摘要
本文利用2013—2015年中国31个省区市的季度和年度数据,分析了地区社会融资规模和融资结构差异和造成差异的原因。造成地区社会融资规模在总量和结构上差异的原因有经济规模、物价、企业规模、金融发展创新等。面板数据模型的实证结果表明,总量上,经济增长和物价水平对地区社会融资规模的影响显著,东部地区比中、西部地区自发性的社会融资规模更大;结构上,经济规模的扩大和增速提高,企业规模的扩大,金融业自身发展与创新,都对优化社会融资结构影响显著,而产业结构和企业股权结构(国有或非国有)的影响不显著;区域上,东部比中、西部的社会融资结构更为合理。
Based on the data of 31 provinces in 2013-2015, this paper analyzed the differences of the scale and structure of local aggregate financing to the real economy and the reasons for the differences. The reasons for the differ- ences included economic scale, price, enterprise scale, financial development innovation, etc.. Economic growth and price level had significant effects on the local scale of social financing. Economic scale and the growth rate, enterprises ＇ scale expansion, the development and innovation of financial industry had significant effect of social financing struc- ture, but the industrial structure and enterprises＇ ownership structure （state-owned or not） had no significant effect. The social financing structure was more reasonable in the eastern region than in the west
作者
牛润盛
Niu Runsheng(Center for Quantitative Economics of Jilin University, Jilin Changchun 130012)
出处
《金融发展研究》
北大核心
2016年第12期69-72,共4页
Journal Of Financial Development Research
关键词
地区社会融资规模
区域经济
股权结构
产业结构
金融创新
local aggregate financing to the real economy, regional economy, ownership structure, industrial structure, financial innovation
