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
Property Protection, Financial Constraints and Economic Growth
YANG Yi1* (杨熠), LIN Renwen2 (林仁文)
- (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)
Property Protection, Financial Constraints and Economic Growth
YANG Yi1* (杨熠), LIN Renwen2 (林仁文)
- (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)
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.
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