中小板及创业板市场对区域经济增长差异影响

his paper selected the fourth quarter of 2009 to the fourth quarter of 2016 data, first of all the small plates and the GEM market growth and regional economic growth differences between the correlation test found a negative correlation between the two, followed by further Granger Causality test, marginal co-integration and ARDL model to test the causal relationship between the two. Empirical test results show that the small and medium-sized board and the GEM have narrowed the difference of regional economic growth. Then examine the impact of the development of small and medium-sized board and the development of the GEM on economic growth and explain the explanation of financial innovation from the perspective of endogenous growth theory.