與產(chǎn)業(yè)結(jié)構(gòu)各自具有不同的特點(diǎn),本文從不同的視角對(duì)股票市場(chǎng)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響進(jìn)行分析。我國(guó)股票發(fā)行制度的變遷會(huì)影響到股票市場(chǎng)的融資功能,進(jìn)而會(huì)對(duì)股票市場(chǎng)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響和作用效果產(chǎn)生影響；IP0和再融資作為股票市場(chǎng)融資的重要方式,對(duì)于產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響機(jī)制上表現(xiàn)出各自的特點(diǎn)；我國(guó)股票市場(chǎng)融資和產(chǎn)業(yè)結(jié)構(gòu)都表現(xiàn)出了地區(qū)差異,不同區(qū)域內(nèi)的企業(yè)融資對(duì)于地區(qū)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響也會(huì)表現(xiàn)出差異；股票市場(chǎng)具有周期性,我們有必要考察周期性對(duì)股票市場(chǎng)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響。因此,我們分別從不同發(fā)行制度的視角、不同融資方式的視角、不同區(qū)域的視角和股市不同周期的視角,研究股票市場(chǎng)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響。還有,高新技術(shù)企業(yè)作為未來(lái)產(chǎn)業(yè)政策扶持的核心,在國(guó)民經(jīng)濟(jì)中具有重要的地位,它的發(fā)展對(duì)于產(chǎn)業(yè)結(jié)構(gòu)升級(jí)將具有深遠(yuǎn)的影響,本文將單獨(dú)考察高新技術(shù)企業(yè)股權(quán)融資對(duì)高新技術(shù)產(chǎn)業(yè)升級(jí)的影響。最后,對(duì)理論分析和實(shí)證分析進(jìn)行總結(jié),提出股票融資促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的政策思考和未來(lái)的研究方向。 本文的主要內(nèi)容如下： 第一章是導(dǎo)論。第一部分闡述論文的研究背景和意義；第二部分是相關(guān)概念界定,界定了論文中有關(guān)概念的內(nèi)涵和外延；第三部分是融資理論和產(chǎn)業(yè)結(jié)構(gòu)升級(jí)理論的介紹；第四部分是本文研究結(jié)構(gòu)、方法；第五部分是論文的創(chuàng)新與不足。 第二章是文獻(xiàn)綜述。從國(guó)外文獻(xiàn)綜述、國(guó)內(nèi)文獻(xiàn)綜述兩個(gè)方面對(duì)與論文研究相關(guān)的文獻(xiàn)進(jìn)行回顧,并對(duì)現(xiàn)有的研究文獻(xiàn)進(jìn)行簡(jiǎn)單評(píng)述。 第三章是股票市場(chǎng)的功能與產(chǎn)業(yè)結(jié)構(gòu)調(diào)整。第一部分是股票市場(chǎng)功能的介紹；第二部分分析了新中國(guó)成立以來(lái),我國(guó)產(chǎn)業(yè)結(jié)構(gòu)調(diào)整的演變過(guò)程以及每個(gè)過(guò)程所表現(xiàn)的特點(diǎn)以及我國(guó)產(chǎn)業(yè)結(jié)構(gòu)調(diào)整中存在的問(wèn)題；第三部分對(duì)我國(guó)股票市場(chǎng)的綜合性功能進(jìn)行分析。 第四章是不同融資路徑對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響。第一部分是我國(guó)企業(yè)融資路徑選擇,闡述我國(guó)企業(yè)不同的融資路徑及其各自的特點(diǎn)；第二部分分析了不同融資路徑對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的作用機(jī)制；第三部分利用灰色關(guān)聯(lián)分析——協(xié)整檢驗(yàn)兩步法對(duì)信貸融資、債券融資和股權(quán)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的關(guān)聯(lián)程度進(jìn)行分析,運(yùn)用協(xié)整檢驗(yàn)和誤差修正模型,分析三種融資路徑和產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的關(guān)聯(lián)度,以判斷不同融資路徑對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)影響的大�。坏谒牟糠质菍�(duì)本章進(jìn)行小結(jié)。 第五章是股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響：基于不同發(fā)行制度的視角。這一章主要分析不同發(fā)行制度下,股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響。第一部分是股票發(fā)行制度的類(lèi)型和我國(guó)股票發(fā)行制度的演變；第二部分分析股票發(fā)行制度對(duì)股票融資功能的影響；第三部分從定性角度分析不同發(fā)行制度下股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)促進(jìn)作用的路徑；第四部分是不同發(fā)行制度下股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)影響的實(shí)證分析,分析了審批制和核準(zhǔn)制下股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響,分析核準(zhǔn)制中的通道制和保薦制下股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響；最后是本章小結(jié)。 第六章是股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響：基于不同融資方式的視角。這一章主要分析不同股票融資方式對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響。第一部分對(duì)我國(guó)資本市場(chǎng)的股票融資情況進(jìn)行統(tǒng)計(jì)分析；第二部分是首次公開(kāi)募股對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響,首先介紹IPO融資對(duì)我國(guó)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的作用機(jī)制,其次是IPO融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響進(jìn)行實(shí)證檢驗(yàn)；第三部分是再融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響,在介紹再融資對(duì)我國(guó)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的作用機(jī)制的基礎(chǔ)上,對(duì)再融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響進(jìn)行實(shí)證檢驗(yàn)；第四部分對(duì)我國(guó)上市公司股權(quán)再融資投資方向變更現(xiàn)象進(jìn)行分析；第五部分是本章小結(jié)。 第七章是股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響：基于不同區(qū)域的視角。這一章主要分析股票融資對(duì)不同區(qū)域產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響。第一部分對(duì)我國(guó)股票市場(chǎng)融資地區(qū)差異進(jìn)行分析；第二部分分析我國(guó)不同地區(qū)產(chǎn)業(yè)結(jié)構(gòu)特點(diǎn)；第三部分是股票市場(chǎng)地區(qū)融資差異對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)影響的實(shí)證分析,首先分析不同地區(qū)融資與地區(qū)生產(chǎn)總值的相關(guān)性,其次對(duì)股票市場(chǎng)地區(qū)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響進(jìn)行實(shí)證分析；第四部分是本章小結(jié)。 第八章是股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響：基于股市不同周期階段的視角。這一章主要分析不同股市周期下股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響。第一部分闡述和分析了股票市場(chǎng)周期的衡量及其特征；第二部分介紹股票市場(chǎng)周期轉(zhuǎn)換的理論解釋并分析我國(guó)股票市場(chǎng)不同周期階段股票融資特點(diǎn)；第三部分按照嚴(yán)武等(2006)基于商業(yè)周期劃分方法發(fā)展起來(lái)的BP“轉(zhuǎn)折點(diǎn)確認(rèn)程序”分析方法,將1991年2月至2011年12月的我國(guó)股票市場(chǎng)劃分為五個(gè)牛市、五個(gè)熊市階段,實(shí)證分析我國(guó)股市不同周期階段的股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響；第四部分是本章小結(jié),并對(duì)實(shí)證分析結(jié)果進(jìn)行解釋。 第九章是股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響：基于高新技術(shù)產(chǎn)業(yè)作為升級(jí)標(biāo)志的視角。第一部分闡述高新技術(shù)產(chǎn)業(yè)的含義和劃分；第二部分分析我國(guó)高新技術(shù)產(chǎn)業(yè)發(fā)展的現(xiàn)狀和發(fā)展的制約因素；第三部分對(duì)股票融資對(duì)高新技術(shù)產(chǎn)業(yè)升級(jí)的影響進(jìn)行實(shí)證檢驗(yàn)；最后是本章小結(jié)。 第十章是結(jié)論及政策思考。第一部分對(duì)全文進(jìn)行總結(jié),得出結(jié)論。第二部分在結(jié)論的基礎(chǔ)上提出相應(yīng)的政策建議,主要包括：多層次、多角度建立中國(guó)資本市場(chǎng),在現(xiàn)階段我們應(yīng)該保證主板市場(chǎng)、中小板市場(chǎng)、創(chuàng)業(yè)板市場(chǎng)的健康發(fā)展,并且積極穩(wěn)妥地推動(dòng)新三板市場(chǎng)的建立；改革新股發(fā)行制度,必須堅(jiān)持新股發(fā)行制度的市場(chǎng)化改革方向,注重市場(chǎng)因素在其中的作用；協(xié)調(diào)各種再融資方式的發(fā)展,提高股權(quán)融資的成本,積極推進(jìn)債券市場(chǎng)的發(fā)展,提高再融資的效率,切實(shí)保護(hù)中小投資者的利益；突出高新技術(shù)產(chǎn)業(yè)的融資地位,重視創(chuàng)業(yè)板在資本市場(chǎng)中的作用；平衡區(qū)域融資,在企業(yè)進(jìn)行上市審核時(shí),管理層應(yīng)該注意區(qū)域因素的影響。對(duì)于東部地區(qū)的公司提高上市的標(biāo)準(zhǔn),對(duì)中西部則適當(dāng)降低上市的門(mén)檻。對(duì)于上市資源的分配,政策上對(duì)中西部予以一定的照顧。第三部分闡述未來(lái)的研究發(fā)向。 本文的主要觀點(diǎn)是：(1)股票市場(chǎng)融資與產(chǎn)業(yè)結(jié)構(gòu)升級(jí)度的關(guān)聯(lián)度最高,債券市場(chǎng)次之,銀行中長(zhǎng)期貸款市場(chǎng)最低。(2)我國(guó)股票發(fā)行制度由審批制向核準(zhǔn)制發(fā)展、由通道制向保薦制發(fā)展,減少了對(duì)股票市場(chǎng)的行政干預(yù)、注重用市場(chǎng)因素調(diào)節(jié)經(jīng)濟(jì),IP0融資對(duì)我國(guó)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的正向影響顯著,對(duì)我國(guó)高新技術(shù)產(chǎn)業(yè)的升級(jí)影響也是如此。(3)在不受我國(guó)宏觀經(jīng)濟(jì)政策因素干預(yù)的情況下,IP0融資率每增長(zhǎng)1個(gè)百分點(diǎn)能促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率提高0.784個(gè)百分點(diǎn),能促進(jìn)高新技術(shù)產(chǎn)業(yè)升級(jí)率提高0.120個(gè)百分點(diǎn)；再融資率每增長(zhǎng)1個(gè)百分點(diǎn)則能促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率提高1.794個(gè)百分點(diǎn),能促進(jìn)高新技術(shù)產(chǎn)業(yè)升級(jí)率提高0.238個(gè)百分點(diǎn)。在受我國(guó)“五年計(jì)劃”宏觀經(jīng)濟(jì)政策干預(yù)的前提下(即受“九五”計(jì)劃、“十五”計(jì)劃和“十一五”計(jì)劃干預(yù)),IPO融資率每增長(zhǎng)1個(gè)百分點(diǎn)能促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率提高2.066個(gè)百分點(diǎn),能促進(jìn)高新技術(shù)產(chǎn)業(yè)升級(jí)率提高0.771個(gè)百分點(diǎn)；再融資率每增長(zhǎng)1個(gè)百分點(diǎn)則能促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率提高2.091個(gè)百分點(diǎn),能促進(jìn)高新技術(shù)產(chǎn)業(yè)升級(jí)率提高2.165個(gè)百分點(diǎn)。若是在受我國(guó)財(cái)政貨幣政策干預(yù)的情況下,IPO融資率每增長(zhǎng)1個(gè)百分點(diǎn)能促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率提高1.760個(gè)百分點(diǎn),能促進(jìn)高新技術(shù)產(chǎn)業(yè)升級(jí)率提高0.158個(gè)百分點(diǎn)；再融資率每增長(zhǎng)1個(gè)百分點(diǎn)則能促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率提高1.725個(gè)百分點(diǎn),能促進(jìn)高新技術(shù)產(chǎn)業(yè)升級(jí)率提高0.311個(gè)百分點(diǎn)。(3)高產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率組各地區(qū)的股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響是消極的,中產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率組和低產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率組各地區(qū)的股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)有著顯著的影響；東部地區(qū)的股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響是反向的,中部地區(qū)和西部地區(qū)的股票融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響是正向的,但中部地區(qū)的作用程度略高于西部地區(qū)；低融資率組各地區(qū)的股票市場(chǎng)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響顯著,而高融資率組和中融資率組各地區(qū)的股票市場(chǎng)融資對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響呈負(fù)相關(guān)關(guān)系。(5)在我國(guó)股票市場(chǎng)中,熊市中,股票融資率每增長(zhǎng)1個(gè)百分點(diǎn)能促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率提高7.37個(gè)百分點(diǎn)；牛市中,股票融資率每增長(zhǎng)1個(gè)百分點(diǎn)能促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)率提高6.31個(gè)百分點(diǎn)。
[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.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F224

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本文編號(hào)：2201361