济宁市金融结构对煤炭采选业发展的影响

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。

INFLUENCE OF FINANCIAL STRUCTURE ON COAL MINING AND PROCESSING IN JI’NING CITY

Coal is China’s chief one time energy consumption. Coal mining and processing needs supporting from financial market. This paper selects 1996—2012 data to establish VAR model and uses impulse response function and variance decomposition to analyze the influence of financial structure on coal mining and processing. Result shows a weak positive adjustment of marketing direct financing structure on coal mining and processing, but a relation indirect financing structure is effective. According to the actuality of Ji’ning’s finance and coal mining and processing, coal mining and processing gains indirect financing, and at the same time focuses on stock market in using marketing direct financing, which can promote a sustainable development of coal industry.