创业板与中国经济增长的实证研究

创业板作为新生的金融工具，其在国民经济发展中的地位一直没有得到科学的评价。本文通过分析创业板运行现状，从宏观和微观两个层面，分别对创业板与经济增长的关系进行实证研究。宏观层面，选取了创业板市场规模、市场流动和市场波动性3个变量指标，通过构建向量自回归模型研究创业板市场对经济增长的影响；微观层面，通过构建创业板上市公司成长性的综合评价指标体系，使用因子分析模型评估出上市公司的成长性，然后与经济增长进行关联分析。最后，总结分析海外创业板市场的成功经验，提出进一步完善我国创业板市场制度建设的若干建议，以推动我国创业板市场的健康发展，达到促进我国经济增长的目标。

Empirical Study on the Development of GEM and China's Economic Growth

As a new ?nancial tool, Growth Enterprises Market Board (GEM) doesn’t get the attention it deserved in the national economic development. Based on the analysis of the present situation of GEM operation, from the perspective of macro and micro aspects, this paper researches the GEM’s impact on economic growth. On a macro level, this paper studies problem above by constructing vector autoregressive model. On a micro level, setting up a comprehensive evaluation index system of growth in listed companies on GEM, this essay analyzes problems above by using the factor analysis model. Finally, in order to promote the development of China’s GEM and achieve the goal of promoting China's economic growth, this article studies the overseas GEM and puts forward some suggestions to improve system construction in China’s GEM.