贵州省资本市场发展与区域经济增长关系的实证研究

Demonstrative research of Guizhou province capital market development and district economy growth relation

运用V A R模型、脉冲响应函数、方差分解及格兰杰因果检验对贵州省资本市场发展与区域经济增长的相互关系进行了实证研究。结果显示:资本化率的提高加速了资本形成,改善了资源配置,促进了贵州经济增长,反之,则不成立;交易价值与经济增长之间不存在显著的相互影响关系;而交易价值与资本化率之间存在相互促进关系。在加快发展地方经济的同时,贵州省应采取有效措施,扶持有条件的工商企业尽快上市,以促进贵州经济的腾飞。

Using VAR model, impulse response function, variance de- composition and Granger causality test, the mutual relationship between the development of the capital market and the regional economic growth in Guizhou Province is studied empirically. The empirical results show that the increasing capitalization ratio has accelerated the accumulation of capital, improved the allocation of resources, and promoted economic growth in Guizhou Province, on the contralT, ecmmmic gro^vth could not affect the capitalizatima ratio; there is not a significant relationship of mutual influence between the value traded and economic growth in Guizh0u Province; how- ever, there is a relationship of mutual promotion between the capitalization ratio and the value traded. Therefore, it is necessary, for Gulzhou Province to take effective measures to suppolt those qualified enterprises to be listed as soon as, while speeding up the local economic development, so as to promote the economic takeoff in Guizhou Province.