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本文选取适当指标衡量金融生态主体、金融生态环境以及经济增长影响因素,运用主成分分析、ADF平稳性检验、协整检验和Granger因果检验等计量方法,对1978—2006年间中国金融生态与经济增长之间的因果关系进行了实证研究。结果显示,金融生态对经济增长的影响更多地体现在储蓄率和储蓄向投资的转化比率上,对资本的边际生产率的影响则不太显著。因此,如何促进中国金融生态演进以提升资本的边际生产率应成为未来制度发展与政策制定的主要着力点。
This paper selects the appropriate indicators to measure the financial ecological subject, the financial ecological environment and the economic growth factors. Using principal component analysis, ADF stationarity test, cointegration test and Granger causality test and other measurement methods, this paper analyzes the financial ecological and economic growth in China from 1978 to 2006 The causal relationship between the empirical study. The results show that the impact of financial ecology on economic growth is more reflected in the savings rate and savings to investment conversion ratio, the impact on marginal productivity of capital is not significant. Therefore, how to promote the evolution of China’s financial ecology in order to enhance the marginal productivity of capital should be the main focus of future system development and policy making.