金融业利润增长对制造业的影响  

China's Financial Sector's Profits' Influence on Manufacturing

作　　者：孙国茂[1] 陈国文[2] 

机构地区：[1]济南大学金融研究院,山东济南250022 [2]同济大学经济与管理学院,上海200092

出　　处：《中国工业经济》2014年第4期45-57,共13页China Industrial Economics

摘　　要：本文从金融危机后中国金融业利润上升而制造业利润下降这一现实问题出发,探究了金融业对制造业利润的影响。我们建立了金融业净利润、制造业净利润与经济景气指数的向量自回归模型,进行了脉冲响应函数与方差分解分析,探寻了金融业影响制造业净利润的机理,以识别支持制造业发展的政策选择。研究发现:整体金融业和细分金融业都侵占了制造业的利润。整体金融业应当打破国家对利率的垄断以降低制造业的融资成本,加大对制造业的补贴以缩小行业工资差距,并且增加对制造业的技术补贴以提高其获利能力。对于细分金融业,根据制造业的不同特点,货币金融服务业应当完善不同规模银行对不同类型制造业的贷款支持;资本市场服务业应当完善多层次的制造业融资平台及其配套机构建设;保险业可以降低制造业的缴费率以让利制造业;其他金融业的金融创新应当助力制造业规避生产风险。We built vector auto-regression model with financial sector＇s net profits, manufacturing＇s net profits and economic prosperity index to research whether China＇s financial sector took away manufacturing＇s net profits after the financial crisis. Through impulse response function and variance decomposition tests we found that both overall and segmental financial sectors took away manufacturing＇s net profits. Overall financial sector should not monopolize interest rate, increase subsidy to manufacturing to reduce salary gap with other sectors and improve manufacturing＇s technology. As to segmental financial sectors, monetary financial service should promote credit support of different scaled banks to related manufacturing corporate. Capital market service should accelerate the establishment of multi level financing platform for manufacturing. Insurance should cut down the payment rate to give profits to manufacturing. And other financial service＇s innovation should help to hedge risks for manufacturing.

关 键 词：金融业 制造业 净利润 

分 类 号：F062.9[经济管理—政治经济学]