| 基于PVAR模型的中国债券融资能力研究 |
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| 引用本文： | 伍莹,申世昌.基于PVAR模型的中国债券融资能力研究[J].井冈山大学学报（自然科学版）,2019,40(4):12-17. |
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| 作者姓名： | 伍莹 申世昌 |
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| 作者单位： | 青海民族大学数学与统计学院,青海,西宁 810007;青海民族大学数学与统计学院,青海,西宁 810007 |
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| 基金项目： | 国家自然科学基金项目（11561056）；青海省自然科学基金项目（2016-ZJ-914） |
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| 摘 要： | 通过建立面板向量自回归模型(PVAR),以2013年第四季度到2018年第三季度中国31个省际面板数据为研究样本,对债券融资和股票融资与经济增长的动态平衡关系进行了定量分析。研究结果表明,债券融资和股票融资与经济增长的关系在不同经济区域表现出不同的特征,即具有区域异质性。相对于经济欠发达地区和不发达地区,经济发达地区的经济增长对债券融资和股票融资的敏感性最强,受到债券融资和股票融资的影响更深远。相对于股票融资而言,债券融资对经济增长的影响和发展潜力更大。
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| 关 键 词： | 债券融资 股票融资 区域效应 PVAR模型 |
| 收稿时间： | 2019/4/2 0:00:00 |
| 修稿时间： | 2019/5/11 0:00:00 |
RESEARCH ON CHINA'S BOND FINANCING CAPABILITY BASED ON PVAR MODEL |
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| WU Ying and SHEN Shi-chang.RESEARCH ON CHINA'S BOND FINANCING CAPABILITY BASED ON PVAR MODEL[J].Journal of Jinggangshan University(Natural Sciences Edition),2019,40(4):12-17. |
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| Authors: | WU Ying and SHEN Shi-chang |
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| Institution: | School of Mathematics and Statistics, Qinghai Nationalities University, Xining, Qinghai 810007, China and School of Mathematics and Statistics, Qinghai Nationalities University, Xining, Qinghai 810007, China |
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| Abstract: | By establishing a panel vector autoregressive model (PVAR), this paper makes a quantitative analysis of the dynamic equilibrium relationship among bond financing, stock financing and economic growth based on 31 provincial panel data from the fourth quarter of 2013 to the third quarter of 2018. The results show that the relationship among bond financing, stock financing and economic growth reveals different characteristics in different economic regions, namely, regional heterogeneity. Compared with the underdeveloped and underdeveloped regions, the economic growth in the economically developed regions has the strongest sensitivity to bond financing and stock financing, and is more profoundly affected by bond financing and stock financing. Compared with stock financing, bond financing has more impact on economic growth and development potential. |
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| Keywords: | bond financing stock financing regional effect PVAR model |
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