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。
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 RD,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 high-tech industries technological progress while the effect of the stock market liquidity on high-tech industries of different industrial phases were disparate.The impacts of stock market liquidity on the high-tech industries technical progress weren＇t significant when they were at the start-up stage;but for the high-tech industries at the so-called ＂the second innovation＂industrialization stage,the stock market liquidity played an obvious role on its technical progress.
出处
《广东金融学院学报》
CSSCI
北大核心
2011年第5期77-89,共13页
Journal of Guangdong University of Finance
关键词
股票市场流动性
融资规模
高技术产业
技术进步
the liquidity of stock market
financing scale
high-tech industries
technical progress
