金融生态演进作用于实体经济增长的机制分析——透过资本配置效率的视角  

Mechanism Analysis of the Evolution of the Financial Ecology on Real Economic Growth——Perspectives of the Capital Allocation

作　　者：李延凯[1] 韩廷春[1] 

机构地区：[1]清华大学公共管理学院,北京100084

出　　处：《中国工业经济》2011年第2期26-35,共10页China Industrial Economics

基　　金：国家自然科学基金项目"金融生态演进与实体经济发展:理论与实证研究"(批准号70873068);清华大学自主科研计划课题"金融生态系统的系统动力学仿真研究"(批准号20091081253)

摘　　要：本文通过建立金融生态演进作用于实体经济增长的分析模型,对金融生态演进影响资本配置效率与经济增长的内在作用机制与传导渠道进行了数理分析。研究结果显示,金融发展对经济增长促进作用的有效性受其所在外部金融生态环境的影响。政府对经济的干预有助于增加资本积累,但会削弱法制因素和金融发展改善资本配置效率的作用;法制环境的改善有助于资金更多的流向集约型产业,减轻政府干预对资金配置的扭曲;一个企业家精神盛行、勇于创新的文化信用环境可以弥补法制环境的不足,约束资金使用者的道德风险,优化金融资源的配置效率。In this paper we make a mathematical analysis of the endogenous interaction and transmission mechanism about the evolution of the financial ecology on the capital allocation and the real economic growth,based on the analysis model of the financial ecology on the real economic growth.The study shows that,the effectiveness of the stimulation from the financial development to the real economic growth is bounded by the external financial ecological environment.The government＇s intervention helps to the capital accumulation,but ruining the positive effect brought by the legislation and the financial development to the capital allocation.The improvement of the legislative environment will make more capital flow to the intensive Industry,and also decrease the distortion brought by the governmental intervention to the capital allocation.The widespread of entrepreneurship and the positive and innovative cultural credit environment together can eke out the incompleteness of the legislative environment,limit the risk of moral hazard of the capital users,and optimize the allocation of the financial resource.

关 键 词：金融生态 经济增长 法律制度 政府干预 文化信用环境 

分 类 号：F061.2[经济管理—政治经济学]