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本文构建一个包含“股权资本结构”的经济增长模型,基于2002～2007年的省区面板数据实证检验股权资本结构对经济增长的影响。结果发现,地区层面差异显著,东部地区股权资本结构与经济增长之间存在强相关关系,中、西部地区的作用效果并不明显;不同股权资本结构作用于经济增长存在差异,流通股的经济增长作用明显,非流通股的作用不显著。通过进一步检验发现:2005年股权分置改革的结果是资本市场资源配置功能被“扭曲”了,其对经济增长的效率起反面作用;长期上看,未来推进股权资本结构优化并发挥其对经济增长的推动作用具有现实必然性和必要性。
This paper constructs a model of economic growth with “equity capital structure ” and tests the impact of equity capital structure on economic growth based on panel data of provinces and autonomous regions from 2002 to 2007. The results show that there are significant differences at the regional level. There is a strong correlation between the capital structure of the eastern region and economic growth, while the effect of the middle and western regions is not obvious. The role of different equity capital structures in economic growth is different, and the economic growth of tradable shares The effect is obvious, the role of non-tradable shares is not significant. Through further tests, it is found that the result of the share-trading reform in 2005 is that the function of capital allocation in the capital market has been “distorted”, which has a negative effect on the efficiency of economic growth. In the long run, the optimization of equity capital structure will be promoted in the future The promotion of economic growth has the realistic necessity and necessity.