Research On Development Of Capital Markets Space Difference Of China’s Coastal Areas

Since the establishment of the Shanghai Stock Exchange Market and the ShenzhenStock Exchange Market, China’s capital market has gone through20years ofextraordinary journey, December19,1990, when Premier Zhu Rongji announced theestablishment of the Shanghai Stock Exchange market, listed on the stock only eight,the market value the total size of less than10billion, opening the first day of theturnover of only494,000yuan. More than20years, the A-share market cumulativefinancing to3.7trillion yuan, accelerated the concentration of social resources toquality enterprises, have provided important support for the rapid development of thenational economy.The regional capital markets refers to the natural formation of a national economicdevelopment economic region against the background of the formation of capitalmarkets, this study of regional capital markets as the background of the administrativedivisions to the eastern coast of the nine provinces and five sub-provincial cities(cities with independent planning) for the regional unit, measured from the two levelsof the province and the City in the capital market development, regional differences,and analyze the difference of the regional capital market development motivation.Article to the main line to the Comparative Study of the development of regionalcapital markets, a measure of the difference of the regional capital marketdevelopment and the development of regional capital markets with a focus onMotivation, the spirit of "first-line two" ideas, one built by the system of regionalcapital markets development of the index system and the difference measurementmodel, using principal component method and clustering method to measure the difference of capital market development indicators Theil coefficients and coefficientof variation method to measure the difference of a single indicator of capital marketdevelopment, the detailed study of the province and the City in differences in status ofthe two geographic units, development of capital markets and in-depth comparison.Second, the introduction of the panel data model to explore the inner link of theregional capital market development and local economic and social development, andanalysis of the dynamic effects of capital market development factors and to make anexplanation on the difference of the dynamic impact factors of the regional capitalmarket development.Study found that the development of regional capital markets there are significantdifferences, the provincial capital market development show a more obviousdifference of gradient, the highest level of development of the province’s capitalmarket, belong to the first echelon; Zhejiang, Jiangsu and belongs to the second tier;Shandong, Liaoning belong to the third tier; Fujian, Tianjin, Hebei, Hainan is thefourth tier;, the highest level of development of capital markets in Shenzhen andNingbo City in capital market development, capital market development, the degreeof the remaining three cities at the same level. little overall difference.The dynamic development of capital markets analysis, panel analysis of the results ofthe provincial capital market development, investment in fixed assets andemployment by level of education on the development of capital markets in theprovinces of quite different, the impact of the variable income the smallest difference.From the panel analysis of the City, the domain of capital market development,regional industrial agglomeration impact of differences in capital market developmentin the sub-provincial city larger, the difference of the remaining variables.