产融结合视角下的资本形成与经济增长  

Capital Formation and Economic Growth Under the Perspective of Integrating Industrial Capital with Financial Capital

作　　者：刘锡良[1] 齐子漫[2] 刘帅[3,4] 

机构地区：[1]西南财经大学中国金融研究中心 [2]西南财经大学金融学院 [3]中国建设银行博士后工作站 [4]中国人民大学博士后流动站

出　　处：《经济与管理研究》2015年第7期3-11,共9页Research on Economics and Management

基　　金：国家社会科学基金重大项目“防范系统性和区域性金融风险研究--基于金融适度分权的视角”(13&ZD030);国家社会科学基金西部项目“银行系统性风险与逆周期宏观审慎监管机制设计研究”(11XJY024)

摘　　要：本文基于新古典经济增长模型,研究资本形成促进经济增长的内在机制。国外资本、金融资本与真实资本三者之间要适度发展,资本形成不足或过度均会对经济增长产生不利影响;如果资本的形成过程和转换机制由市场主导,偏离适度的资本在市场机制下就会自动恢复到适度状态,从而促进经济增长。对国外资本、金融资本、真实资本与经济增长之间关系的实证检验发现,金融资本深化率和国外资本与开放经济条件下社会总资本比率的提高,以及金融结构与融资结构的改善对经济增长有正向促进作用,而真实资本深化率和金融资本与真实资本比率的提高对经济增长却呈现出负相关关系。This paper studies how the internal mechanism of capital formation promotes economic growth by employing the neo-classical economic growth model.The result indicates that the appropriate formation of foreign capital,financial capital and real capital is important for economic growth,while the inadequate or excessive formation will damage the economic growth.As long as the process of capital formation and transformation mechanism is dominated by market mechanism,the inappropriate capital will automatically adjust to the appropriate level to promote the economic growth.By using the panel data from 2000 to 2011 in China,the paper also empirically examines the relation between capital formation and economic growth.It is found that the deepening of financial capital and the rate between foreign capital and total capital under the condition of opening economy,as well as the improvement of financial structure and financing structure, has a positive effect on economic growth,but the deepening of real capital and the rate between financial capital and real capital has a negative effect on economic growth.

关 键 词：产融结合 资本形成 金融资本 真实资本 

分 类 号：F832[经济管理—金融学]