金融中介、股票市场与经济增长:基于联立方程模型的实证分析

发布时间：2018-06-28 10:14

本文选题：金融发展 + 经济增长　；参考：《上海经济研究》2011年02期

【摘要】：文章利用1998~2009年的季度数据,通过构建联立方程模型,利用GMM估计方法系统考察了中国金融中介、股票市场与经济增长之间的相互关系。实证研究结果表明:金融中介发展与经济增长二者相互影响,但作用方向不同:金融中介的总体规模对经济发展的影响为负;经济增长对于金融中介的发展存在显著的正向作用;股票市场发展与经济增长二者相互之间的影响并不显著;从金融中介发展与股票市场发展的相互关系来看,股票市场发展对金融中介发展有较大促进作用,但金融中介发展对股票市场发展的作用不明显。因此,要切实转变我国的经济增长方式,积极发展中小商业银行,规范股票市场的运作,以促进我国金融与经济协调、可持续发展。
[Abstract]:Based on the quarterly data from 1998 to 2009, the relationship between China's financial intermediation, stock market and economic growth is systematically investigated by using the GMM estimation method and the simultaneous equation model. The empirical results show that: the development of financial intermediation and economic growth affect each other, but the direction of action is different: the overall scale of financial intermediation has a negative impact on economic development; Economic growth has a significant positive effect on the development of financial intermediation; the mutual influence between the development of stock market and economic growth is not significant; from the perspective of the relationship between the development of financial intermediation and the development of stock market, The development of stock market can promote the development of financial intermediary, but the development of financial intermediary has little effect on the development of stock market. Therefore, it is necessary to change the mode of economic growth, actively develop small and medium-sized commercial banks and standardize the operation of the stock market in order to promote the coordination between finance and economy in our country and the sustainable development.
【作者单位】：南京大学会计与财务研究院;
【分类号】：F224;F832.51;F124

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