The Influence Of Small And Medium Board And Growth Enterprise Market On Regional Economic Growth Differencess

This paper selects the fourth quarter of 2009 to the fourth quarter of 2016 data to measure the development of small and medium-sized board and the GEM market index mainly uses the market value,supplemented by turnover,trading volume,securitization rate,transaction rate;measure regional economic growth.The difference mainly uses the coefficient of variation of per capita GDP of 31 provinces and cities,supplemented by the Theil index and the Gini coefficient.The author first conducted a correlation test between the development of small and medium-sized board and the GEM and the difference of regional economic growth,and found a negative correlation between the two.Secondly,through the empirical test of the Granger causality test,the marginal co-integration and the ARDL estimation model,it is proved that the small and medium-sized boards and the GEM have the effect of narrowing the difference of regional economic growth.Then it examines the difference between the impact of SME and GEM on economic growth and the impact on economic growth in different regions.Based on the theory of endogenous growth,this paper explains and explains from the perspective of financial innovation.In the end,I think that to narrow the difference of regional economic growth,we should actively promote the healthy development of SME and GEM.