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本文利用因子分析方法测度金融依赖型产业的脆弱性,分析产业脆弱性的影响因素。研究发现,煤炭开采和洗选业等17个行业为金融依赖型产业,石油和天然气开采业等21个行业为一般产业;金融依赖型产业和一般产业的脆弱性均存在显著的M形变化趋势,金融依赖型产业比一般产业更具有脆弱性,金融依赖型产业脆弱性的波动幅度小于一般产业;一年期贷款利率上升、贷款规模扩大、税金负担和财务费用增加会增强金融依赖型产业的脆弱性,M_2与金融机构存款比值上升会降低金融依赖型产业的脆弱性。
This paper uses factor analysis to measure the vulnerability of financially dependent industries, and analyzes the influencing factors of industrial vulnerability. The study finds that 17 industries such as coal mining and washing industry are financially dependent industries and 21 industries such as oil and natural gas mining industry are general industries. There is a significant M-shaped trend in both financial-dependent industries and general industries , The financially dependent industries are more vulnerable than the average ones, and the volatility of the financially dependent industries is less volatile than that of the general industries. One-year lending rates rise, the loan scale expands, the tax burden and the financial costs increase will enhance the financial-dependent industries Vulnerability, the increase in the ratio of deposits between M_2 and financial institutions, will reduce the vulnerability of financially dependent industries.