The Research On Regional Difference Of China's Stock Market And Economic Growth

China's stock market established from the nineties of the twenty century, has experienced nearly twenty years of development, already has a certain scale, the stock has become one of the increasingly important financial assets held by residents. At the same time, in recent years our country's stock market has achieved a historic turning and span type development, stock market development and economic growth correlation degree unceasing enhancement. China is the imbalance of regional economic development of the developing countries, in the "Twelfth-Five-Year Plan", as the national economic structure transition is an important part of the overall planning. The coordinated development of regional economy in China is an important task for economic development. This article is based on this background, attempts from the stock market this side of the development and economic growth, from the stock market development and economic growth of regional differences in perspective, focusing on the regional economic growth, from the regional stock market perspective on the unbalance of regional economic growth, explores the development of stock market to coordinate regional economic growth.The paper adopts the combination of theory and empirical research method. In the theoretical analysis, the stock market has to provide liquidity, dispersive risk, obtain information, improve corporate control and mobilize social savings and other functions, improve corporate control and mobilize social savings and other functions, can be adopted to improve the national savings rate, improve the savings into investment ratio and improve the marginal productivity of capital and other mechanisms to promote economic growth.In view of China's regional economic growth and stock market development exists the East, western difference situation, the overall economic data cannot be true, accurate, comprehensive ground reflects the development of the Chinese stock market to economic growth. The paper uses the panel data of provinces, by the unit root test, co-integration test and regression analysis of quantitative analysis method for the stock market to promote economic growth made an empirical test. The main conclusions are:(1) Whether it is from the country or form the regional perspective, the stock market development and economic growth has a long-term co-integration relationship; (2) With variable intercept fixed effect model of the panel data regression analysis, in conclude, the development of the Chinese stock market on the economic growth and no significant promotion effect; (3) Three regional comparative analysis, conclude, east of stock market development on its economic have distinct stimulation effect, the central region of the stock market scale is not only to promote the development of mid region economy, but has to economic growth inhibition, and stock market fluidity faint is promoted economic growth, western stock market scale can significantly promote the economic growth, but the liquidity of stock market has diminished to promote action. Therefore, the stock market is relatively developed eastern areas of the stock market did not show than in the west, higher performance; (4) With a variable coefficient of fixed effects model in China's stock market and economic growth mechanism of regional differences in inspection, result, most regions of China stock market on the economic growth mechanism is not smooth only a few areas, which can improve the savings rate or rate of investment to promote the transformation of regional economic growth. So China's stock market has limited effect on economic growth.In the theoretical analysis and empirical analysis, based on the stock market and economic growth of regional differences, this paper finally puts forward the corresponding policy proposal, can pass through the stock market to promote economic growth mechanism; to perfect the corporate governance, improving the quality of listed companies; the establishment of regional capital market, developing and perfecting the multi-level capital market system and other measures to use the stock market to promote the balanced development of regional economy in china.