我国金融结构宏微观悖论新解:融资权约束  

A New Explanation to the Paradox of ChineseFinancial Structure from Macro and Micro Aspects: Financing Option Constraint

作　　者：高明生[1] 李泽广[1] 刘欣[1] 

机构地区：[1]南开大学金融系,天津300071

出　　处：《财经研究》2004年第12期130-140,共11页Journal of Finance and Economics

摘　　要：通过对我国金融资产结构的实证分析,可以发现我国金融结构宏微观变量间存在着相背离的悖论。经典的金融制度结构理论对此悖论的解释是苍白乏力的。在探讨我国金融结构悖论的形成机理时,需要引入"中国特色"变量:融资选择权约束、银行效率、企业成长周期和居民资产组合偏好与内外部约束等因素,从而构建新的逻辑框架来解释这一悖论。Through empirical analysis of the financial asset structure in China, it can be found that there exists a paradox between macro and micro variables of Chinese financial structure. Classical financial structure theory only offers flat explanation to the paradox. When we attempt to understand the forming mechanism of the paradox of Chinese financial structure, it is necessary to introduce the variables with 'Chinese features': financing option constraint, banking efficiency, life cycle of an enterprise, asset combination bias of residents and factors as interior and exterior constraints, so as to build a new logical framework to expound the paradox.

关 键 词：融资选择权 银行效率 金融结构 

分 类 号：F830[经济管理—金融学]