金融发展、资本成本与经济增长  

Financial Development,the Cost of Capital and Economic Growth

作　　者：闵乐[1] 姜林[2] 

机构地区：[1]辽宁大学亚澳商学院,辽宁沈阳110136 [2]中国人民银行沈阳分行,辽宁沈阳110001

出　　处：《征信》2015年第7期82-88,共7页Credit Reference

摘　　要：金融发展不仅是市场和资产规模的扩大,从根本上说更是资本成本的降低。较低的资本成本有助于企业增加投资规模,从而促进经济更快增长。将资本成本作为金融发展测度指标,利用170个国家和地区1990—2013年的非平衡面板数据,通过建立固定效应计量分析模型,对金融发展与经济增长之间的关系进行实证分析。模型估计结果表明资本成本水平能够显著影响经济增长速度。Financial development not only reflects the expansion of market and size assets, fundamentally speaking, it means the reduction in the cost of capital. A lower cost of capital will help enterprises to increase investment in order to achieve faster economic growth. Taking the cost of capital as an indicator to measure financial development, using the unbalanced panel data from 170 countries and areas during 1990--2013 years, the paper establishes a fixed effect quantitative analysis model, and makes an empirical analysis of the relationship between financial development and economic growth. The estimation results of the model indicate that the level of the cost of capital can significantly affect economic growth.

关 键 词：金融发展 资本成本 经济增长 投资规模 

分 类 号：F830.9[经济管理—金融学]