The Theoretical And Positive Study On The Function Of The Scale And Structure Of Capital Market On Economic Growth

The study on the capital market's mechanism to the economic growth is a frontier subject, and it has special theoretical significance. In order to point out the way forward for the capital market, It's necessary to analyze the inner rule between the capital market and the economic growth, including the capital market's effect and contribution to the economic growth. This paper analyzes the capital market's mechanism to the economic growth, uses the actual data to positive analyze the relativity between each other, and gives the further analysis and measures by which can realize benign mutual action between macro-economy and capital market according to the results.The paper is mainly divided into four parts.The first part brief introduces the achievement of the scholars both at home and abroad, expounds the theoretical models about the scale and structure of capital market to the economic growth, illustrates the practical significance of this subject.The second part limits definition of the capital market, introduce the development of it, and elaborate the capital market's mechanism to the economic growth theoretically, consists of providing a funding channel for enterprises, promoting state-owed enterprises reform and financial pattern multi-variation, affecting the transmission system of monetary policy, and so on.The third part positively analyzes the relativity between the scale and structure of capital market and economic growth. First, form a linear regression function for data handling. Second, entirely analyzes the contribution degree of the capital market among many factors which affect the economic growth, results that capital market has certain effect on economic growth, but superior to the fixed assets investment. At last, periodically analyzes the three stages of the capital market development. Before 1991,capital market had limited effect on economic growth. After 1991, capital market grew rapidly and had marked effect on it, but it developed out -of-balance, stock and bond market need further development, the proportion of direct funding should be raised.For the sake of the benign mutual action between macro-economy and capital market, the fourth part summarizes the theoretical and positive analysis, and proposes measures, such as shifting the present market and capital allocation arrangement, changing the economic growth pattern, renewing enterprises' funding concept, facilitating business bond development, and so on.