A Research On The Mechanism Of Guangdong Capital Market Development To Economic Growth

Finance is the core of modern economy. As the important component of modern financial market, capital market plays the most foundational and active function in modern economy market resources allocation.30 years'reform and open policy has created good condition to Guangdong economy and financial development, and Guangdong has achieved great achievement in economic and finance development. Evaluating and analysis the influence of Guangdong capital market development to economic growth, since the reform arid open policy, especially in the nearly 20 years, and do deep research on the mechanism of capital market development to economic growth and it's problem, which will be the important theory and experience rely on, for Guangdong develops the multi-level regional capital market, and will be the important meaning to Guangdong capital market and economic development in the future.Base on multianalysis to realistic situation, we construct a group of comprehensive econometric model by theory analysis and inference, to study the effect of capital market development on economic growth, and make a thorough discussion, analysis and confirmation to the mechanism of Guangdong capital market effects on economic growth. Do a deep research on how does capital market lead fund's accumulation and distribution by its mechanism function, and then influence economic growth factor effecting economic growth, and evaluate the mechanism efficiency of sub-capital market development to economic growth.The research indicated that the capital market development obviously promoted Guangdong economic growth. Regardless in long-term or short-term, substance capital, human capital, technology advancement and the institution factor are the 4 remarkable conduction channels between Guangdong capital market development and economic growth. The efficiency of capital allocation and economic growth promoted function of stock market is better than that of middle and long-term credit market. Bond market's efficiency is low, function deficient. Considering Guangdong capital market's structure and efficiency, we finally proposed policy suggestion to reform and develop Guangdong multi-level regional capital market.