资本市场对我国经济增长贡献的研究

采用AK模型和因子分析方法研究了我国资本市场和经济增长的关系,发现我国资本市场对经济增长贡献最大的是中长期信贷市场,股票市场和债券市场对我国的经济增长未尽到应有的作用.并发现其原因在于我国股市"为国有大中型企业服务"的畸形定位所造成的股市不规范以及债券市场规模过小,期限结构不合理等.提出了积极稳妥地推进国有股、法人股流通,加快发展证券投资基金,调整债券交易品种和期限结构,实行国有大中型商业银行股份制改造,以促进我国经济增长的政策建议.

Contributions of Capital Market to Economic Growth in China

This article presents the relationship between the capital market and economic growth in China through AK model and Factor Analysis. It shows that the middle and long-term loan market contributes the most to the economic growth. The stock market and bond market have not reached the due function. Tortured definition of "serving the state-owned enterprises" for the stock market limits the development of bond market. Corporate shares should be traded actively. Development of investment fund should be accelerated. Term structure of bonds should be flexible. State-own commercial banks should expedite the listing process.