摘要
本文在对有关文献进行综合研究和借鉴的基础上 ,用一系列相关指标来描述和量化金融结构、股票市场的发展、公司融资行为和经济增长的关系。我们将有关数据分成发达经济体和新兴经济体两组 ,分别计算相关系数并进行显著性检验。本文的基本推断是 :在新兴市场上 ,与银行体系密切相关的机构投资者是股票市场发展的主要力量 ,而且金融深化的主张需要进行重新的审视 ,或者更准确的表达为股票市场深化的政策主张 ,但是新兴经济体股票市场的规模并不是促进经济增长和公司行为规范的主要因素。
Based on a comprehensive reference to related literature, the paper utilized a series of index to illustrate financial structure, corporate financial behavior and economic growth quantitatively. We divide the data into two groups as developed and emerging economies, then calculate coefficient and apply significant test. We find in emerging economies that institutional investors who in relation to the banking system may give impetus to the development of the stock market, the market capitalization should not properly regarded as the key factor of economic growth, the theory of financial deepening could be revised and more precisely expressed as a theory of stock market deepening.
出处
《金融研究》
CSSCI
北大核心
2002年第10期14-24,共11页
Journal of Financial Research
