中国股票市场与经济增长关系的实证研究

股票市场发展与经济增长的相关性是经济增长理论中的新领域。多数的实证分析证实股票市场发展促进了经济增长。那么 ,我国股票市场的建立和发展是否有利于我国经济的增长呢 ?回归分析表明 :我国股票市场规模的扩大、交易率的提高增加了国有单位的固定资产投资 ,加快了企业的技术进步 ,推动了我国经济更快的增长。因而 ,股票市场发展与经济增长之间有很强的正相关性。据此 ,我们可以认为股票市场发展是我国金融深化的重要环节 ,是中国经济持续增长的一股推动力量

A Positive Study of the Relation between Stock Market and Economic Growth in China

The correlation between stock market development and economic growth is a new area in the theory of economic growth. Most positive analyses have proved that stock market development has promoted economic growth. The question remains whether the establishment and development of China's stock market are favorable to Its economic growth. As the regression analysis indicates, China's expanding stock market and its growing transaction have helped to increase the fixed assets investment in SOEs, accelerated their technological advance and led to faster growth of China's economic growth. There exists a very close positive relationship between the two. In light of this, it is advisable to regard the development of the stock market as a key link in deepening our financial reform, and as an impetus to the sustained growth of China's economy.