股票市场发展对资本积累的增长效应研究——基于中国省际面板数据的实证分析

Effect of Stock Market Development on Capital Accumulation——Evidence from China Provincial Panel Data

本文通过中国31个省、自治区和直辖市1993—2006年的面板数据，先后采用混合估计和固定效应方法对股市融资对资本积累的影响进行实证分析，考虑到股票市场发展初期融资规模和效率的制约会影响到股市融资对资本积累的作用程度，本文构建两类样本，分别对两类样本中的股市融资对资本积累的影响进行实证分析。结果发现，随着中国股票市场的发展，股市融资对资本积累的增长效应更加明显。这不仅证明了资本积累是股票市场发展影响经济增长的一条重要渠道，而且还为深入把握股票市场发展促进经济增长的机理、路径与效果提供了重要的理论基础。

This paper studies the effect of stock market development on capital accumulation with panel data from China 31 provinces through 1993-2006.We find that the effect of equity financing on capital accumulation is more significant along with stock market development.This shows that capital accumulation is an important channel for the effect of stock market development on economic growth.The findings may provide theoretical basis for the mechanism,path and effect of stock market on economic growth.