福建师范大学学报:哲学社会科学版
福建師範大學學報:哲學社會科學版
복건사범대학학보:철학사회과학판
Journal of Fujian Normal University(Philosophy and Social Sciences Edtion)
2014年
4期
60~66
,共null页
林朝颖 黄志刚 汤新华
林朝穎 黃誌剛 湯新華
림조영 황지강 탕신화
信贷市场 债券市场 股票市场 资源配置 面板VAR
信貸市場 債券市場 股票市場 資源配置 麵闆VAR
신대시장 채권시장 고표시장 자원배치 면판VAR
Credit market, bond market, stock market, resource allocation, panel VAR
银行主导型与市场主导型金融模式孰优孰劣的争论至今尚未形成定论。本文将资本市场细分成债券市场与股票市场,以我国2003—2012年非金融业上市公司季度数据为研究对象,采用面板VAR模型研究信贷市场、资本市场与企业成长的动态关系,进而从微观角度比较信贷市场与资本市场资源配置的事前效率与事后效率,结果发现:信贷市场与债券市场资源配置的事前效率不如股票市场,信贷市场资源配置的事后效率强于债券市场与股票市场。债券市场的规模虽迅速增长,但是与信贷市场及股票市场相比,其在资源配置方面并不具有任何优势。
銀行主導型與市場主導型金融模式孰優孰劣的爭論至今尚未形成定論。本文將資本市場細分成債券市場與股票市場,以我國2003—2012年非金融業上市公司季度數據為研究對象,採用麵闆VAR模型研究信貸市場、資本市場與企業成長的動態關繫,進而從微觀角度比較信貸市場與資本市場資源配置的事前效率與事後效率,結果髮現:信貸市場與債券市場資源配置的事前效率不如股票市場,信貸市場資源配置的事後效率彊于債券市場與股票市場。債券市場的規模雖迅速增長,但是與信貸市場及股票市場相比,其在資源配置方麵併不具有任何優勢。
은행주도형여시장주도형금융모식숙우숙렬적쟁론지금상미형성정론。본문장자본시장세분성채권시장여고표시장,이아국2003—2012년비금융업상시공사계도수거위연구대상,채용면판VAR모형연구신대시장、자본시장여기업성장적동태관계,진이종미관각도비교신대시장여자본시장자원배치적사전효솔여사후효솔,결과발현:신대시장여채권시장자원배치적사전효솔불여고표시장,신대시장자원배치적사후효솔강우채권시장여고표시장。채권시장적규모수신속증장,단시여신대시장급고표시장상비,기재자원배치방면병불구유임하우세。
The discussion of market-based versus bank-based financial mode has never reached an agreement. This paper separates the capital market into bond market and stock market, selects the sample panel data of non-financial listed companies from 2003 to 2012 , research the dynamic relationship among credit market, capital market and finn growth with panel VAR model and then compare the resource allocation efficiency of credit market, bond market and stock market in pre-event dimension and post-event dimension. The result shows that the resource allocation efficiency of credit market and bond market is less than the stock market from pre-event dimension, while the resource allocation efficiency of credit market is greater than bond market and stock market from post-event dimension. Although the bond market grows rapidly, it's not better than credit market and stock market in resource allocation aspect.