本文關(guān)鍵詞： 資本市場(chǎng) 產(chǎn)業(yè)結(jié)構(gòu)升級(jí) 協(xié)整分析 灰色關(guān)聯(lián)分析 相關(guān)分析　出處：《武漢理工大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：現(xiàn)代經(jīng)濟(jì)增長(zhǎng)理論研究表明,產(chǎn)業(yè)結(jié)構(gòu)升級(jí)是經(jīng)濟(jì)增長(zhǎng)的重要推動(dòng)力。作為國(guó)民經(jīng)濟(jì)結(jié)構(gòu)的核心組成部分和最基本的結(jié)構(gòu)形態(tài),產(chǎn)業(yè)結(jié)構(gòu)將在很大程度上決定著一個(gè)國(guó)家的經(jīng)濟(jì)競(jìng)爭(zhēng)力。本質(zhì)上來(lái)講,現(xiàn)代經(jīng)濟(jì)增長(zhǎng)方式正是以產(chǎn)業(yè)結(jié)構(gòu)變動(dòng)為核心的經(jīng)濟(jì)增長(zhǎng)模式。中國(guó)經(jīng)濟(jì)發(fā)展正處在“穩(wěn)增長(zhǎng)、調(diào)結(jié)構(gòu)、促改革”的轉(zhuǎn)型期,要調(diào)整經(jīng)濟(jì)增長(zhǎng)模式,產(chǎn)業(yè)結(jié)構(gòu)升級(jí)是重點(diǎn)。金融是現(xiàn)代經(jīng)濟(jì)的核心,實(shí)體經(jīng)濟(jì)的發(fā)展離不開(kāi)金融的支持,產(chǎn)業(yè)結(jié)構(gòu)升級(jí)自然也需要金融支持。而資本市場(chǎng)作為現(xiàn)代金融的核心、現(xiàn)代金融體系的構(gòu)建基礎(chǔ),在金融活動(dòng)中占據(jù)了重要的比重。通過(guò)資本市場(chǎng)來(lái)促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)將成為一項(xiàng)重要手段。 資本市場(chǎng)能否有效促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)可以看成是對(duì)資本市場(chǎng)資源配置有效性的一種檢驗(yàn)方式。在此基礎(chǔ)上,本文通過(guò)理論推導(dǎo)加實(shí)證研究的方法論證了我國(guó)資本市場(chǎng)與產(chǎn)業(yè)結(jié)構(gòu)升級(jí)之間的關(guān)系,并結(jié)合現(xiàn)狀考察了我國(guó)資本市場(chǎng)本身發(fā)展的不足,最終為我國(guó)現(xiàn)階段如何逐步完善資本市場(chǎng)以促進(jìn)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)提出建議。本文主要研究?jī)?nèi)容與相關(guān)結(jié)論可整理為以下三個(gè)部分。(1)資本市場(chǎng)支持產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的相關(guān)機(jī)理分析。在關(guān)于資本市場(chǎng)支持產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的系統(tǒng)理論未形成的情況下,通過(guò)引入企業(yè)這個(gè)微觀主體探索了一條資本市場(chǎng)支持產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的路徑。(2)在理論研究與機(jī)理研究的基礎(chǔ)上,運(yùn)用1994-2011年的相關(guān)數(shù)據(jù)對(duì)資本市場(chǎng)支持產(chǎn)業(yè)結(jié)構(gòu)升級(jí)進(jìn)行了實(shí)證分析,主要分為三個(gè)層次：一是運(yùn)用協(xié)整理論分析了整個(gè)資本市場(chǎng)對(duì)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的影響,證實(shí)前者對(duì)后者具有正向推動(dòng)作用：二是,在根據(jù)不同融資來(lái)源對(duì)資本市場(chǎng)進(jìn)行分類(lèi)的基礎(chǔ)上,對(duì)各個(gè)子市場(chǎng)與產(chǎn)業(yè)結(jié)構(gòu)升級(jí)之間的相關(guān)度進(jìn)行了灰色關(guān)聯(lián)度分析,結(jié)果表明股票市場(chǎng)與產(chǎn)業(yè)結(jié)構(gòu)升級(jí)之間的關(guān)聯(lián)度最高,銀行中長(zhǎng)期貸款市場(chǎng)次之,債券市場(chǎng)排在最后；三是,在分析了整個(gè)資本市場(chǎng)與高技術(shù)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)的基礎(chǔ)上,專(zhuān)門(mén)考察了中小板與創(chuàng)業(yè)板對(duì)于高技術(shù)產(chǎn)業(yè)結(jié)構(gòu)升級(jí)之間的相關(guān)性,從動(dòng)態(tài)的角度對(duì)比發(fā)現(xiàn)資本市場(chǎng)自身的擴(kuò)容還未達(dá)到預(yù)期效果。(3)結(jié)合實(shí)證分析結(jié)果,聯(lián)系我國(guó)資本市場(chǎng)相關(guān)現(xiàn)狀,從宏觀到微觀、整體與局部相結(jié)合的角度出發(fā)提出了完善資本市場(chǎng)建設(shè)的可行性建議,如在轉(zhuǎn)板制度中設(shè)立標(biāo)準(zhǔn)區(qū)域與緩沖期。
[Abstract]:Modern economic growth theory research shows that industrial structure upgrading is an important driving force of economic growth, as the core part of the national economic structure and the most basic structural form. Industrial structure will determine the economic competitiveness of a country to a large extent. The mode of modern economic growth is just the mode of economic growth with the change of industrial structure as the core. China's economic development is in the transition period of "steady growth, adjusting the structure and promoting reform", it is necessary to adjust the mode of economic growth. The upgrading of industrial structure is the key point. Finance is the core of modern economy, and the development of real economy can not be separated from the support of finance. The upgrading of industrial structure naturally also needs financial support. The capital market is the core of modern finance. The foundation of the modern financial system occupies an important proportion in the financial activities, and it will become an important means to promote the upgrading of industrial structure through the capital market. Whether the capital market can effectively promote the upgrading of industrial structure can be seen as a way to test the effectiveness of the allocation of capital market resources. This paper demonstrates the relationship between China's capital market and industrial structure upgrading through theoretical derivation and empirical research, and examines the deficiencies of the development of China's capital market itself in combination with the current situation. Finally, suggestions on how to improve the capital market in order to promote the upgrading of industrial structure are put forward. The main research contents and related conclusions can be sorted into the following three parts. Analysis of the mechanism of capital market supporting industrial structure upgrading. In the case of capital market supporting industrial structure upgrading system theory has not been formed. By introducing enterprise as a micro subject, this paper explores a path of capital market supporting industrial structure upgrading. (2) on the basis of theoretical research and mechanism research. Using the relevant data from 1994 to 2011, the paper makes an empirical analysis on the upgrading of capital market supporting industrial structure. It is mainly divided into three levels: first, the use of co-integration theory to analyze the impact of the entire capital market on the upgrading of industrial structure, to confirm that the former has a positive role in the latter; the second is. On the basis of classifying the capital market according to different financing sources, this paper analyzes the correlation between each sub-market and the upgrading of industrial structure. The results show that the relationship between the stock market and the upgrading of industrial structure is the highest, the medium and long-term loan market of banks is the second, and the bond market is the last. Third, based on the analysis of the whole capital market and the upgrading of high-tech industrial structure, the correlation between the small and medium-sized board and the gem for the upgrading of high-tech industrial structure is investigated. From the dynamic point of view, we find that the expansion of the capital market itself has not achieved the expected results. (3) combined with the results of empirical analysis, linked to the current situation of China's capital market, from macro to micro. From the angle of the combination of whole and part, the paper puts forward some feasible suggestions to perfect the construction of capital market, such as setting up standard area and buffer period in the system of transfer board.
【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F121.3;F832.5

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