股市对经济增长的作用机制及其实证研究

The Influence Mechanism of Stock Market on Economic Growth and It's Substantive Research

股市一方面通过稳定总需求、增加投资资金来源达到稳定经济的效用 ;另一方面通过优化资源配置扩大一国潜在的GNP ,以共同达到减缓经济周期波动的效果。股市的长期繁荣将改变边际消费倾向 ,扩大乘数效应 ;通过加快储蓄向投资的转化 ,弥补通货膨胀缺口和资金供给缺口 ,提高资金运作效率。应用凯恩斯宏观经济理论对有关问题进行研究 。

Stock market has fundamental functions of turning resident savings into investment, raising the investment ratio of total savings and optimizing resources allocation. On the one hand, stock market has the effect of stabilizing economy by leveling off overall demands and increasing investment funds resources; on the other hand, by optimizing resources allocation, stock market has the effect of increasing a country's potential GNP and slowing down the fluctuation of economic cycles. The long-term prosperity of stock market will change marginal consumption trend, enlarge multiplier effect. By accelerating the transforming of savings into investment, stock market can make up inflation gap and the gap of funds supply, and improve funds operation efficiency.This paper applies the Keynes' macro-economy theory to study of relevant issues,and takes America as an example in the course of substantive research.