金融约束、金融倾斜与经济增长——基于中国金融资源配置的经验研究  

Financial Restraint,Financial Preference and Economic Growth—An Empirical Analysis on China's Financial Resources Allocation

作　　者：田树喜[1] 白钦先[2] 

机构地区：[1]东北大学文法学院,辽宁沈阳110004 [2]辽宁大学经济学院,辽宁沈阳110036

出　　处：《上海金融》2012年第12期3-7,120,共5页Shanghai Finance

摘　　要：中国的金融资源,在配置方式上长期依赖于间接融资,在配置对象上体现为所有制偏好和规模偏好。本文的实证分析表明,中国金融资源的倾斜配置内生于经济转型的初始条件和渐进模式,并在国家的金融约束政策下形成路径依赖。因此,转变中国金融资源倾斜配置格局的关键不仅在于推进直接融资的快速发展,更重要的是通过有效的制度安排,缩减金融约束下的机会主义空间和道德风险,将金融约束的"租金"由国有部门转向民营部门,形成有助于技术进步的激励机制和直接融资发展的内生需求,逐步转变经济增长对金融倾斜的路径依赖,实现中国金融资源的优化配置。China's financial resources allocation has long depended on indirect financing and taken preference in ownership and size.The empirical results in this paper show that the preferential allocation of China's financial resources results from the primary conditions and progressive mode of China's economic transformation and has long been taken for granted under China's financial restraint policy.Therefore the key to make changes lies not only in the promotion of the direct financing but more importantly in the lessening of speculation and moral hazards involved via the effective regulations to transfer the 'rents' of the financial restraints from the state-owned sectors to the private ones.By doing so,it is expected to foster the incentives and inner demands of both technology and direct financing and gradually change the route of preferential-allocation-dependence for the economic growth so as to optimize the allocation of China's financial resources.

关 键 词：间接融资 直接融资 金融约束 金融倾斜 

分 类 号：F830[经济管理—金融学]