上海交通大学学报(英文版) ›› 2016, Vol. 21 ›› Issue (2): 192-198.doi: 10.1007/s12204-016-1711-6

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Property Protection, Financial Constraints and Economic Growth

YANG Yi1* (杨熠), LIN Renwen2 (林仁文)   

  1. (1. School of Business, East China University of Political Science and Law, Shanghai 201620, China; 2. School of Finance, Shanghai University of International Business and Economics, Shanghai 201620, China)
  • 出版日期:2016-04-15 发布日期:2016-04-26
  • 通讯作者: YANG Yi (杨熠) E-mail: yangyibettyy@yahoo.com

Property Protection, Financial Constraints and Economic Growth

YANG Yi1* (杨熠), LIN Renwen2 (林仁文)   

  1. (1. School of Business, East China University of Political Science and Law, Shanghai 201620, China; 2. School of Finance, Shanghai University of International Business and Economics, Shanghai 201620, China)
  • Online:2016-04-15 Published:2016-04-26
  • Contact: YANG Yi (杨熠) E-mail: yangyibettyy@yahoo.com

摘要: The relationship between financial system, law framework or economic growth has attracted considerable attention for years. However, there are some questions still remaining unanswered: between tangible assets protection and intellectual property protection, which is more important? Between external financing and property rights protection, which does play a greater role for the economic development? According to the dynamic stochastic general equilibrium (DSGE) model with non-free market factors, we study the effectiveness of property protection and external financing, and try to answer these questions. The model fits the data well, and we find:  protection of intellectual property plays a more important role than that of tangible asset, in the promotion of economy;  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.

关键词: external financing, property rights protection, economy growth, dynamic stochastic general equilibrium(DSGE)

Abstract: The relationship between financial system, law framework or economic growth has attracted considerable attention for years. However, there are some questions still remaining unanswered: between tangible assets protection and intellectual property protection, which is more important? Between external financing and property rights protection, which does play a greater role for the economic development? According to the dynamic stochastic general equilibrium (DSGE) model with non-free market factors, we study the effectiveness of property protection and external financing, and try to answer these questions. The model fits the data well, and we find:  protection of intellectual property plays a more important role than that of tangible asset, in the promotion of economy;  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.

Key words: external financing, property rights protection, economy growth, dynamic stochastic general equilibrium(DSGE)

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