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由时间序列的单位根检验、变量之间的协整检验和格兰杰因果关系检验等三个过程组成一个完整的格兰杰因果检验。实证结果表明中国股票市场与经济增长之间只存在着由股票市场发展到经济增长的单向因果关系,中国股市和经济存在背离现象。
The unitary root test of time series, cointegration test between variables and Granger causality test constitute a complete Granger causality test. The empirical results show that there is only one-way causal relationship between the development of the stock market and economic growth in China’s stock market and economic growth. There is a gap between China’s stock market and the economy.