股票市场发展与经济增长——从流动性的视角

基于前人的重要结论,从流动性的角度,将流动性分为成交量、换手率两个方面。通过向量自回归（VAR）建立模型进行进一步的研究,得出股票交易成交量与经济增长的长期均衡关系,并通过VECM模型与Granger因果关系检验对所建立的模型进行进一步验证。研究结果显示,股票市场的流动性与经济增长存在显著的关系。进一步研究换手率对股票流动性的影响可得出的结论是,股票市场的流动性与经济增长存在长期的均衡关系,并且流动性中,成交额与经济增长存在正向关系,而换手率与经济增长存在负向关系,两者都是通过影响股票市场的总市值来进一步影响经济增长的。

The stock market development and the economic growth From the view of liquidity

Based on the important conclusion from the perspective,liquidity is the mobility,the turnover of exchange rate in two ways.Since reunification by vector(VAR) the establishment of a model for further study of the stock exchange volume and economic growth of a long-term equilibrium of relations,and VECM model and Granger causality tests to establish a model for further verification.Research shows that the stock market liquidity and economic growth of the matter.further research exchange rate for the mobility ...