This paper analyzed the deviate relationship between stock market and economic growth by theoretical and positive analysis. And this paper revealed the reasons of the deviate relationship according to the positive outcomes. On this base, taking into account the split share structure reform, this paper offered the suggestions to the deviate relationship between the China's stock market and economic growth. As the result, this paper has the strong theoretical and real meaning to the development of the stock market.The principal views of this paper are:ⅰ. There are the long-run harmonious linkages between stock market and economic growth in China.ⅱ. Empirical evidences show that there is only unilateral Granger causality from economic growth to stock market within the sample range.ⅲ. In the long-run, the China's stock index reflects the features of the economy to a certain extent. But in the short-run, the stock market has appeared the deviate relationship with the movement of the economy.ⅳ. Empirical evidences show that no matter that in the short-run or in the long-run, the China's stock market has no remarkable influence on the economic growth. In other words, the China's stock market is a phony capital market.ⅴ. The reasons of the deviate relationship between stock market and economic growth in China are the split share structure, the inability to protect the legitimate rights of the investors as well as the information asymmetry.ⅵ. The reform of the split share structure only removes the obstacle to resulting in the deviate relationship between stock market and... |