股权金融市场、增长方式选择与平衡增长：传统与新兴部门视角*

为探究股权金融市场对增长方式选择和平衡增长的影响，本文基于传统与新兴部门的差异，构建动态理论模型并利用“Simulink”技术进行数值模拟分析。理论分析发现股权金融市场效率对平衡增长具有增长效应且存在门槛条件，效率高于门槛值时股权金融市场发展将提高平衡增长率和创新贡献率。总体上，发展股权金融市场将促进我国平衡增长和增长方式转变，但东、西部地区存在差异，发展股权市场可以加快东部地区创新型增长而对西部地区没有显著作用。

EQUITY FINANCIAL MARKET,GROWTH MODE AND BALANCED RATE: PERSPECTIVE OF EMERGING SECTOR AND TRADITIONAL SECTOR#br#

Based on the differences between the innovation based emerging sector and the investment based traditional sector, this paper constructs the dynamic growth model and conduct Simulink analysis to explore the effect of equity financial market efficiency on the growth mode choice and long term growth. The theoretical analysis shows that equity financial market efficiency has the growth effect on the innovative growth mode and the balanced growth rate under the threshold conditions. The equity financial market with efficiency higher than the threshold can significantly improve balanced growth rate and the contribution rate of innovation. The numerical simulation shows that on the whole, the efficiency of Chinas equity financial market is higher than the threshold value. But there are differences between the eastern and the western regions. The improvement of equity financial market efficiency will accelerate the innovations contribution to growth and structural adjustment of the eastern region, but the effect is not significant in the central and western region.