摘要
本文认为,辩证、客观地认识我国股票市场并确定股票市场发展方向,对我国经济发展具有非常重要的意义。文章利用1987～2003年的数据对我国股票市场与经济增长的关系及我国股市功能进行实证分析。研究发现,境内外股票筹资率的上升对资源配置效率的改善和经济增长具有积极的作用;而由于市盈率过高和传导机制失灵,流通市价与GDP比率的上升对经济增长有明显的负作用。因此,证券市场发展规划既要大力促进境内外股票筹资率的上升,又要适当控制泡沫与过度投机,从而推进证券市场健康稳定发展。
It is important to Correctly understand of stock market for setting up its development direction. Based on statistics data from 1987 to 2003, the article provides an empirical analysis of the relation between chinese stock market and economic growth, which is also the function of Chinese stock market. It is discovered that the ratio of the raised capital （both inside and outside China） to amount of investment in fixed-assets play an active role to economy. On the contrary, the ratio of negotiable market capitalization to GDP has negative effect towards economy. Therefore, it suggests focusing on improvement of Raised Capital while properly control Stock bubble and excessive speculation so that to guarantee stable development of stock market.
出处
《中国流通经济》
CSSCI
北大核心
2007年第6期58-61,共4页
China Business and Market
基金
南开大学创新基金<非线性协调与非线性误差修正模型>(项目编号:ZB0001)的部分研究成果
关键词
股票市场
经济增长
股票融资
流通市值
stock market
economic growth
raised capital
negotiable market capitalization
