中国证券市场发展与科技进步互动效应的实证研究

利用单位根检验、协整分析、误差修正模型、Granger因果关系检验和现代计量经济方法实证分析了中国证券市场发展与科技进步水平之间的互动关系。结果显示:周转率与技术水平之间存在协整关系,而且技术水平与周转率只是单向因果关系。这与西方发达国家的研究结论不符,揭示了中国证券市场的发展尚不十分成熟,还不能形成二者之间的良性互动关系。

An Empirical Study of the Interaction between Technological Progress and China's Stock Market Development

This article uses unit root testing,co-integration analysis,error correction model,Granger causality test and modern econometrics methods to empirically analyze the interaction between China's stock market development and technological progress.The results show that there is co-integration between turnover rate and the technical level and one-way causality between technical level and turnover rate.This is different from the research results in western developed countries,which indicate that China's stock market is far from mature and the interaction between the two are still desirable.