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煤炭是我国主要的一次消费能源,煤炭采选业的发展需要金融市场的支持。文章选取1996—2012年的相关数据建立VAR模型,运用脉冲响应函数和方差分解实证分析了济宁市金融结构对煤炭采选业发展的影响。模型计算结果表明:中长期内,济宁市的市场型直接融资结构对煤炭采选业发展的正向调节作用较弱;关系型间接融资结构能够稳定有效的支持煤炭采选业的发展。根据济宁市金融和煤炭采选业发展特点,济宁市煤炭采选业在稳固发展间接融资支持作用的同时,应更注重证券市场的作用,积极利用市场型直接融资,促进煤炭产业的持续发展。
Coal is a major consumption energy in our country. The development of coal mining and dressing industry needs the support of the financial market. This article selects the relevant data from 1996 to 2012 to establish VAR model, and uses impulse response function and variance decomposition to empirically analyze the influence of Jining financial structure on the development of coal mining industry. The results of model calculation show that in the medium and long term, the positive effect of market-based direct financing structure in Jining on the development of coal mining and dressing industry is weaker. The relational indirect financing structure can support the development of coal mining industry steadily and effectively. According to the development characteristics of finance and coal mining industry in Jining, Jining coal mining and dressing industry should pay more attention to the role of securities market while actively promoting the development of coal industry by actively using market-based direct financing while promoting the indirect financing support.