| 中国股市融资规模与流动性对高技术产业技术进步的影响 |
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| 引用本文： | 袁礼,王林辉.中国股市融资规模与流动性对高技术产业技术进步的影响[J].广东金融学院学报,2011(5). |
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| 作者姓名： | 袁礼 王林辉 |
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| 作者单位： | 东北师范大学经济学院; |
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| 摘 要： | 利用中国股票市场和高技术产业1997～2009年的面板数据,分别建立股票市场的融资规模和流动性对高技术产业的R&D内部资金支出、新产品产值以及经DEA分析得到全要素生产率影响的回归模型,考察股票市场融资规模和流动性对高技术产业技术进步的影响,结果显示股票市场融资规模的扩大将有助于高技术产业技术进步;而股票市场流动性对处于不同产业发展阶段的高技术产业影响效应不同,当高技术产业处于创业阶段,股票市场流动性对其技术进步作用不显著,而高技术产业处于二次创业产业化阶段,股票市场流动性对其技术进步具有明显的推动作用。
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| 关 键 词： | 股票市场流动性 融资规模 高技术产业 技术进步 |
The Financing Scale and Liquidity of Stock Market and High-tech Industries Technical Change in China |
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| Yuan Li , Wang Linhui.The Financing Scale and Liquidity of Stock Market and High-tech Industries Technical Change in China[J].Journal of Guangdong University of Finance,2011(5). |
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| Authors: | Yuan Li Wang Linhui |
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| Institution: | Yuan Li and Wang Linhui(School of Economics,Northeast Normal University,Changchun 130117,China) |
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| Abstract: | This paper used the panel data of stock market and high-tech industries over the period 1997-2009,regressing the stock market liquidity and the stock market financing scale on the high-tech industries intramural expenditure on R&D,output value of new products and the total factor productivity from the DEA to analyze the influences of stock market financing scale and liquidity on high-tech industries technical progress.The results showed that the expansion of the stock market financing scale would conduce to... |
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| Keywords: | the liquidity of stock market financing scale high-tech industries technical progress |
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