关键词:

Abstract: Based on the differences between the innovationbased emerging sector and the investmentbased traditional sector, this paper constructs the dynamic growth model and conduct Simulink analysis to explore the effect of equity financial market efficiency on the growth mode choice and longterm growth. The theoretical analysis shows that equity financial market efficiency has the growth effect on the innovative growth mode and the balanced growth rate under the threshold conditions. The equity financial market with efficiency higher than the threshold can significantly improve balanced growth rate and the contribution rate of innovation. The numerical simulation shows that on the whole, the efficiency of Chinas equity financial market is higher than the threshold value. But there are differences between the eastern and the western regions. The improvement of equity financial market efficiency will accelerate the innovations contribution to growth and structural adjustment of the eastern region, but the effect is not significant in the centralandwestern region.

Key words: equity financial market , growth effect , level effect , dynamic general equilibrium