A Pulse-responding Analysis on the Interaction of Capital Market and Economic Growth in China

Since the reform and opening up, there has never been a market field like capital market which has drawn so extensive concern and dispute. First, the formulation and concept of capital market is disputable. Second, the basis, nature, scale, structure, mobility and efficiency for capital market to exist have constantly led to people's puzzlement and misunderstanding about the capital market. Third, the functions of capital market to allocate resources, promote the form of capital, perfect financial system, promote industrial structure adjustment, promote the SOEs reform, drive the property right system pluralism, perfect corporation governance have been doubted. This paper studies the universally concerned relation between economic growth and capital market, combining current research domestic and abroad from the empirical perspectives.