The Contrastive Analysis of China’s Bond Financing and Stock Financing—Based on PVAR Model

Abstract

Through the establishment of the panel vector autoregressive model (PVAR), taking the 31 provincial panel data from the fourth quarter of 2013 to the second quarter of 2018 as research samples, the empirical test on the regional effects of bonds and stocks on social financing is carried out. The results show that the impact of bonds on social financing is greater than the impact of stocks on social financing. Compared with the economically less-developed regions and economically underdeveloped regions, the social financing in economically developed regions is the most sensitive to bonds and stocks. And the bonds and stocks in economically developed regions have a greater and far-reaching impact on social financing.