华东师范大学学报(哲学社会科学版) ›› 2007, Vol. 39 ›› Issue (4): 119-124.doi: 10.16382/j.cnki.1000-5579.2007.04.022

• 金融问题研究 • 上一篇    

股票市场与经济增长: 一个基于信息不对称的数理分析

范学俊   

  1. 华东师范大学 商学院，上海 200062
  • 收稿日期:2006-12-27 出版日期:2007-07-25 发布日期:2007-07-25
  • 作者简介:范学俊(1959—), 女, 上海市人, 华东师范大学商学院副教授

The Stock Market and Economic Growth: An Analysis Based on Asymmetric Information

Xue-jun FAN   

  1. School of Business, East China Normal University, Shanghai 200062, China
  • Received:2006-12-27 Online:2007-07-25 Published:2007-07-25

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被引次数

25

摘要：

基于资本市场在信息结构方面的内生变化所探讨的股票市场与经济增长之间的关系表明, 由于贷款者和借款者之间存在着信息不对称, 贷款者必须通过设计合适的金融合同来解决执行问题; 合同的偏好选择取决于经济体的发展状况, 债务融资发生在经济发展的较低水平阶段, 债务和股权混合融资则发生在经济发展的较高水平阶段; 然而, 一个经济体对最优合同的选择也可能对经济发展路径的形成发挥一个决定性的作用。中国股票市场的发展已经引领中国经济进入到了新的发展阶段, 政府部门若能继续加大支持资本市场发展的政策力度, 将对促进中国经济在更高增长路径上的可持续发展具有重大的战略意义。

关键词: 信息不对称, 金融合同, 经济增长, 股票市场

Abstract:

This paper makes an analysis of the relationship between stock market activity and long-run economic growth relying on endogenous changes in the information structure of capital market.Because of existence of asymmetric information, borrowers and lenders must resolve problems of enforcement through an appropriate design of financial contracts.The equilibrium choice of contract depends on the state of economy which, in turn, depends on the contracting regime.The stock market development in China has contributed to its economic growth.Therefore it makes sense for Chinese government to enlarge roles of the stock market in China's overall financial system.

Key words: asymmetric information, financial contract, economic growth, stock market development

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