【摘要】 融资是证券市场首要功能,股票市场的行情同上市公司的融资行为存在着一定的关联:指数处于上涨阶段过程中,有利于上市公司推出较大规模的融资方案;短时间内大规模的融资又使股票市场资金流出太多,从而造成指数下跌,反过来也影响融资的规模。基于现代计量经济理论中的向量自回归模型进行建模分析,得出了两者之间存在着上述关联的结论,创新点是定量地得出两者间相互影响效应的大小。更多还原

【Abstract】 Financing is the primary function of stock market.As China’s security market is still in a developing stage,there is a certain correlation in the stock market quotation with the financing behavior of listed companies.Such cases can be observed in that index up-stage process is conducive to the listed company’s enlargement of its financing scale;however,short-time and large-scale financing is likely to cause excessive capital exit and crack down the investors’ confidence,resulting in index fall,and in turn affecting the financing scale.This paper adopts an empirical perspective based on modern econometric theory,proposes the vector autoregressive model for analysis,and concludes that the correlation exists between the index and the financing behavior and the degree of the effect with quantification.更多还原