Research On The Relationship Between Equity Financing,bond Financing And Economic Growth

The rapid growth of China's economy in the past few decades has achieved remarkable results,but the long-term economic growth model with the goal of speed catching up and scale expansion has made the ecological environment,people's welfare,economic structure and economic efficiency and regional development imbalances equivalent Partial waste.Finance is an important part of the economic system.The role of financial development in promoting economic growth has been supported by many domestic and foreign scholars from the perspective of empirical analysis since the beginning of the last century.With the rapid development of China's capital market and the promotion of economic system reform,the relationship between equity financing and bond financing and economic growth has become closer.In the stage of China's economic transition from high-speed growth to high-quality growth,we believe that it is necessary to explore its relationship with direct financing from the perspective of economic growth quality.At the same time,we also recognize that the economic development gap between China's north and the east is very large from a holistic perspective To analyze and ignore the coupling of regional financial structure and economic development degree,it will lose some practical guiding significance.Therefore,this paper comes from the perspective of economically developed areas represented by the southeast coastal areas and economically backward areas represented by the southwestern regions.Study the relationship between stock financing,bond financing and economic growth quality,with a view to enriching the research field of current direct financing and economic growth.Since the current quantification of the quality of economic growth does not form a unified caliber,before studying the relationship between stock financing,bond financing and economic growth quality,we must first construct a measurement index system based on the reality of China's economic operation.36 indicators of structure,stability,welfare change and outcome distribution,efficiency,ecological cost,and innovation ability to evaluate the quality of economic growth,and then use principal component analysis to synthesize the comprehensive index of economic growth quality in the southeast and southwest regions;Secondly,through the combing and theoretical analysis of related literatures,it is believed that stock financing and bond financing mainly promote the improvement of economic growth quality through capital accumulation and technological progress channels.Therefore,the fixed effect model is used to test and analyze the southeast and southwest regions respectively.Does direct financing in 2017 promote capital accumulation and technological progress,and what role does direct financing in the two regions ultimately play in the quality of economic growth? Then,the secondclass least squares method is used to test the robustness of the above model and find that the results are stable.Fitness;First,stock financing,bond financing and indirect financing in the southeast and southwest regions have a significant role in promoting capital accumulation,and the promotion in the southwest region is greater.Second,equity financing,bond financing,and indirect financing in the Southeast and Southwest regions have not significantly contributed to technological progress.Third,stock financing and indirect financing in the southeast and southwest regions have significantly promoted the quality of economic growth,and the southeast region has promoted the quality of economic growth through stock financing.The southwest region promotes the quality of economic growth through indirect financing.To a greater extent,bond financing in both regions did not significantly contribute to the improvement in the quality of economic growth.In short,at present,China's capital market development is still in its infancy,and the economic function of direct financing can not be fully exerted.Appropriately optimizing the direct financing structure and improving the efficiency of capital market will be of great benefit to the improvement of China's economic growth.