金融市场、金融中介和经济增长的实证分析

Empirical Analysis of Financial Market,Financial Intermediary and Economic Growth

内生金融经济增长理论认为:金融发展主要通过资本积累和技术进步两条途径促进经济增长。本文以投入产出表中的15个制造行业1998-2008年数据为样本,实证分析金融中介、金融市场对我国经济增长的具体影响。分析结果指出:总体来看,金融中介发展、金融市场发展对经济增长具有非常显著的正向解释力,中国金融中介对经济增长的促进作用大于金融市场;具体而言,中国金融中介发展促进了资本的积累,而中国金融市场发展与资本积累存在反向关系。金融中介发展、金融市场发展与技术进步存在正向关系,且金融中介对技术进步的影响大于金融市场。

Endogenous growth theory suggests that the growth of economics is promoted by financial development mainly through two ways： capital accumulation and technological progress. This paper takes data of 15 manufacturing industries in input-output table from 1998 to 2008 as sample,and empirically analyzes the specific effect of financial intermediation and financial markets on Chinese economic growth. The results point out： On the whole ,the financial intermediary development and financial market development have significant positive explanatory power to economic growth,and the promotion to economic growth of Chinese financial intermediation is stronger than financial markets; the financial intermediary development promote capital accumulation,while the development of Chinese financial market has inverse relationship with the capital accumulation ;Specifically speaking, the financial intermediary development and financial market development have positive correlation with technological progress,and the promotion to technological progress of financial intermediation is stronger than financial markets.