本文選題：股票市場發(fā)展　切入點(diǎn)：經(jīng)濟(jì)增長　出處：《沈陽理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：股票市場發(fā)展與經(jīng)濟(jì)增長之間的關(guān)系一直是國內(nèi)外經(jīng)濟(jì)學(xué)家比較關(guān)注的問題,國外經(jīng)濟(jì)學(xué)家從20世紀(jì)中葉就開始研究兩者之間的關(guān)系，但其結(jié)論也是眾說紛紜。隨著中國經(jīng)濟(jì)發(fā)展迅速，股票市場也經(jīng)歷著巨大的變革，特別是2005年開始的股權(quán)分置改革，改變了中國A股市場的上市公司內(nèi)部普遍存在“兩種不同性質(zhì)股票”（非流通股和社會(huì)流通股）的局面，從而使得股權(quán)分置改革前后對股票市場發(fā)展和經(jīng)濟(jì)增長到底有何影響也成為各界關(guān)注的焦點(diǎn)問題。 本文對股權(quán)分置改革完成前后兩個(gè)階段進(jìn)行了實(shí)證研究，以探討中國股票市場發(fā)展與經(jīng)濟(jì)增長關(guān)系的特征。 第一部分是緒論，闡述了文章的研究背景、意義、文獻(xiàn)綜述以及研究目的。 第二部分是理論分析階段，主要闡述了經(jīng)濟(jì)增長對股票市場發(fā)展的影響途徑，以及股票市場通過分散風(fēng)險(xiǎn)、籌集資金、信息揭示、資源配置等功能影響經(jīng)濟(jì)增長。 第三部分是本文的核心部分，確定了股票市場發(fā)展的衡量指標(biāo)主要為資本化率、交易率、換手率和上證指數(shù)，經(jīng)濟(jì)增長的衡量指標(biāo)為國內(nèi)生產(chǎn)總值、固定資產(chǎn)投資額和制造業(yè)采購經(jīng)理人指數(shù)，然后通過協(xié)整檢驗(yàn)、格蘭杰因果檢驗(yàn)、脈動(dòng)響應(yīng)分析分別對股權(quán)分置改革前后的數(shù)據(jù)進(jìn)行實(shí)證檢驗(yàn)，以剖析兩者之間的關(guān)系。 第四部分對實(shí)證結(jié)果進(jìn)行分析并提出相關(guān)建議。通過實(shí)證分析可知股權(quán)分置改革前，中國股票市場發(fā)展與經(jīng)濟(jì)增長兩者之間存在弱相關(guān)關(guān)系，而經(jīng)過股權(quán)分置改革，，兩者關(guān)系有了很大的改善，向良性發(fā)展。 從本文實(shí)證研究可知，改變我國股票市場不合理的制度和結(jié)構(gòu)，對股市健康發(fā)展，發(fā)揮自身功能，促進(jìn)經(jīng)濟(jì)長期健康發(fā)展具有重大的意義。
[Abstract]:The relationship between stock market development and economic growth has always been a concern of economists at home and abroad. Foreign economists have been studying the relationship between the two since the middle of 20th century. With the rapid development of China's economy, the stock market has also undergone tremendous changes, especially the split share structure reform that began in 2005. It has changed the situation in which "two different kinds of stocks" (non-tradable shares and social tradable shares) are common in listed companies in China's A-share market. Therefore, the influence on stock market development and economic growth before and after the reform of split share structure has become the focus of attention. This paper makes an empirical study on the two stages before and after the completion of the split share structure reform in order to explore the characteristics of the relationship between the development of China's stock market and economic growth. The first part is the introduction, expounding the research background, significance, literature review and research purpose. The second part is the theory analysis stage, mainly elaborated the economic growth to the stock market development influence way, as well as the stock market through disperses the risk, raises the fund, the information discovery, the resources allocation and so on function influence economic growth. The third part is the core part of this paper, which determines that the main indicators of stock market development are capitalization rate, transaction rate, turnover rate and Shanghai Stock Exchange index, and GDP is the measure of economic growth. The fixed assets investment and purchasing manager index of manufacturing industry are tested by co-integration test, Granger causality test and pulsation response analysis to analyze the relationship between them. Part 4th analyzes the empirical results and puts forward some suggestions. Through the empirical analysis, we can know that there is a weak correlation between the development of Chinese stock market and economic growth before the reform of split share structure, but after the reform of split share structure, there is a weak correlation between the development of Chinese stock market and economic growth. The relationship between the two has been greatly improved to a benign development. From the empirical study in this paper, we can see that it is of great significance to change the unreasonable system and structure of the stock market in China, to develop the stock market healthily, to give play to its own function and to promote the long-term healthy development of the economy.
【學(xué)位授予單位】：沈陽理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F124.1;F832.51

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本文編號：1566305