股票市场、金融中介与经济增长的实证研究

金融发展是影响经济增长的至关重要的因素之一,本文利用2003²013年的季度数据,通过构建联立方程模型,使用广义矩估计(GMM)方法研究了中国股票市场、金融中介与经济增长之间的关系。实证结果表明:股票市场发展并不是经济增长的原因,而经济增长促进了股票市场繁荣;金融中介的发展促进经济增长,而经济增长时由于金融中介的逆向操作往往使得金融中介的总体规模降低;股票市场发展与金融中介发展相互促进。据此,我们认为我过的金融市场还不够完善,应进一步完善体制,规范操作,促进经济协调发展。

Demonstrative research of shares market,financial agent and economy growth

As we know, financial development is one of the crucial factors influencing the economic growth, this paper discusses the relationship between finance and economic growth based on a simultaneous equation model by using quarterly data from 2003 to 2013in China. The empirical results show that the stock market is not the cause of the economic growth, but economic growth can promote the development of stock market; Financial intermediary development has a positive effect on economic growth; Stock market and financial intermediary interact with each other. We find that our financial marker is not running very well, so it is high time for us to transform the way of economic growth and regular the operation of the stock market, so that to promote the coordinated development of economy.