Abstract: Introducing heterogeneous individuals and frictional investment market into the OLG model, we study the relationship between financial structure and economic growth from the perspective of the supply of funds. The results show that more and more individuals will invest in risk assets and pension funds with the economy growth, which means the size and the proportion of risk asset market and pension market will increase and that of the risk-free asset market will decrease. Besides, the development of risk asset market and pension market will promote economic growth, and cause the changes in financial structure.

摘要： 本文从供给角度建立金融结构的形成和变化模型，通过在内生投资策略OLG模型中引入差异化个体和带有摩擦的投资机制，分析金融结构与经济增长的相互关系。研究发现：经济增长使更多的个体选择风险资产和年金的投资组合，导致风险资产市场和年金市场的规模和比重增大，而无风险资产市场规模和比重下降；同时，风险资产市场和年金市场的发展能够促进经济稳态水平的提高，引起金融结构的变化。