An Empirical Research On The Impact Of China's Stock Market On Economic Growth

With China's economy entering the new normal,the traditional extensive economic development path is difficult to sustain.Under the restrictions of multiple factors,such as nature and environment,the economic structure is facing new demands and challenges of transformation and upgrading,quality and efficiency.On the other hand,in the process of new changes in the economic structure of our country,the stock market begins to play one of the important role and grew rapidly.The good sides of the stock market improve the efficiency of the use of funds via financing and promote the growth of the real economy.But in the other hand,stock market separates the funds from the actual production process that can generate new risks.Against such a background,how to maintain the stock market on an appropriate scale that can coordinate the relationship between them and let the stock market give full play to the functions of financing,allocating resources and serving the real economy,become an urgent problem to be solved.The first chapter introduces the background and practical significance of the thesis.Briefly introduces the reasons for choosing this subject as the research object.Summarize domestic and foreign research situation.Then sum up the research idea of this paper.In the second chapter,the development process of China's stock market and macro economy is introduced in detail.Describe the new features of China's stock market and macro-economy.The third chapter discusses the definition of stock market and real economy.Analyze the interactive mechanism between them from the perspective of both sides.Establish a theoretical basis for subsequent empirical research.The forth chapter select the indicators the real economy and the stock market.The main conclusions are as follows.1.There is a long-term stable equilibrium relationship between the stock market and real economy in China.However,there are still some problems between stock market and real economy.First,the amount of capital occupation in stock market and real economy is inversely proportional relationship to some extent.Second,the expansion of stock market is excessive in structure.Lastly,the degree of speculation in stock market gradually increased.2.In the short term,specifications of stock market are almost all have no significant correlation with the economy.In the end,this paper analyzes the problems of China's stock market and real economy.Present policy recommendations and looking forward to the future of China's stock market.