Property Protection, Financial Constraints and Economic Growth  

作　　者：杨熠 林仁文 

机构地区：[1]School of Business, East China University of Political Science and Law [2]School of Finance, Shanghai University of International Business and Economics

出　　处：《Journal of Shanghai Jiaotong university(Science)》2016年第2期192-198,共7页上海交通大学学报（英文版）

基　　金：the National Natural Science Foundation of China(No.11501355);the Humanities and Social Sciences Research Project of Ministry of Education of China(No.15YJA790039);the Shanghai Pujiang Talent Plan(No.14PJ1404100);the Major Project of National Social Science Foundation of China(No.15ZDA058)

摘　　要：The relationship between financial system, law framework or economic growth has attracted considerable attention for years. However, there are some questions still remaining unanswered: between tangible assets protection and intellectual property protection, which is more important? Between external financing and property rights protection, which does play a greater role for the economic development? According to the dynamic stochastic general equilibrium(DSGE) model with non-free market factors, we study the effectiveness of property protection and external financing, and try to answer these questions. The model fits the data well, and we find:(1) protection of intellectual property plays a more important role than that of tangible asset, in the promotion of economy;(2) relaxation of financial constraints on corporate is more effective in the short run, while the protection of intellectual property is more effectual in the long term.The relationship between financial system, law framework or economic growth has attracted considerable attention for years. However, there are some questions still remaining unanswered： between tangible assets protection and intellectual property protection, which is more important？ Between external financing and property rights protection, which does play a greater role for the economic development？ According to the dynamic stochastic general equilibrium（DSGE） model with non-free market factors, we study the effectiveness of property protection and external financing, and try to answer these questions. The model fits the data well, and we find：（1） protection of intellectual property plays a more important role than that of tangible asset, in the promotion of economy;（2） relaxation of financial constraints on corporate is more effective in the short run, while the protection of intellectual property is more effectual in the long term.

关 键 词：external FINANCING PROPERTY RIGHTS PROTECTION economy growth dynamic stochastic general equilibrium(DSGE) 

分 类 号：F832.5[经济管理—金融学]