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)

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)