中国经济增长中的金融体系结构——基于功能视角的分析.docVIP

摘 要 文章是从金融体系的功能入手，分析中国经济增长中金融体系结构的变迁、特征及其与经济增长的关系。 合理的金融体系结构可以有效促进经济增长。金融体系促进经济增长的途径实质上是金融功能的发挥。本文利用一个简化的内生经济增长模型说明，金融的储蓄集中功能、资源配置功能、风险管理功能和信息揭示功能可以提高经济体的资本积累总量，减少资金损漏，促进储蓄向投资的转化，而且可以提高储蓄投资的效率。而在不同的金融体系结构下金融功能对经济增长的作用机制不同。另一方面，经济的增长会衍生出对金融体系的发展、深化和变化的要求，也就是说，金融体系结构特征内生于经济增长过程。理论上的分析显示，金融体系的发展应该与经济增长表现出一致性。 但是本文对我国金融体系变化与经济增长的实证分析显示，在中国目前的金融体系结构下，无论是金融中介机构（主要指银行）还是金融市场（主要指股票市场）对促进经济增长的作用都是很不显著的。我们用功能的缺失来解释中国金融体系在促进经济增长方面作用如此微弱的现象，问题的核心是我国的金融体系结构欠合理。 从促进经济增长的角度考虑，中国金融体系需要进一步优化。文章最后针对强化金融的功能问题，提出了优化我国金融体系结构、构建金融与经济和谐发展的若干政策建议。 关键词： 金融体系结构 经济增长 金融功能 金融中介 资本市场 Abstract This paper analyzes the vicissitude, characteristics of the financial system structure within the framework of the Chinese economic growth as well as its relationship with the economic growth from the perspective of the financial system functions. A rational financial system structure is helpful to accelerate the economy. The way in which the financial system accelerates the economy is virtually the application of the financial functions with the help of a simplified endogenous economic growth model, this paper tries to demonstrate that the financial functions of saving integration, resource distribution and risk allocation can not only increase the capital accumulation of economic entities, reduce the capital losses and damage so as to transform the savings into investment, but also promote the investment efficiency. While within the different financial system structures, the functional mechanisms of financial functions upon economic growth are different. On the other hand, with the growth of the economy, new demands will arise concerning the development and changes of the financial system, which is to say that it is from within the economic growth process that the financial system comes to form its characteristics. Based on the theoretical analysis, this paper indicates that the financial system development should is conformity with the economic