The Interaction between Capital Factor Market Segmentation,Financial Fragility and High-quality Economic Development
By measuring the capital factor market segmentation,financial fragility and high-quality development index,it is found that the economic high-quality development index shows an upward trend,the financial fragility shows an upward trend in fluctuations,and the capital factor market segmentation index shows a downward trend in fluctuations.The VAR model is used to study the relationship between the three indexes.The research results show that capital factor market segmenta-tion has a negative impact on the quality of economic development and increases financial fragility;Financial fragility has a non-linear effect on capital factor market segmentation,which is first reduced and then promoted.High quality devel-opment reduces capital factor market segmentation;High quality economic development and financial fragility have a mu-tually reinforcing effect.The conclusion reflects that,in the process of high-quality economic development,attention should be paid to promoting the construction of a unified factor market,and financial fragility should be regarded as an inevitable phenomenon in development.Financial risks should be allowed to occur in the process of innovation,and the risks should be controlled within a certain range.
capital factor market segmentationfinancial fragilityhigh-quality economic developmentVAR
NETL
NSTL
万方数据
