| As the product of large-scale production, stock market although so far only has 200 years of history, it has made outstanding contribution to the world economic development and it also plays an important role in the macro-micro economic operation of the national economy. In China, the development of the stock market has gone through nearly 18 years, in these short years, it has experienced a lot of controversy and frustration in theory and practice. There in no denying that since our country's stock market has been set up, it has made outstanding contribution to the development of state-owned enterprises, China's economic reform and the formation of diversified investment and financing system. But because of various reasons, the development of China's stock market should not high– efficiently promote China's economic growth. It's worth researching on how to constantly speed up and improve the construction of China's stock market to make its function be fully played and then promote effectively our country's economic growth. Especially in the current background that the financial crisis sweeping through the world, speeding up the construction of a multi-level stock market can provide more financial support for small and medium-sized companies, it also can start-up effectively the private investment, it's an important way to deal with effectively the international financial crisis.This article is divided into 5 chapters, chapter 1 classified and synthesized the research result at home and abroad, and briefly introduce the main conclusions of the article and the innovation. The article tried to make a breakthrough and innovation both in the theoretical analysis and empirical analysis. in the empirical analysis, it make a comparative study of the home and abroad empirical analysis results; in theory, the article made a comprehensive analysis from the following three aspects: the main economic function of the stock market, the stock market's macro-and micro-mechanism, try to reveal the stock market transmission mechanism in the real economy , and then find out the root of the problem of China's stock market.Chapter 2 made a theoretical analysis on the role that the stock market played in the economic growth. First of all,from the macro-micro aspects it introduced the major economic functions of the stock market. The study revealed that from the macro level,the establishment and development of the stock market is conducive to the formation of the diversified investment and financing system of the country, it's also good to promote the transformation of savings to investment and to broaden the country's fiscal revenue channels, at the same time ,it has also played an active role in the country's macro-control. Secondly, it made an introduction about the stock market's macro- mechanism on promoting economic growth, including the Tobin q effect and the balance sheet effect which influence the investment demand; the wealth effect and the liquidity effect which influence the consumption demand, the stock market influence the total demand of the society through the four channels and then make an impact on economic growth. Finally, it introduced the micro-mechanism of stock market, and made an analysis the influence that the stock market made on the resource allocation efficiency, the superior corporate performance and the impact of household savings, thereby through affecting the overall supply of society to have an impact on economic growth.Chapter 3 made a empirical analysis on the role that the stock market played in the economic growth. In this section, first of all, it made a brief review and introduction of foreign empirical results, the results show that: in foreign country, the relatively well-developed stock markets a significant role in promoting economic growth and the stock market function is also more comprehensive. And then we use the least squares estimation (OLS) to make the regression analysis, we use our country's annual data from 1993 to 2007 and use real GDP growth rate to represent the economic growth and use A series of relevant indicators to represent the stock market development. We use our country's real gross domestic product (GDP) growth rate as explanatory variable, and use a set of indicators to measure stock market development (capitalization rate, transaction rate, exchange rate) and investment rates and consumption rates as explanatory variables. Finally, after analyzing the regression results and comparing the results of empirical analysis with the abroad countries', we find that our country's stock market development can not significantly affect the economic growth, and expanding the market scale and improving the stock market liquidity can not effectively promote the economic growth.Chapter 4 analyzed the reasons that China's stock markets promote low-efficiently the economic growth. The studies believe that because of our country's stock market development just has experienced a short time and there are a lot of shortcomings and deficiencies at the market structure, functions, mechanisms and institutional building, so the stock market development can not devote enough to China's economic growth. In the market structure, because of the single level market structure of our country, long-term existence of the market share partition, as well as the proportion of the investors is uncoordinated, the proportion of institutional investors is too small and other reasons, reducing the operating efficiency of the stock market. At the function and the mechanism of the stock market, because the function of China's stock market is wrong and transmission mechanism is blocked, so that the stock market had a low efficiency on resource allocation. At institutional building, because of "administration" in market development and the drawbacks of state-owned enterprises transplanted to listed companies as well as the "administration" of the market supervision and many other serious problem distorted the operation of our country's stock market.Chapter 5 made some recommendations on improving our country's stock market after compared with mature stock markets of the developed countries and analyzed the reasons. We believe that in order to continuously improve the development of China's stock market, we must from multi-pronged approaches which including the market structure, the market functions,the market system and the market player. In the stock market structure-building, it is necessary to accelerate the establishment of a unified, multi-level system of the stock market, and actively nurture high-quality institutional investors, and guide rational investment. In the stock market functions, it is necessary to further adjust the function of the stock market,speed up the evolution of the stock market function from the "financing" function to "multi-functional" function. In the stock market institution-building, it is necessary to correct the role of the government , reduce the government's direct intervention in the stock market, and strengthen the functions of government regulation. At the main players of the stock market, it is necessary to constantly improve the governance structure of the listed companies, improve the quality of listed the companies. |
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