摘要
改革开放以来,没有一个市场领域像资本市场这样引起广泛的关注和争论。首先是资本和资本市场的提法和概念受到争议。其次,资本市场存在的依据、性质、规模、结构、流动性和效率等问题一再引起人们对资本市场的困惑和误解。再次,资本市场在配置资金资源、促进资本形式、完善金融体系、推动产业结构调整、促进国有企业改革、推动企业产权制度多元化、完善公司治理结构、改善投融资体制等方面的作用,并以此促进经济增长的作用受到怀疑。文章就结合国内外研究现状从实证的角度对普遍关注的资本市场与经济增长之间的关系进行研究。
Since the reform and opening up, there has never been a market field like capital market which has drawn so extensive concern and dispute. First, the formulation and concept of capital market is disputable. Second, the basis, nature, scale, structure, mobility and efficiency for capital market to exist have constantly led to people's puzzlement and misunderstanding about the capital market. Third, the functions of capital market to allocate resources, promote the form of capital, perfect financial system, promote industrial structure adjustment, promote the SOEs reform, drive the property right system pluralism, perfect corporation governance have been doubted. This paper studies the universally concerned relation between economic growth and capital market, combining current research domestic and abroad from the empirical perspectives.
出处
《财经研究》
CSSCI
北大核心
2004年第6期104-113,共10页
Journal of Finance and Economics
关键词
资本市场
经济增长
帕加罗模型
协整模型
脉冲响应分析
capital market
economic growth
Pagano Model
co-integration model
impulse response functions analysis
