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本文以信贷市场和股票市场发展水平作为金融发展的门槛变量,将技术创新引入门槛效应检验模型,采用1994-2015年29个省份的数据进行多元门槛效应检验。实证结果显示我国的金融发展存在多元门槛效应,不同门槛区间金融与经济的关系不同。根据实证研究结果,提出健全金融和经济二者融合发展的制度环境、实施稳健中性的货币政策优化信贷结构以及发展以新三板为主的科技金融体系等政策建议,以强化金融发展对经济增长的促进作用。
In this paper, credit market and stock market development level as a threshold for financial development, technological innovation will be introduced threshold effect test model, using data from 29 provinces in 1994-2015 for multiple threshold test. The empirical results show that there is a multi-threshold effect in China’s financial development. The financial and economic relations are different in different thresholds. According to the results of the empirical research, this paper puts forward some policy suggestions such as improving the institutional environment for the integration of financial and economic development, implementing a stable and neutral monetary policy, optimizing the credit structure, and developing the science and technology and financial system based on the New Third Board to strengthen the economic growth The promotion effect.