证券市场导报Issue(12)：3-17,15.
我国多层次资本市场建设与实体经济发展
摘要
Abstract
Serving the real economy is the bounden duty of capital markets.This paper systematically tests the ability of China's multi-level capital markets to serve the real economy for the first time.Our findings are as follows.(1)In terms of direct financing,China's multi-level capital markets meet the differentiated financing needs of nterprises,and low-level capital market financing does not have a"crowding out"effect on the high-level capital market financing.The financing efficiency of the National Equities Exchange and Quotations(NEEQ)is significantly lower than that of the Main Board and the ChiNext Board.(2)In terms of resource allocation,the Main Board and the ChiNext Board have been effective in resource allocation for the majority of the time.There was a large gap between the resource allocation efficiency of the ChiNext Board and that of the Main Board at the initial stage of the ChiNext Board's establishment.Nevertheless,the resource allocation efficiency of the ChiNext Board has been comparable to that of the Main Board since 2014.The resource allocation efficiency of the NEEQ is relatively low and inferior to the Main Board and the ChiNext Board.(3)The severe liquidity shortage and low information transparency are the key factors to the inefficiency of financing and resource allocation of the NEEQ.关键词
多层次资本市场/实体经济/直接融资/资源配置/流动性Key words
multi-level capital markets/real economy/direct financing/resource allocation/liquidity分类
管理科学引用本文复制引用
武瑶瑶,胡凡,刘桂芳..我国多层次资本市场建设与实体经济发展[J].证券市场导报,2023,(12):3-17,15.基金项目
国家自然科学基金青年项目"基金合作行为与流动性共因研究:事实、机制与影响"(72103047)、国家自然科学基金青年项目"考虑文本信息的信用风险度量及其在脆弱期权定价中的应用研究"(72301077)、2023年广东省研究生教育创新计划项目"大数据和机器学习驱动下《金融理论与政策》课程案例库建设"(2023ANLK_041) （72103047）
