本文是基于微观层面的金融发展对经济增长影响的实证研究。本文通过创建代表各地区经济发展的虚拟企业,以其应缴纳的增值税作为经济增长替代变量,并以资本自由化指数作为金融发展指标变量进行研究。本文的研究发现,资本自由化水平的提升能够有效通过促进企业业绩的增长,达到经济成长的目的。本文还发现在构成资本自由化的四个方面因素中,金融市场市场化水平对经济增长的作用最为明显。显示了金融部门的民营化和非国有企业融资壁垒的降低对经济成长的重要作用。
This paper is an empirical study on the relationship between financial development and economic growth from the view of enterprise's level. In this paper, we constructed a visual enterprise which represents the regional economic, and use the value-add tax as the variable of growth. This paper also adopts the index of liberalization of capital as financial development variable. The empirical study found that capital liberalization can effectively increase the visual enterprise's performance dramatically. The result implies the capital liberalization is very helpful for economic growth in China. In addition, the paper found the financial market development and reducing the discrimination of financing to private enterprise could influence the enterprise's performance and the economic growth more directly.