资本市场融资对产业结构升级影响的实证研究--基于新疆上市公司的经济数据

摘要

选取西部大开发以来（1999—2013年）新疆资本市场和产业发展的相关经济数据，基于协整检验与格兰杰因果检验构建 VAR 模型，对新疆资本市场与产业结构升级的总量效应进行实证研究，在此基础上运用灰色关联分析方法探讨两者的局部效应。研究表明：新疆资本市场融资率对产业结构升级具有显著的正向推动作用，三期以后有减弱的趋势；产业结构升级不管在短期还是长期内也会反过来显著性地提高资本市场融资率，但不同融资方式对新疆产业结构升级的作用存在差异，灰色关联度最高的是股权融资0.712，其次是债券融资融资0.703，最低是内源融资0.652。针对以上结论，提出扩大资本市场规模、完善融资环境、培育优质新疆上市公司等对策建议。%The article selects Xinjiang’s capital market and the upgrading of industrial structure economic data since the development of western region (1999 -2013),and tests the relationship between them with the methods of co -integration test and gray correlation analysis.It is shown that:XinJiang’s capital market financing rate plays a significant positive role in promoting the upgrading of industrial structure;after three stages the effect is weakening;regardless of short -term or long -term,the upgrading of industrial structure will in turn significantly increase the rate of capital market financing;the relevance degree between stock financing and the industrial structure upgrade is the highest 0.712,followed by bond fi-nancing 0.708,and the lowest is internal financing 0.652.According to the above conclusions,the paper makes the fol-lowing suggestions:expanding the scale of capital market,perfecting the financing environment and cultivating high -quali-ty listed companies in XinJiang.