成為經濟及軍事強國是中國長期的夢想。為了達成其目標，金融市場的開放成為中 國近期經濟發展的重要策略與目標。本研究探討金融市場是否是滋長中國經濟及國防軍 力的來源。本研究發現將有助於了解中國未來軍事發展能力。 研究採用共整合分析(cointegration analysis)及Granger因果分析，以1994年至2015年 的季資料檢視中國金融市場(含股票市場、貨幣市場與匯率市場)對其經濟的影響；以年 資料檢測中國金融市場對中國國防支出的影響。實證結果顯示：(1)共整合分析顯示股市 成長及貨幣市場成長對經濟有顯著正向的幫助；人民幣貶值有助於其經濟。因果關係分 析:中國股市、貨幣市場及匯率市場對中國經濟有單向的效果，預期中國政府會持續其金 融市場開放來提升其經濟成長。(2)針對金融市場對中國國防支出的影響以共整合分析發 現股市成長及貨幣市場成長對國防支出有顯著正向的幫助；人民幣貶值亦顯著有助於其 國防支出。因果關係分析發現匯率是國防支出的因，國防支出是貨幣發行的因。

Becoming a strong economic and military nation is a long-term dream of China. In order to achieve this target, China government opens its financial market as one of its important strategies and objectives for current economic development. This study aims to examine whether financial markets are the sources of China's economy and defense forces. This study will help us to understand China's future military development. This paper adopts cointegration analysis and Granger causality analysis to analyze the impact of China's financial market (including stock market, monetary market and exchange market) on its economy based on quarterly data and on defense spending by yearly data from 1994 to 2015. The empirical results show that: (1) cointegration analysis reveals that the growth of stock market and monetary market has a significantly positive effect on economy; the devaluation of the Renminbi contributes to its economic growth. Granger causality analysis shows China's stock market, monetary market and exchange market has a one-way effect on the China economy. (2) The impact of stock market and monetary market on China's defense spending is significantly positive and the devaluation of Renminbi also significantly helps its defense spending in the cointegration analysis. Granger causality analaysis found that the exchange rate is the cause of defense spending and defense expenditure is the cause of monetary market.