發(fā)布時間：2018-02-12 00:03

  本文關(guān)鍵詞： 資本市場發(fā)展 軍民融合 產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級 系統(tǒng)GMM模型　出處：《湘潭大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：中國自十七大報告提出軍民融合戰(zhàn)略以來,軍民融合在推動中國國防經(jīng)濟(jì)轉(zhuǎn)型和國防工業(yè)市場化、優(yōu)化軍民資源配置、釋放創(chuàng)新驅(qū)動力和促進(jìn)產(chǎn)業(yè)集聚等方面做出了重要的貢獻(xiàn)。但根據(jù)《中國軍民融合發(fā)展報告2014》,目前中國軍民融合發(fā)展仍處于在過渡階段,整體投入產(chǎn)出效率不高,且存在技術(shù)溢出渠道閉塞和技術(shù)勢差過大等現(xiàn)象,以致于軍民融合對地區(qū)產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級的影響存在不確定性。同時,隨著軍民融合的逐漸深化,軍工企業(yè)以政府補(bǔ)貼為主要資金來源方式的局面將被打破,而“軍轉(zhuǎn)民”和“民參軍”企業(yè)在軍民融合過程中為開發(fā)新型軍民兩用品,資金需求量也將顯著增加,所以多層次資本市場是軍民融合健康發(fā)展和釋放創(chuàng)新驅(qū)動力的基礎(chǔ),是推動產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級的重要引擎。鑒于此,我們力圖通過理論和實(shí)證分析來厘清資本市場發(fā)展、軍民融合與產(chǎn)業(yè)結(jié)構(gòu)之間的動態(tài)關(guān)系和協(xié)調(diào)發(fā)展機(jī)制。首先,我們分別從金融功能和產(chǎn)業(yè)外部性視角出發(fā),梳理了資本市場、軍民融合與產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級的理論機(jī)制,并通過構(gòu)建軍民融合生產(chǎn)函數(shù),運(yùn)用新古典增長模型對資本市場、軍民融合和產(chǎn)業(yè)結(jié)構(gòu)之間的關(guān)系進(jìn)行了探討;其次,根據(jù)理論分析的結(jié)果,利用2007-2014年中國省際面板數(shù)據(jù)和系統(tǒng)GMM模型,考察了多層次資本市場對軍民融合發(fā)展的影響,結(jié)果表明:銀行中長期信貸整體上對軍民融合的影響最大,股票市場整體上對軍民融合的促進(jìn)作用不明顯,但對“軍轉(zhuǎn)民”和“民參軍”都存在積極影響,企業(yè)債券市場對軍民融合存在負(fù)向影響且對“民參軍”的影響更大,同時發(fā)現(xiàn)資本市場對軍民融合的發(fā)展存在地區(qū)異質(zhì)性和政策時滯效應(yīng);再次,我們進(jìn)一步考察了資本市場、軍民融合對產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級的影響,發(fā)現(xiàn)軍民融合有助于產(chǎn)業(yè)結(jié)構(gòu)合理化,卻不利于產(chǎn)業(yè)結(jié)構(gòu)高級化,對第二產(chǎn)業(yè)發(fā)展存在正向作用,對第三產(chǎn)業(yè)的影響不顯著,對高技術(shù)產(chǎn)業(yè)存在擠出效應(yīng),另外還發(fā)現(xiàn)股票市場和企業(yè)債券市場能通過軍民融合這一路徑來影響第二產(chǎn)業(yè)和高技術(shù)產(chǎn)業(yè),但銀行中長期信貸市場對產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級的間接效應(yīng)不明顯。最后,我們基于理論分析和實(shí)證分析的結(jié)果,從完善多層次資本市場建設(shè)、優(yōu)化軍民融合發(fā)展模式、擴(kuò)大軍民融合產(chǎn)業(yè)輻射力以及加強(qiáng)資本市場與軍民融合結(jié)合等方面提出了政策建議。
[Abstract]:Since the report of the 17th National Congress of China on the strategy of military and civilian integration, military and civilian integration has promoted the transformation of China's defense economy and the marketization of the defense industry, and has optimized the allocation of military and civilian resources. The release of innovative driving forces and the promotion of industrial agglomeration have made important contributions. However, according to the China Civil-Military Integration Development report 2014, the development of civil-military integration in China is still in the transitional stage, and the overall input-output efficiency is not high. And there are some phenomena such as blocked technology spillover channels and too big technical potential difference, so that the influence of military and civilian integration on the optimization and upgrading of regional industrial structure is uncertain. At the same time, with the gradual deepening of military and civil integration, The situation of military enterprises using government subsidies as the main source of funds will be broken down, and the demand for funds for the development of new types of military-civilian dual-use goods in the process of integration between the military and the civilian population will also increase significantly. Therefore, the multi-level capital market is the basis for the healthy development of military-civilian integration and the release of innovative driving forces, as well as an important engine for promoting the optimization and upgrading of industrial structure. In view of this, we strive to clarify the development of the capital market through theoretical and empirical analysis. First of all, from the perspective of financial function and industrial externality, we combed the theoretical mechanism of capital market, military and civil integration and industrial structure optimization and upgrading. The relationship among capital market, military and civil integration and industrial structure is discussed by constructing the production function of civil-military integration. Secondly, according to the results of theoretical analysis, the paper discusses the relationship between capital market, civil-military integration and industrial structure by using neoclassical growth model. Based on the provincial panel data of China from 2007 to 2014 and the systematic GMM model, this paper investigates the influence of multi-level capital market on the development of civil-military integration. The results show that the bank's medium and long term credit has the greatest impact on the military-civilian integration. The effect of the stock market on the integration of military and civilian is not obvious, but it has a positive effect on the conversion of military to civilian and the joining of people in the army. The corporate bond market has a negative influence on the integration of military and civilian, and has a greater impact on the integration of civil and military. At the same time, we find that the capital market has regional heterogeneity and policy delay effect on the development of military-civilian integration. Thirdly, we further investigate the influence of capital market and civil-military integration on the optimization and upgrading of industrial structure. It is found that military-civilian integration is helpful to the rationalization of industrial structure, but is not conducive to the upgrading of industrial structure, has a positive effect on the development of the secondary industry, has no significant impact on the tertiary industry, and has an crowding out effect on the high-tech industry. In addition, it is also found that the stock market and the corporate bond market can influence the secondary industry and the high-tech industry through the path of military-civilian integration, but the indirect effect of the medium- and long-term credit market of banks on the optimization and upgrading of the industrial structure is not obvious. Finally, Based on the results of theoretical analysis and empirical analysis, we improve the multi-level capital market construction and optimize the development model of military-civilian integration. Some policy suggestions on expanding the radiation power of military and civil fusion industry and strengthening the combination of capital market and military-civilian integration are put forward.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.5;F121.3

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