资本市场作用于经济增长的消费需求机制研究

The Consumption Mechanism of Capital Market on Economic Growth

资本市场与经济增长的关系是一个受到广泛争论的问题 ,从理论上分析 ,资本市场的发展会导致包括消费需求在内的总需求的变化 ,进而作用于经济增长 ,我们可以把这种传导过程称之为资本市场作用于经济增长的消费需求机制。全面深入地分析了资本市场作用于经济增长的消费需求机制 ,并对此进行了较为详尽的实证检验 ,实证分析的结果表明 :迄今为止 ,我国资本市场的发展对消费需求的刺激 ,进而对经济增长的促进作用是十分有限和微弱的。文章对这种传导机制在我国受阻的原因和障碍进行了分析 ,并就此提出了改进和完善我国资本市场以更好地刺激消费需求、促进经济增长的若干对策建议。

The relation between capital market and economic growth is a controversial issue.From the point of theoretical analysis,the development of capital market will lead to the change of consumption and affect economic growth,we can call this transmission process as 'consumption mechanism of capital market on economic growth'.The paper analyzes this consumption mechanism and makes an empirical analysis about it.The empirical analysis indicates that China's capital market's devotion on consumption and economic growth is limited and weak.Based on the above analysis,the paper points out some factors that restricted China's capital market's devotion on consumption and economic growth,and then, gives some improvement advice about the development of China's capital market.