本文關(guān)鍵詞：我國(guó)資本市場(chǎng)金融約束對(duì)居民消費(fèi)抑制效應(yīng)的研究　出處：《江西財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 金融約束 資本市場(chǎng) 金融約束指數(shù) 居民財(cái)產(chǎn)性收入 居民消費(fèi)

【摘要】：中國(guó)長(zhǎng)期以來(lái)經(jīng)濟(jì)快速增長(zhǎng)的同時(shí)消費(fèi)率卻持續(xù)下滑，出現(xiàn)了明顯的消費(fèi)抑制現(xiàn)象，本文在對(duì)消費(fèi)需求理論回顧的基礎(chǔ)上，通過(guò)對(duì)中國(guó)居民消費(fèi)行為、消費(fèi)需求問(wèn)題研究文獻(xiàn)的梳理，從金融約束的視角來(lái)分析消費(fèi)抑制的現(xiàn)象。 金融約束是指政府通過(guò)一系列的金融政策在金融部門(mén)和生產(chǎn)部門(mén)內(nèi)創(chuàng)設(shè)租金機(jī)會(huì)，以激勵(lì)其促進(jìn)經(jīng)濟(jì)增長(zhǎng)。傳統(tǒng)的金融約束理論研究主要局限在銀行存貸款市場(chǎng)中，本文旨在將該理論擴(kuò)展到我國(guó)的資本市場(chǎng)，進(jìn)而分析資本市場(chǎng)金融約束政策對(duì)居民消費(fèi)水平的影響。通過(guò)金融約束政策創(chuàng)造的租金必然會(huì)發(fā)生從居民家庭部門(mén)和沒(méi)有獲得外源融資的生產(chǎn)部門(mén)向金融部門(mén)和能獲得外源融資的生產(chǎn)部門(mén)的轉(zhuǎn)移，并導(dǎo)致收入分配結(jié)構(gòu)的偏離和差距的擴(kuò)大。資本市場(chǎng)的金融約束對(duì)消費(fèi)抑制的作用主要體現(xiàn)在其對(duì)居民財(cái)產(chǎn)性收入的影響上，中國(guó)股民多年來(lái)累積投入的資金遠(yuǎn)高于他們從股市得到的回報(bào)，此外利率管制還導(dǎo)致公司的股權(quán)融資偏好、高溢價(jià)發(fā)行和配股，間接地對(duì)流通股股東的利益造成了損害。財(cái)富的轉(zhuǎn)移和勞動(dòng)收入分配比的下降必然會(huì)帶來(lái)居民消費(fèi)能力的下降，再加上居民收入差距拉大的制約，進(jìn)一步導(dǎo)致了我國(guó)居民消費(fèi)抑制的產(chǎn)生。 在確定了我國(guó)資本市場(chǎng)存在金融約束政策并可能對(duì)居民消費(fèi)產(chǎn)生抑制效應(yīng)的思路下，文章首先深入分析了我國(guó)資本市場(chǎng)存在的制度性缺陷，主要表現(xiàn)在資本市場(chǎng)核心功能的缺失造成資源無(wú)法優(yōu)化配置，股權(quán)分置遺留的一系列歷史問(wèn)題阻礙著資本市場(chǎng)發(fā)展，政府主管部門(mén)監(jiān)管不力導(dǎo)致市場(chǎng)運(yùn)行不規(guī)范。究其原因，造成我國(guó)資本市場(chǎng)制度性缺陷的根源在于金融約束政策的行政化干預(yù)使得我國(guó)資本市場(chǎng)由成立之初的先天不足演變到后天的畸形發(fā)展，長(zhǎng)期處于制度無(wú)效供給的狀態(tài)。 基于對(duì)我國(guó)資本市場(chǎng)制度性缺陷的深刻認(rèn)識(shí)，作者進(jìn)一步剖析了資本市場(chǎng)制度組合中具備顯著金融約束效應(yīng)的相關(guān)政策制度，文章審視了我國(guó)資本市場(chǎng)發(fā)展過(guò)程中從上市發(fā)行到定價(jià)交易，從再融資管理到市場(chǎng)規(guī)范監(jiān)管，幾乎每個(gè)環(huán)節(jié)都滲透著濃重的行政化色彩。作者從利率管制、上市主體國(guó)有化、股票發(fā)行監(jiān)管制度、股票發(fā)行定價(jià)方式、再融資低門(mén)檻和寬松的監(jiān)管環(huán)境等六個(gè)方面展開(kāi)對(duì)資本市場(chǎng)金融約束政策的分析和評(píng)價(jià)。 文章的研究目的在于實(shí)證分析我國(guó)資本市場(chǎng)金融約束對(duì)居民消費(fèi)的抑制效應(yīng)，作者將依據(jù)對(duì)資本市場(chǎng)金融約束政策的理論分析構(gòu)建一個(gè)度量金融約束的動(dòng)態(tài)指數(shù)用以測(cè)度我國(guó)資本市場(chǎng)金融約束的程度。在構(gòu)建金融約束指數(shù)方面，作者將借鑒相關(guān)文獻(xiàn)中金融市場(chǎng)化指數(shù)的構(gòu)建方法，對(duì)不同維度的金融約束政策采用不同的量化處理方法將其轉(zhuǎn)變?yōu)闀r(shí)間序列值，以描述金融約束政策的漸變過(guò)程。結(jié)合對(duì)資本市場(chǎng)主要金融約束制度的分析，文章引入了六個(gè)指標(biāo)作為構(gòu)建金融約束指數(shù)的政策變量，分別是利率控制指標(biāo)、市場(chǎng)主體限制指標(biāo)、再融資管理指標(biāo)、監(jiān)管寬容程度指標(biāo)、股票發(fā)行監(jiān)管指標(biāo)和股票發(fā)行定價(jià)指標(biāo)。對(duì)照各指標(biāo)的特性，，作者采用了隸屬函數(shù)法和簡(jiǎn)單賦值法對(duì)各政策變量進(jìn)行量化處理并得到相應(yīng)的時(shí)間序列，最后通過(guò)主成分分析法得到刻畫(huà)資本市場(chǎng)金融約束程度的金融約束指數(shù)，該指數(shù)序列表明1994年至2011年期間我國(guó)資本市場(chǎng)金融約束程度呈現(xiàn)總體提高的趨勢(shì)。 文章進(jìn)一步運(yùn)用誤差修正模型法來(lái)檢驗(yàn)資本市場(chǎng)金融約束指數(shù)序列對(duì)居民消費(fèi)水平的影響。金融約束指數(shù)序列和居民消費(fèi)水平序列先后通過(guò)了ADF單位根檢驗(yàn)和協(xié)整關(guān)系檢驗(yàn)，并以此推導(dǎo)出的誤差修正模型證實(shí)了我國(guó)資本市場(chǎng)金融約束指數(shù)對(duì)居民消費(fèi)存在抑制效應(yīng)，實(shí)證結(jié)果表明影響居民消費(fèi)水平短期變動(dòng)的因素可分解為金融約束指數(shù)產(chǎn)生的短期波動(dòng)影響和誤差修正項(xiàng)的長(zhǎng)期均衡調(diào)整兩部分。 通過(guò)研究資本市場(chǎng)金融約束對(duì)居民消費(fèi)的抑制效應(yīng)，文章圍繞改善資本市場(chǎng)制度組合模式和增加居民財(cái)產(chǎn)性收入提出了相關(guān)的政策建議，作者認(rèn)為金融約束應(yīng)該逐漸淡出我國(guó)資本市場(chǎng)，加快我國(guó)金融體制改革，讓我國(guó)資本市場(chǎng)向市場(chǎng)化方向邁進(jìn)，有助于讓更多中小投資者從股票投資中獲取財(cái)產(chǎn)性收入，保護(hù)中小投資者的利益應(yīng)成為我國(guó)資本市場(chǎng)的立市之本。
[Abstract]:Chinese long-term rapid economic growth while the consumption rate has continued to decline, there is an obvious inhibition of consumption phenomenon, based on the review of consumer demand theory, based on the consumer behavior of China residents, research consumer demand problem combing, analysis of consumption inhibition phenomenon from the perspective of financial constraints.
Financial restraint refers to the government rent creating opportunities in the financial sector and the manufacturing sector through a series of financial policies, to encourage them to promote economic growth. The traditional theory of financial restraint is mainly limited to the bank loan market, this paper aims at the theory is extended to the capital market of our country, and analyses the influence of financial restraint policy capital the market for the consumption level of residents. Through the creation of financial restraint policy rents will inevitably occur from household sector and have no access to external financing to the financial department and the production department to obtain external financing production departments transfer, and lead to the income distribution structure deviation and the widening of the gap between the capital market. The financial constraint on consumption suppression the effect is mainly reflected in its impact on property income, Chinese investors over the years accumulated investment funds from the stock market is far higher than they have In addition to return, the interest rate control also led to the company's equity financing preference, high premium issuance and allotment, indirectly circulation shareholders' interests caused damage. Decrease the transfer of wealth and the distribution of labor income than the decline will bring the consumer's ability to control, coupled with the income gap widening further. To inhibit the generation of Chinese residents' consumption.
In the capital market of our country has financial restraint policy and may have inhibitory effects on the consumption idea, this article firstly analyzes the institutional defects of China's capital market, mainly in the lack of the core function of the capital market to optimize the allocation of resources can not be caused, a series of historical issues of non tradable shares left hinder the development of the capital market, the government department in charge of supervision led to the operation of the market is not standardized. The reason for the cause of the defects of China's capital market system is the financial constraint policy of administrative intervention makes China's capital market evolution from its inception to congenitally deficient abnormal development of the day after tomorrow, in the system of invalid supply state for a long time.
Deep understanding of the system in China's capital market based on the defect, the author further analyzes the related policy system has a significant effect of financial restriction of capital market system in combination, this paper examines the development process of China's capital market from the listing to the pricing of the transaction, from financial management to market regulation and supervision, all penetration a strong administrative color. The author listed the main interest rate controls, nationalization, stock issuance system, stock pricing, conduct analysis and evaluation on the financial constraint policy of capital market six aspects of refinancing low threshold and lax regulatory environment.
The purpose of this article is to analysis the inhibitory effect of financial constraints of China's capital market to the consumer, the author on the basis of the policy of financial restraint of capital market theory to construct a measure of financial constraint dynamic index to measure the financial constraints of the capital market of our country. In the construction of financial restraint index, the author will draw on the construction methods the index of financial market in the relevant literature, on different dimensions of financial restraint policy using different methods to quantify the change as time series values to describe the financial restraint policy of gradual process. Combined with the analysis of capital market financial restraint system, this paper introduces six indicators as the construction of financial restraint index the policy variables, including interest rate control index, index market, refinancing management index, index of the degree of regulatory forbearance, the issue of shares. Tube index and IPO pricing control. The characteristics of each index, the author adopts the method of membership function and simple assignment method to quantify the processing for each of the policy variables and the corresponding time series, and finally get the characterization of capital market financial constraint level of financial restraint index by principal component analysis method, the index sequence shows that during the period from 1994 to 2011 China's capital market financial constraint level shows an overall increasing trend.
The article further uses error correction model to test the impact of financial restraint index series of capital market on the consumption level of residents. The financial restraint index series and the consumption level of residents sequence through the ADF unit root test and cointegration test, error correction model and deduces that financial restraint index of China's capital market has inhibitory effect on the consumer, the empirical results show that the factors affecting the consumption level of short-term changes can be divided into short-term fluctuations and the error correction term of the long-term equilibrium of financial restraint index produced by adjusting two parts.
Through the study of capital market financial constraints on consumption based on the inhibition effect, improve the capital market system and the combination mode of the increase in property income residents put forward relevant policy recommendations, the author believes that financial constraints should gradually fade out of China's capital market, accelerate the reform of the financial system in China, so that China's capital market to the market direction. To help make more small investors from the stock investment in the acquisition of property income, to protect the interests of investors in China's capital market should become the foundation of.

【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.5;F126;F224

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