中国金融加速器效应的地区差异比较研究  

A Comparative Study of Regional Differences of Financial Accelerator Effect in China

作　　者：袁申国[1] 刘兰凤[2] 

机构地区：[1]广东外语外贸大学管理学院,广东广州510006 [2]广东外语外贸大学南国商学院,广东广州510545

出　　处：《财经研究》2011年第11期91-101,共11页Journal of Finance and Economics

基　　金：教育部人文社会科学规划基金项目(11YJA790200);广东省哲学社会科学"十一五"规划项目(09E-23)

摘　　要：文章基于427个上市公司1999-2009年面板数据,以负债资产比系数估值作为金融加速器效应大小的衡量指标,使用动态面板数据模型研究了中国金融加速器效应的地区差异性。结果表明,西部地区金融加速器效应最大,中部次之,东部最小;东部地区不存在金融加速器企业规模效应但存在金融加速器时期效应,中部地区恰好相反,西部地区金融加速器两种效应都显著存在。On the basis of the panel data of 427 listed companies from 1999 to 2009, this paper takes the coefficient valuation of leverage ratio as an indicator of financial accelerator effect and analyzes the regional differences of financial accelerator effect in China by dynamic panel data model. The empirical results are as follows, firstly, the financial accelerator effect in western region is the largest, followed by central region and eastern region orderly; in eastern region,there is no scale effect of financial accelerator firms but financial accelerator period effect; in central region, the reverse applies; in western region, there are significantly scale effect of financial accelerator firms and financial accelerator period effect.

关 键 词：中国 金融加速器 地区差异性 

分 类 号：F061.5[经济管理—政治经济学] F830.9