多层次资本市场与资源配置效率  

Multi-layered Capital Market and Efficiency of Resource Allocation

作　　者：郑志丹[1] 宋朋[1] 

机构地区：[1]河北大学经济学院,河北保定071000

出　　处：《金融发展研究》2016年第5期34-39,共6页Journal Of Financial Development Research

基　　金：河北省社会科学青年基金项目"京津冀一体化背景下金融聚集的溢出效应研究"(HB15YJ112)

摘　　要：本文以1997—2013年中国31个省份的面板数据作为研究对象,采用空间杜宾模型实证测度了主板市场、中小板市场和创业板市场的资源配置效率。结果表明:中国股票市场更多地体现了政府指导下的资源配置效率,并且主板市场的配置效率最低,创业板的配置效率最高,中小板的配置效率居中;在市场竞价条件下,仅中小板市场发挥了基础配置作用,主板和创业板市场的配置效率尚未显现。因此,只有在强化市场监管独立性的同时,大力推进和完善多层次资本市场才能实现资源的优化配置,进而完成中国经济结构的调整和转型。Using the panel data of China＇s 31 provinces from 1997 to 2013 as the research object, this paper mea- sures the resource allocation efficiency of the main board, small and medium-sized enterprises board and GEM by em- ploying the spatial Durbin model. The results imply that the Chinese stock market reflect the resource allocation efficien- cy under the guidance of the government. Furthermore, the allocation efficiency of the mainboard is the lowest, the al- location efficiency of GEM is the highest, and the allocation efficiency of small and medium-sizedenterprises board is in the middle. However, only the small and medium-sizedenterprises board plays its role in the resource allocation un- der the competitive market. The allocation efficiency of the main board and GEM have not been revealed yet. There- fore, the only way to realize an optimum allocation of resources is to strengthen theindependence of supervision and greatly improve the multi-layered stock market. And then China＇s economic reform and transformation is accomplished.

关 键 词：空间相关性 多层次资本市场 资本配置效率 

分 类 号：F830.91[经济管理—金融学]