我国资本市场规模和结构与经济增长的互动关系

The Interactive Relationship between the Scale and Structure of Capital Market and Economic Growth in China

本文利用Cobb-DouglasFunction及Pagano和Marinde的方法,从资本市场筹资与产出的关系和资本市场的储蓄转化为投资两个方面,对我国资本市场规模和结构变量与经济增长互动关系问题进行实证研究。研究结果表明,我国的股票市场虽然在近几年发展较快,但是仍然不能取代间接融资方式的主体地位。但随着整个股票市场的完善,直接融资对储蓄转化为投资的实现功能将逐渐表现出来。

From such aspects as the relationship between capital raising in the capital market and the output, and the conversion of deposits in the capital market into investment, this paper makes an empirical study on the interactive relationship between the scale of the capital market and the structural variables, and the economic growth in China by employing the method of CobbDouglas Function and 'Pagano & Marinde'. The result of the research indicates that although the stock market has experienced rapid developments in recent years, it can't replace the dominant position of indirect financing. With the perfection of stock market, the function of direct financing in converting deposit into investment will gradually be manifested.