摘要
利用2002～2008年中国能源工业发展与金融支持的面板数据，综合考察融资的规模、结构与能源工业的产值增长、能耗强度之间的关系，并基于79家上市能源企业的角度进行拓展和再证实。研究结果显示，融资规模扩大有利于能源工业的产值增长，但融资的开放程度和利用效率不断降低；不同的融资结构对产值增长的贡献率和能源消耗存在明显差异；国内贷款不仅对能源产业产值增长的贡献相对较低，还提高了单位增加值的能耗；相反，利用外资却能二者兼得；此外，增加股票和债券融资有助于促进自筹资金对能源产业产值增长的拉动作用.
Based on the panel data of energy industry development and financial support during the period of 2002 - 2008 in China, and the research of the real situation of the 79 listed firms, this paper examines the relationship among financing scale and structure energy industry output growth and energy consumption. The research result shows that the expansion of financing scale is helpful for energy industry output growth, whereas the degree of financing openness is constantly reducing while different financing channels have obvious difference for output contribution and energy consumption. The domestic loan not only failed to promote energy industry output growth vigorously, but also increased the energy consumption; in contrast, foreign capital could have both of those two benefits. Besides, issuing stocks and bond on the capital market will be beneficial to raise self-financing＇ s contribution rate for output growth.
出处
《广东金融学院学报》
CSSCI
北大核心
2010年第4期89-99,共11页
Journal of Guangdong University of Finance
关键词
能源工业
金融支持
融资结构
energy industry
financial support
financing structure
