【作者】 张晓强；

【导师】 孙焱林；

【作者基本信息】 华中科技大学 ， 数量经济学， 2006， 硕士

【摘要】 随着中国国民经济持续快速增长,中国金融发展和经济增长之间内在关系的研究逐步成了学者们研究的热点。本文首先回顾了经济增长理论和金融发展理论,从金融中介的功能、金融体系的结构和经济增长研究的演进等方面进行了阐述,从理论上说明了经济增长和金融发展二者之间的均衡和互动关系。其次,从多个角度展开了对经济增长和金融发展关系的研究:数学机理研究从二者的均衡发展开始分析,利用经济增长理论中的内生增长模型分析了二者之间的内在联系,逐步建立了二者之间互动的计量经济学模型;实证研究部分首先介绍了相关的协整分析在经济、金融研究中的作用,然后对中国经济增长和投资水平、金融信贷、股票市场的发展进行了协整分析,并建立了向量误差修正模型(VECM)。研究结果表明:在我国经济变量和金融变量之间存在显著的协整关系。与发达国家不同,金融发展对经济增长的作用渠道存在着独特性,首先,中国经济的发展主要是通过信贷规模的扩大来实现的;其次,中国证券市场并没有象预期的那样起到重要作用,股票市场的发展与经济增长之间几乎不存在或者存在很小的正相关性。最后本文提出了目前的政策应该着眼于调整和优化金融发展结构,努力建设经济增长和金融体系的均衡发展。更多还原

【Abstract】 With the rapid economic development in china, the research on the relation between financial development and economic growth becomes one of the most important fields.In this paper the research reviews firstly the theory about financial development and economic growth, in which the equilibrium and mutual effect between financial development and economic growth are analyzed in three aspects: the function of financial intermedium, the structure of financial system, the research of economic growth. Then we expand the research about financial development and economic growth, on one side in part of mechanism research we begin from the balanced development of financial development and economic growth, explain the inner relation between them by the model of endogenesis growth in the economic theory and at last set up the econometrics model about the balanced development of them. On the other side in part of demonstration research we introduce the applies of co-integration theory in economic and financial researches firstly, then we finish the co-integration test between the economic growth and the investment, the credit, the stock, at last build the vector error correction model between them. The result of demonstration indicates there is co-integration relationship between economic and financial variables in china, and quite different from the developed countries it is unique to the channel of financial development to economic growth. Firstly china’s economic growth is mainly achieved through credit expansion. Secondly, china’s capital market does not play an important role as expected, but rather there is little relevance between the development of stock market and economic growth.At last the paper suggests the policy should put more points in adjusting and optimizing the financial structures and building the balanced development of economy and finance.更多还原