金融深化对湖南省经济增长作用的实证研究.doc
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金融深化对湖南省经济增长作用的实证研究,22页共计9478字目录摘 要1abstract2第1章 导言31.1 研究背景与问题的提出31.2 国内外相关研究回顾31.3 研究思路4第2章 湖南省金融深化进程及衡量52.1 湖南省金融深化程度测算52.2 指标分析结论9第3章 湖南省金融深化与经济效率的关系分析103.1金融深化过程中银行在金融体系之主导地位1...
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22页共计9478字
目 录
摘 要 1
ABSTRACT 2
第1章 导言 3
1.1 研究背景与问题的提出 3
1.2 国内外相关研究回顾 3
1.3 研究思路 4
第2章 湖南省金融深化进程及衡量 5
2.1 湖南省金融深化程度测算 5
2.2 指标分析结论 9
第3章 湖南省金融深化与经济效率的关系分析 10
3.1金融深化过程中银行在金融体系之主导地位 10
3.2湖南省金融深化的储蓄效应分析 10
3.3 湖南省金融深化的投资和投资效率效应 11
第4章 金融深化对湖南省经济增长作用的实证研究 14
4.1 模型建立 14
4.2 数据获得与指标解释力 14
4.3 计量检验与回归分析 14
4.4 实证结论 16
第5章 研究结论与启示 17
致 谢 18
参考文献 19
摘 要
本文主要进行了湖南省金融深化水平对经济增长作用的实证研究。首先进行了湖南省金融发展和金融结构的指标分析；其次，分析了湖南省金融深化的储蓄效应和投资效应；最后利用相关数据进行回归分析表明，金融深化与经济增长并无正相关关系，湖南省金融发展过程中存在较为严重的金融抑制，湖南省金融开放与经济增长弱相关。从政策含义上说，要促进湖南省经济持续增长，就要探索金融市场化道路促进金融业的进一步开放。
关键词：经济增长；金融深化；金融市场化
ABSTRACT
By the empirical research of finance and growth in Hunan Province , we at first analyse the Financial development indexes and Financial structural indexes; then we analyse the saving and investing effect due to financial deepening; Finally we use the relative datas to analyse through the Econometric regress method, it suggests that financial deepening has no relationship with economic growth in Hunan Province, and so has financial marketization. It exists serious financial repressing in Hunan province. From the policy side, we should promote financial opening through the marketization way so that can get the continuous and rapid economic growth.
Key Words: financial deepening；economic growth；financial marketization
关键词：经济增长；金融深化；金融市场化
参考文献
[1] Affleck-Graves, J., and R. E. Miller, 2003, The information content of calls of debt: evidence from long-run stock returns, Journal of Financial Research 26, 421-447.
[2] Agrawal, A., J. Jaffe, and G. Mandelker, 1992, The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly, Journal of Finance 47, 1605-1621.
[3] Anderson, C., and L. Garcia-Feijoo, 2006, Empirical evidence on capital investment, growth options, and security returns, Journal of Finance 61, 171-194.
[4] Asquith, P., 1983, Merger Bids, Uncertainty, and stockholder returns, Journal of Financial Economics 11, 51-83.
[5] Beltratti, Andrea and Bernardo Bortolotti, 2007, The Nontradable Share Feform in the Chinese Stock Market: The Role of Fundamentals, working paper, Bocconi University.
[6] Billet, M., Flannery, M., and Garfinkel, J., 2006a, Are bank loans special? Evidence on the post-announcement performance of bank borrowers, Journal of Financial and Quantitative Analysis, 41, 733-752.
[7] Broussard, J. P., D. Michayluk, and W. P. Neely, 2005, The role of growth in long term investment returns, The Journal of Applied Business Research 21, 93-104.
[8] Cai, Jinghan and Le Xia, 2007, What Will Privatization Bring: The Non-Tradable Share Issue Reform in China, Working Paper, The University of Hong Kong.
[9] Chang, Eric C. and Sonia M. L. Wong, 2004, Party Control and Performance of China’s Listed Firms, Journal of Comparative Economics 32, 617 – 636.
[10] Chen, S., T. Yao, T. Yu, and Je. Zhang, 2008, Asset Growth and Stock Returns: Evidence from the Pacific-Basin Stock Markets, Working paper University of Rhode Island.
[11] Chen, G.M., M. Firth and L.P. Xu (2009) ‘Does the type of ownership control matter? Evidence from China’s listed companies’, Journal of Banking and Finance 33, 171-181.
目 录
摘 要 1
ABSTRACT 2
第1章 导言 3
1.1 研究背景与问题的提出 3
1.2 国内外相关研究回顾 3
1.3 研究思路 4
第2章 湖南省金融深化进程及衡量 5
2.1 湖南省金融深化程度测算 5
2.2 指标分析结论 9
第3章 湖南省金融深化与经济效率的关系分析 10
3.1金融深化过程中银行在金融体系之主导地位 10
3.2湖南省金融深化的储蓄效应分析 10
3.3 湖南省金融深化的投资和投资效率效应 11
第4章 金融深化对湖南省经济增长作用的实证研究 14
4.1 模型建立 14
4.2 数据获得与指标解释力 14
4.3 计量检验与回归分析 14
4.4 实证结论 16
第5章 研究结论与启示 17
致 谢 18
参考文献 19
摘 要
本文主要进行了湖南省金融深化水平对经济增长作用的实证研究。首先进行了湖南省金融发展和金融结构的指标分析；其次，分析了湖南省金融深化的储蓄效应和投资效应；最后利用相关数据进行回归分析表明，金融深化与经济增长并无正相关关系，湖南省金融发展过程中存在较为严重的金融抑制，湖南省金融开放与经济增长弱相关。从政策含义上说，要促进湖南省经济持续增长，就要探索金融市场化道路促进金融业的进一步开放。
关键词：经济增长；金融深化；金融市场化
ABSTRACT
By the empirical research of finance and growth in Hunan Province , we at first analyse the Financial development indexes and Financial structural indexes; then we analyse the saving and investing effect due to financial deepening; Finally we use the relative datas to analyse through the Econometric regress method, it suggests that financial deepening has no relationship with economic growth in Hunan Province, and so has financial marketization. It exists serious financial repressing in Hunan province. From the policy side, we should promote financial opening through the marketization way so that can get the continuous and rapid economic growth.
Key Words: financial deepening；economic growth；financial marketization
关键词：经济增长；金融深化；金融市场化
参考文献
[1] Affleck-Graves, J., and R. E. Miller, 2003, The information content of calls of debt: evidence from long-run stock returns, Journal of Financial Research 26, 421-447.
[2] Agrawal, A., J. Jaffe, and G. Mandelker, 1992, The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly, Journal of Finance 47, 1605-1621.
[3] Anderson, C., and L. Garcia-Feijoo, 2006, Empirical evidence on capital investment, growth options, and security returns, Journal of Finance 61, 171-194.
[4] Asquith, P., 1983, Merger Bids, Uncertainty, and stockholder returns, Journal of Financial Economics 11, 51-83.
[5] Beltratti, Andrea and Bernardo Bortolotti, 2007, The Nontradable Share Feform in the Chinese Stock Market: The Role of Fundamentals, working paper, Bocconi University.
[6] Billet, M., Flannery, M., and Garfinkel, J., 2006a, Are bank loans special? Evidence on the post-announcement performance of bank borrowers, Journal of Financial and Quantitative Analysis, 41, 733-752.
[7] Broussard, J. P., D. Michayluk, and W. P. Neely, 2005, The role of growth in long term investment returns, The Journal of Applied Business Research 21, 93-104.
[8] Cai, Jinghan and Le Xia, 2007, What Will Privatization Bring: The Non-Tradable Share Issue Reform in China, Working Paper, The University of Hong Kong.
[9] Chang, Eric C. and Sonia M. L. Wong, 2004, Party Control and Performance of China’s Listed Firms, Journal of Comparative Economics 32, 617 – 636.
[10] Chen, S., T. Yao, T. Yu, and Je. Zhang, 2008, Asset Growth and Stock Returns: Evidence from the Pacific-Basin Stock Markets, Working paper University of Rhode Island.
[11] Chen, G.M., M. Firth and L.P. Xu (2009) ‘Does the type of ownership control matter? Evidence from China’s listed companies’, Journal of Banking and Finance 33, 171-181.
