中国金融自由化、金融发展与投资水平差异  

Financial Liberalization,Financial Development and Investment Level Difference in China

作　　者：魏彦杰[1] 钟娟[1] 沙文兵[1] 

机构地区：[1]安徽财经大学国际经济贸易学院

出　　处：《财贸经济》2015年第3期55-71,共17页Finance & Trade Economics

摘　　要：本文使用投资水平离散程度测定投资水平差异,考察中国金融自由化、金融发展对投资水平差异的影响。研究发现,金融自由化加剧企业层面的投资水平差异,差异扩大的原因来自更优的投资配置,而金融发展会抑制这种有利的投资水平差异化。金融自由化包含的7个指标都对企业层面投资水平差异有正向作用,其中"放松信贷管制"的作用最为明显。不过,金融自由化加剧投资水平差异的效应也有潜在风险,它与行业层面投资水平差异并没有显著相关关系;金融发展则有助于抑制行业层面的投资水平差异,从而降低宏观经济波动性。此外,结论还显示,更激烈的市场竞争和更大的企业间技术水平差异也会增大企业层面的投资水平差异。This paper focuses on examining the effects of Chinese financial liberalization and development on investment level difference, using dispersion in investment level. The results consistently show that while financial liberalization increases investment level difference among firms by allowing more productive firms to expand their capital investment, the financial development is negatively associated with it. Each of the seven subcomponents of the financial liberalization index has positive effect on firm- level difference, and the most important influence is from the credit deregulation. The undesirable effects of financial liberalization are found that it cannot reduce investment level difference among industries. There is also full evidence supporting that financial development can reduce industry-level difference and lead to lower volatility in macro-economy. Moreover, the findings also suggest that increased product market competition and firm-level technological disparity tend to have positive effects on investment level difference among firms.

关 键 词：金融自由化 金融发展 投资水平差异 

分 类 号：F832[经济管理—金融学]