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产业投融资机制不健全,一直是制约我国产业发展的一个重要原因。与国外相比,我国产业规模仍然较小,发展空间相对较大。在我国产业的相关研究中,产业投融资研究一直是最薄弱的环节。目前学术界已从体制和机制等多个层面,深刻剖析了投融资的发展状况、制约因素、产业结构等问题,但对企业个体层面的研究甚少。本文选择在我国内地证交所上市的中体产业和探路者两家上市公司为研究对象,运用Copula函数方法,通过构建多元GARCH模型,分析其股票收益率波动相关性,从而反映了整个产业的发展状况,对于我国产业投融资下一步发展具有积极意义。
The unsound industrial investment and financing mechanism has always been an important reason that restricts China’s industrial development. Compared with foreign countries, China’s industrial scale is still relatively small and its development space is relatively large. In China’s industry-related research, industrial investment and financing research has always been the weakest link. At present, the academia has profoundly analyzed the development of investment and financing, constraints, and industrial structure from various aspects such as systems and mechanisms. However, little research has been done on the individual level of enterprises. This article selects two listed companies in China’s mainland stock exchange listed as the research object, using the Copula function method, to construct a multivariate GARCH model, and analyze the volatility correlation of its stock returns to reflect the entire industry. The state of development has a positive significance for the next step in the development of China’s industrial investment and financing.