中美资本市场融资效率比较研究  

Comparison of Fundraising Efficiency Between Chinese and US Capital Market

作　　者：闻岳春[1] 唐学敏[1] 

机构地区：[1]同济大学经济与管理学院,上海200041

出　　处：《中国科技论坛》2014年第12期147-153,共7页Forum on Science and Technology in China

基　　金：国家社科基金重大项目"创新型国家背景下的科技创新与金融创新结合问题研究"子课题"促进科技创新的资本市场创新研究"(11&ZD139);国家自然基金项目"中国资本市场系统稳定性评估与监测研究"(71273190)

摘　　要：本文从服务科技创新的角度,对中美两国资本市场融资效率进行了比较研究。研究发现,在资本市场融出资金方面,中美两国资本市场对高新技术企业融出资金的效率较为接近;而在资本市场资源配置方面,中国资本市场在服务科技创新时的资源配置效率相对较低。此外,为了更好地发挥资本市场服务科技创新的作用,我国应努力完善多层次资本市场,加快建设场外资本市场。This paper examined the fundraising efficiency of innovation served by capital market by using the data of Hi-tech enterprises in both Chinese and US stock market. It finds that the funding efficiency of capital market to Hi-tech enterprises of China is close to that of US. And the efficiency of the allocation of resources of Chinese capital market is relatively low with respect to the US. In order to pro- mote innovation, China should make great efforts to improve and perfect its multi-level capital market, and speed up the construction of OTC markets.

关 键 词：资本市场 科技创新 融资效率 

分 类 号：F833[经济管理—金融学] F837