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作 者:陈倩[1] 史桂芬[1] CHEN Qian;SHI Gui-fen(School of Economics and Management,Northeast Normal University,Changchun 130117,China)
机构地区:[1]东北师范大学经济与管理学院,长春130117
出 处:《云南财经大学学报》2022年第12期48-61,共14页Journal of Yunnan University of Finance and Economics
基 金:国家社会科学基金一般项目“公共品供需匹配视角下农业转移人口社会融合及其经济效应研究”(20BJY138)。
摘 要:以金融资本寻求超额收益最大化的效用理论为基础,结合风险溢价模型,构建数字普惠金融、股票市场与中小企业三者之间资金融通的作用机制,采用TVP-SV-VAR模型实证探究数字普惠金融是否有效赋能中小企业发展。结果表明,数字普惠金融的大量资金因投机者的短期投机行为流向了股票市场,助长了资本市场的繁荣,数字普惠金融在赋能中小企业发展方面存在“脱实向虚”现象。但是在国家对互联网金融环境的专项整治下,金融资本的“脱实向虚”趋势有所缓解。进一步进行区域异质性分析发现,东部地区实体经济对金融资本的吸纳能力较强,数字普惠金融对中小企业发展有一定促进作用,而中西部地区的中小企业实体经济增长乏力,资本因为寻求超额收益在金融系统内部空转,并且经济发展越慢的地区,金融资本“脱实向虚”现象越突出。Based on the utility theory that financial capital seeks to maximize excess returns, and combined with the risk premium model, this paper constructs the function mechanism of financing integration among digital inclusive finance, stock market and small and medium-sized enterprises(SMEs). TVP-SV-VAR model is used to empirically explore whether digital inclusive finance can effectively contribute to the development of SMEs. The results show that a large amount of funds of digital inclusive finance flow to the stock market due to the short-term speculative behavior of speculators, promoting the prosperity of the capital market. Digital inclusive finance tends to “transform real economy into virtual economy” in contributing to the development of SMEs. However, under the special rectification of the Internet financial environment of China, the trend for financial capital to “transform real economy into virtual economy” has been alleviated. Further regional heterogeneity analysis finds that the real economy in the eastern region has a strong ability to absorb financial capital, and digital inclusive finance play a certain role in promoting the development of SMEs, while the development of the real economy of SMEs in the central and western regions is sluggish. Capital tends to idle within the financial system in search of excess returns, and the less economically developed the region, the more financial capital tends to “transform real economy into virtual economy”.
关 键 词:数字普惠金融 股票市场 中小企业 “脱实向虚” TVP-SV-VAR模型
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