私人资本对经济增长影响的区域比较分析——基于股票市场发展的视角被引量：3

Impact of Private Capital on Economic Growth:A Regional Comparative Analysis——From the Perspective of the Development of Stock Market

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摘要本文基于1995—2009年的省际面板数据,利用GMM(广义矩估计方法)分别研究两类私人资本(境内私人资本和境外私人资本)在中国东部、中部和西部地区对经济增长的影响。并就股票市场的发展在私人资本对经济增长的影响中扮演着怎样的角色进行探讨。结果显示,境内私人资本在三个地区对经济增长的弹性系数都显著为正,有效地促进经济增长。而境外私人资本表现出明显的区域差异:在东部地区显著地促进经济增长;在中部地区阻碍经济增长,其原因是中部地区的股票市场发展水平有限;西部地区境外私人资本弹性系数为正,但进一步研究表明西部地区境外私人资本绝对量和股票市场发展水平都很落后。 Based on the 1995-2009 provincial panel data and applying GMM （generalized method of moment）, this paper investigates how the two kinds of private capital （domestic private capital and oversea private capital） effect the economic growth in Eastern China, Central China and Western China respectively, focusing on what role the development level of China＇s stock markets plays on the relationship between the private capital flow and the economic growth. The empirical results show that domestic private capital is significantly positive with the economic growth in all three areas, which really promote the economic growth effectively. But overseas private capital presents obvious regional differences. First, in the eastern region it stimulates economic growth significantly. Second, in the central region it hinders economic growth, influenced by the region stock market development level; Third, in western region overseas private capital has a positive coefficient, but the further researches show the small amount of overseas private capital and the low development level of stock market in western region.

作者刘维奇申秋兰张信东

机构地区山西大学管理学院

出处《中国工业经济》 CSSCI 北大核心 2011年第12期35-45,共11页 China Industrial Economics

基金教育部新世纪优秀人才支持计划项目"企业投融资与资本市场效率"(批准号NCET-09-0869) 教育部人文社会科学研究项目"储蓄分流与金融效率"(批准号07JA630027)

关键词私人资本经济增长股票市场广义矩估计方法 private capital economic growth stock market GMM

分类号 F064.1 [经济管理—政治经济学]

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