中国民间金融与正规金融的交互作用研究  

An Empirical Analysis on Interaction between Informal and Formal Finance in China

作　　者：彭芳春[1] 耿康顺[1] 

机构地区：[1]湖北工业大学经济与政法学院,湖北武汉430068

出　　处：《广东金融学院学报》2011年第1期110-119,共10页Journal of Guangdong University of Finance

基　　金：武汉市社会科学基金项目(09029)

摘　　要：采用衡量经济与金融关系的θ值法测算中国民间金融发展规模,并度量正规金融和民间金融之间交互影响程度的结果显示,中国正规金融的发展并不是民间金融规模壮大的原因,相反民间金融却能促进正规金融的发展。进一步的分析表明,因为被正规金融排斥的中小企业在民间金融获得融资,所以民间金融促进了中小企业的发展;但成长起来的中小企业却倾向于向正规金融融资,故民间金融又间接推动了正规金融的发展。因此发挥正规金融指导作用以推动民间金融规范发展至关重要。应尽快建立民间金融的正规借贷制度,并加速相关立法进程。In this paper, θ-value method which can describe the relationship between economic and finance is used to measure the scale of China＇s Informal Finance and econometrics methods are used to survey the interaction between Formal and Informal Finance. The research shows that the increase of Formal Finance is not the reason of the informal financial growth; on the contrary, Informal Finance has promoted the Formal Finance development. Further Analysis showed that the SMEs turned to obtain financing from the Informal Finance due to the exclusion from the Formal Finance, so the Informal Finance promotes the SMEs＇development. But the developed SMEs tend to turn to financing in the Formal Finance. Therefore, the Informal Finance promotes formal financial development indirectly. It is important to standardize the Informal Finance through legislating and an informal financial institution should be established.

关 键 词：民间金融 正规金融 θ值法 VAR 中国实证 

分 类 号：F830.2[经济管理—金融学]