中国股票市场发展与经济增长的因果关系检验

An Empirical Analysis on the Correlation between China's Stock Market and Economic Growth

股票市场发展与经济增长之间的关系一直是经济金融界学者感兴趣的研究课题 ,受股票市场发展时间比较短以及数据可获得性问题局限 ,迄今为止 ,中国股票市场发展与经济增长之间关系特别是因果关系问题 ,仍处在探索之中 ,参照著名经济学家Demirguc -KuntandLevine的研究方法 ,应用1995年到 2 0 0 1年的季度时间序列数据 ,对中国股票市场发展与经济增长之间的因果关系进行了实证检验 。

The correlation between China stock market and economic growth is always regarded by economic and financial studies. For the time limit of the developing of stock market and the difficulty of data's collection, it is still in studying that the correlation between stock market and economic growth, especially the causation versus regression. By the method of Demirguc - Kunt and Levine,this paper empirically tests the correlation between China's stock market and economic growth on the seasons serial data from 1995 to 2000. The conclusion is that the relationship economic growth between stock market is unilateral.