The relationship between financial system,law framework and economic growth has been paid a lot of attention for years.However,there still some questions remaining unanswered: tangible assets protection and intellectual property protection,which is more important? External financing and property rights protection,which plays a greater role for the economic development? Based on DSGE model,we studied the effectiveness of property protection and external financing,and try to answer these questions.The model fit the data well,and we found: (1) Protection of intellectual property plays an more important role than that of tangible asset,in the promotion of economy;(2) To increase the economy growth,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.