直接融资结构对经济增长的非线性影响  

The Non-linear Impact of Direct Financing Structure on Economic Growth

作　　者：贺俊[1] 韩汶衍 毕功兵[1] HE Jun;HAN Wen-yan;BI Gong-bing(School of Management,University of Science and Technology of China,Hefei 230026,China)

机构地区：[1]中国科学技术大学管理学院,安徽合肥230026

出　　处：《中国管理科学》2023年第1期47-55,共9页Chinese Journal of Management Science

基　　金：国家自然科学基金资助项目(71573240,71731010)。

摘　　要：伴随着中国经济的高速发展,实体经济结构与金融结构难以匹配的问题日益严重,大量中小企业日益增长的融资需求无法得到满足。股权融资与债券融资结构优化问题成为企业融资决策的普遍难题。本文致力于研究直接融资结构即股权融资和债券融资的比例对于中国经济增长的影响。首先,本文通过内生增长理论模型研究了直接融资结构与经济增长之间的动态关系。然后,基于2002-2019年间中国的相关数据,对技术创新变量进行中介效应检验,验证直接融资结构对于经济增长的作用路径。研究发现:直接融资结构对中国经济增长的影响呈现非线性效应;直接融资结构是通过促进技术创新来进一步促进经济增长;目前,中国仍处于需要提高股权融资占比来促进经济快速增长的阶段。With the rapid development of China’s economy, the problem of hard matching between the structure of the real economy and the financial structure has become increasingly serious. A large number of small and medium-sized enterprises cannot meet the growing financing needs. Equity financing and bond financing structure optimization has become a common problem in enterprise financing decisions. Thus, the impact of direct financing structure on economic growth is necessary to be investigated. First, the endogenous growth theory model is modeled to study the dynamic relationship between direct financing structure and economic growth. Then, in order to verify the path of the impact of direct financing structure on economic growth, the intermediary effect test is used to empirically test the influence of technological innovation variables based on the relevant data in China from 2002 to 2019. The results are obtained as follows:(1) The direct financing structure has a nonlinear effect on China’s economic growth;(2) Direct financing structure promotes economic growth by promoting technological innovation;(3) At present, China is still in the stage when it needs to increase the proportion of equity financing to promote rapid economic growth.

关 键 词：内生增长 股权融资 直接融资结构 经济增长 非线性影响 中介效应 

分 类 号：F832[经济管理—金融学]