本文關(guān)鍵詞： 金融錯(cuò)配 技術(shù)進(jìn)步 上市公司　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著經(jīng)濟(jì)體制改革的不斷深入,我國經(jīng)濟(jì)經(jīng)歷了舉世矚目的超高速發(fā)展的黃金時(shí)期。但在這個(gè)階段,我國的經(jīng)濟(jì)增長(zhǎng)主要依賴高投入的粗放式發(fā)展模式,而在當(dāng)前中國經(jīng)濟(jì)"新常態(tài)"的背景下粗放的經(jīng)濟(jì)發(fā)展模式必然不能滿足經(jīng)濟(jì)的可持續(xù)發(fā)展。因此,我們將目光轉(zhuǎn)向經(jīng)濟(jì)增長(zhǎng)的另一個(gè)渠道:即通過資源配置效率的提高實(shí)現(xiàn)經(jīng)濟(jì)增長(zhǎng)。提高資源利用效率方式有兩種,一方面依靠生產(chǎn)力水平的提升;另一方面則依靠資源的優(yōu)化配置,使資源配置接近最優(yōu)的帕累托水平。但短期內(nèi),生產(chǎn)力水平變化程度有限,使技術(shù)進(jìn)步效應(yīng)迅速提高很難。相比之下,使資源得到最優(yōu)配置是提高要素生產(chǎn)率水平的更合理途徑,也是深刻理解可持續(xù)發(fā)展,探尋我國下一步經(jīng)濟(jì)發(fā)展動(dòng)力的要求。本文利用2009-2014年我國A股上市公司財(cái)務(wù)報(bào)表數(shù)據(jù),基于三次產(chǎn)業(yè)16個(gè)行業(yè)微觀層面數(shù)據(jù),實(shí)證研究金融錯(cuò)配與技術(shù)進(jìn)步效應(yīng)之間的定量關(guān)系,試圖從微觀層面的技術(shù)進(jìn)步角度發(fā)掘金融錯(cuò)配影響經(jīng)濟(jì)增長(zhǎng)的機(jī)制。第一,本文構(gòu)建一個(gè)理論模型,得出企業(yè)的技術(shù)進(jìn)步和金融錯(cuò)配之間的關(guān)系,從金融錯(cuò)配角度重新審視不同行業(yè)、不同地區(qū)和不同所有制企業(yè)間的技術(shù)進(jìn)步差異。第二,基于CD(Cobb-Douglas)生產(chǎn)函數(shù),運(yùn)用OLS、OP半?yún)?shù)法估算能代表企業(yè)生產(chǎn)效率的技術(shù)進(jìn)步效應(yīng),有效解決傳統(tǒng)測(cè)算方法中的內(nèi)生性和樣本誤差問題。其次根據(jù)歷年企業(yè)財(cái)務(wù)報(bào)表數(shù)據(jù)構(gòu)建代表企業(yè)金融錯(cuò)配程度的指標(biāo)。第三,選擇行業(yè)、地域和所有制因素作為模型的虛擬變量,驗(yàn)證金融錯(cuò)配與技術(shù)進(jìn)步效應(yīng)之間的數(shù)量關(guān)系。研究發(fā)現(xiàn),在樣本區(qū)間內(nèi)除了租賃和商務(wù)服務(wù)行業(yè)外的其他各行業(yè)的技術(shù)進(jìn)步效應(yīng)都處于下降趨勢(shì),和經(jīng)濟(jì)增長(zhǎng)趨勢(shì)基本吻合,租賃和商務(wù)服務(wù)業(yè)、房地產(chǎn)行業(yè)和建筑業(yè)的技術(shù)進(jìn)步效應(yīng)在三次產(chǎn)業(yè)中處于領(lǐng)先地位,這和國內(nèi)房地產(chǎn)市場(chǎng)呈現(xiàn)爆發(fā)式增長(zhǎng)有一定關(guān)系。總體上東部地區(qū)的技術(shù)進(jìn)步效應(yīng)大于中部地區(qū),中部地區(qū)的技術(shù)進(jìn)步大于西部地區(qū),和地區(qū)間經(jīng)濟(jì)發(fā)展有正相關(guān)關(guān)系。單從技術(shù)進(jìn)步效應(yīng)看,農(nóng)林牧漁行業(yè)的技術(shù)進(jìn)步效應(yīng)要高于信息技術(shù)行業(yè),若考慮金融錯(cuò)配因素,信息技術(shù)行業(yè)的技術(shù)進(jìn)步效應(yīng)高于農(nóng)林牧漁行業(yè),說明傳統(tǒng)行業(yè)受到的影響比新興行業(yè)大,另一種解釋為新興行業(yè)主要集中在東部地區(qū),而東部地區(qū)的金融錯(cuò)配在一定程度上是促進(jìn)技術(shù)進(jìn)步效應(yīng)的提高。各行業(yè)內(nèi),不考慮所有制金融錯(cuò)配時(shí),私營(yíng)企業(yè)的技術(shù)進(jìn)步效應(yīng)要高于國營(yíng)企業(yè),加入所有制金融錯(cuò)配因素后,私營(yíng)技術(shù)進(jìn)步效應(yīng)明顯要低于國營(yíng)企業(yè),因此樣本期間內(nèi)國有企業(yè)的技術(shù)進(jìn)步效應(yīng)反而會(huì)大于私營(yíng)企業(yè)。以2014年為例,如果降低私營(yíng)企業(yè)的金融錯(cuò)配程度,使私營(yíng)企業(yè)享有國有企業(yè)同等的資金成本和便利程度,那么國民經(jīng)濟(jì)增加值約能增長(zhǎng) 1.518%。
[Abstract]:With the deepening of the economic system reform, China's economy has experienced a golden period of super-high speed development, which has attracted worldwide attention. However, at this stage, China's economic growth mainly depends on the extensive development model of high investment. However, under the background of the current "new normal" of China's economy, the extensive economic development model will not be able to satisfy the sustainable development of the economy. We turn our eyes to another channel of economic growth: to achieve economic growth through improving the efficiency of resource allocation. There are two ways to improve the efficiency of resource utilization: on the one hand, we rely on the improvement of productivity level; On the other hand, depending on the optimal allocation of resources, the allocation of resources is close to the optimal Pareto level. However, in the short term, the level of productivity change is limited, so it is difficult to improve the effect of technological progress rapidly. The optimal allocation of resources is not only a more reasonable way to improve the level of factor productivity, but also a requirement to understand the sustainable development and explore the motive force of our next step of economic development. This paper makes use of the financial statement data of China's A-share listed companies from 2009-2014. Based on the microcosmic data of 16 industries in three industries, this paper empirically studies the quantitative relationship between financial mismatch and technological progress effect, and tries to explore the mechanism of financial mismatch affecting economic growth from the microcosmic perspective of technological progress. This paper constructs a theoretical model, obtains the relationship between technological progress and financial mismatch of enterprises, and reexamines the differences of technological progress between different industries, different regions and different ownership enterprises from the angle of financial mismatch. Based on the production function of CD Cobb-Douglas, the technological progress effect which can represent the production efficiency of enterprises is estimated by using OLSU op semi-parameter method. Effectively solve the problem of endogeneity and sample error in the traditional calculation methods. Secondly, according to the enterprise financial statement data over the years to construct the index representing the degree of financial mismatch. Third, select the industry, Regional and ownership factors are used as virtual variables of the model to verify the quantitative relationship between financial mismatch and technological progress effect. In the sample range, the technological progress effect of other industries except leasing and business service industries is in a downward trend, which basically coincides with the trend of economic growth. The technological progress effects of the real estate industry and the construction industry are in the leading position among the three industries, which is related to the explosive growth of the domestic real estate market. In general, the technological progress effect in the eastern region is greater than that in the central region. The technological progress in the central region is greater than that in the western region, and there is a positive correlation between the technological progress in the central region and the economic development among the regions. From the perspective of the technological progress effect, the technological progress effect of agriculture, forestry, animal husbandry and fishery industry is higher than that of the information technology industry, if the financial mismatch factor is considered, The technological progress effect of the information technology industry is higher than that of the agriculture, forestry, pastoral and fishery industries, indicating that the traditional industries are more affected than the emerging industries. Another explanation is that the emerging industries are mainly concentrated in the eastern region. However, the financial mismatch in the eastern region is to a certain extent to promote the improvement of the effect of technological progress. In all industries, when the ownership financial mismatch is not considered, the technological progress effect of private enterprises is higher than that of state-owned enterprises. After adding the mismatch factor of ownership finance, the effect of private technological progress is obviously lower than that of state-owned enterprises, so the technological progress effect of state-owned enterprises in the sample period will be greater than that of private enterprises. In 2014, for example, If the degree of financial mismatch of private enterprises is reduced so that private enterprises enjoy the same degree of capital cost and convenience of state-owned enterprises, the added value of national economy can increase by 1.518%.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F124

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