本文選題：證券市場　切入點(diǎn)：融資效率　出處：《濟(jì)南大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：自上世紀(jì)90年代初上海、深圳證券交易所成立以來,中國證券市場在25年的時(shí)間里,不僅實(shí)現(xiàn)了從無到有的突破,而且不斷完善,走完了歐美等發(fā)達(dá)國家近200年的發(fā)展道路。目前,若從總市值和交易量等指標(biāo)看,上海證券交易所已經(jīng)成為僅次于紐約證券交易所的全球第二大證券交易所。但在其發(fā)展過程中,中國證券市場也積累了很多問題,引起社會(huì)各界廣泛關(guān)注。其中,低迷的證券市場融資效率問題顯得尤為突出,主要表現(xiàn)在證券市場宏觀融資效率較低和證券市場協(xié)同融資效率乏力兩個(gè)方面。證券市場宏觀融資效率方面,本文研究建立在中國證券市場功能缺失的背景下,采用增量法計(jì)算直接融資比重表示中國證券市場宏觀融資效率,既能反映證券市場的融資功能,又能對(duì)證券市場融資效率進(jìn)行分析,突破了以往學(xué)者將證券市場融資功能和融資效率割裂開來的分析范式。研究發(fā)現(xiàn),中國證券市場的宏觀融資效率還處于較低水平,從平均水平來看,證券市場所滿足的社會(huì)融資需求不足20%,導(dǎo)致這一問題的原因在于中國證券市場的定價(jià)效率還沒有達(dá)到半強(qiáng)式有效水平,這造成中國證券市場的資源配置能力低下,融資功能發(fā)揮不暢,限制了宏觀融資效率的提升。證券市場協(xié)同融資效率方面,中國經(jīng)濟(jì)持續(xù)高增長狀態(tài)發(fā)生轉(zhuǎn)變的時(shí)代背景下,政府開始重視證券市場直接融資對(duì)于經(jīng)濟(jì)增長的推動(dòng)作用。本文基于實(shí)體經(jīng)濟(jì)部門和金融部門的兩部門劃分法以及金融內(nèi)生增長理論,利用證券市場直接融資與經(jīng)濟(jì)增長2002~2015月度數(shù)據(jù)對(duì)證券市場直接融資與經(jīng)濟(jì)增長的動(dòng)態(tài)關(guān)聯(lián)性展開研究。研究表明:觀測期內(nèi),中國證券市場直接融資與經(jīng)濟(jì)增長之間已經(jīng)具備動(dòng)態(tài)的關(guān)聯(lián)性特征,證券市場直接融資額與經(jīng)濟(jì)增長之間存在顯著的倒“U”形關(guān)系,在保持適度的通貨膨脹的條件下,通過實(shí)施寬松的貨幣政策有利于通過提高證券市場直接融資比重促進(jìn)經(jīng)濟(jì)平穩(wěn)增長。
[Abstract]:Since the establishment of the Shanghai and Shenzhen Stock Exchange in early -10s, China's securities market has not only achieved a breakthrough from scratch in 25 years, but also continued to improve. We have completed the development path of developed countries such as Europe and the United States for nearly 200 years. At present, if we look at such indicators as total market value and trading volume, The Shanghai Stock Exchange has become the second largest stock exchange in the world after the New York Stock Exchange. However, in the course of its development, China's securities market has also accumulated many problems, which have aroused widespread concern from all walks of life. The problem of low financing efficiency of securities market is especially prominent, mainly in two aspects: the low efficiency of macro financing in securities market and the weak efficiency of cooperative financing in securities market. In this paper, under the background of the absence of the function of China's securities market, the incremental method is used to calculate the direct financing proportion to express the macro financing efficiency of China's securities market, which can reflect the financing function of the securities market. It can also analyze the financing efficiency of the securities market, breaking through the analytical paradigm of separating the financing function and the financing efficiency of the securities market in the past, and finding that the macro financing efficiency of the securities market in China is still at a low level. On average, the social financing needs of the securities market are less than 20 percent. The reason for this problem lies in the fact that the pricing efficiency of China's securities market has not yet reached the semi-strong effective level. As a result, the resource allocation ability of China's securities market is low, the financing function is not smooth, and the improvement of macro financing efficiency is restricted. In the aspect of securities market co-financing efficiency, under the background of the change of the sustained high growth state of China's economy, The government has begun to attach importance to the role of direct financing in the securities market in promoting economic growth. This paper is based on the division of real and financial sectors and the theory of endogenous financial growth. Based on the monthly data of direct financing and economic growth in the securities market in 2002 / 2015, the dynamic correlation between direct financing and economic growth in the securities market is studied. There is a dynamic correlation between direct financing and economic growth in China's securities market. There is a significant inverted "U" relationship between direct financing and economic growth in the securities market, under the condition of keeping moderate inflation. The implementation of loose monetary policy is conducive to promoting steady economic growth by increasing the proportion of direct financing in the securities market.
【學(xué)位授予單位】：濟(jì)南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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