银行、股市与经济增长关系的研究.pdf

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I Abstract In order to show the relationship between banks, stock markets and economic growth, the author puts forward H1——For China, the contribution of banks to economic growth is stronger than that of stock marketsand H2——For China, the development of banks promotes the contribution of stock markets to economic growth. And he also does empirical research on them respectively. He finds that the result is in favor of H1, while H2 is just basically supported. The main reason for H1 is our banks have a great scale and the efficiency of our stock market in the aspect of resources-distribution is low. And funds of banks entering stock markets through some channels can explain H2 to some extend. According to the two hypotheses, he suggests introducing folk investors into our state-owned commercial banks, deepening the reform of equity division, and strengthening the cooperation between banks and stock markets so that they can do more contribution to our country. Key words: Banks, Stock Markets, Economic Growth II I ABSTRA

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