Credit Market,Capital Market and Firm Growth——Based on Dynamic Analysis of Panel VAR

The discussion of market-based versus bank-based financial mode has never reached an agreement. This paper separates the capital market into bond market and stock market,selects the sample panel data of non-financial listed companies from 2003 to 2012,research the dynamic relationship among credit market,capital market and firm growth with panel VAR model and then compare the resource allocation efficiency of credit market,bond market and stock market in pre-event dimension and post-event dimension. The result shows that the resource allocation efficiency of credit market and bond market is less than the stock market from pre-event dimension,while the resource allocation efficiency of credit market is greater than bond market and stock market from post-event dimension. Although the bond market grows rapidly,it's not better than credit market and stock market in resource allocation aspect.