互联网金融对我国宏观经济的冲击效应及应对策略研究  

Impact Mechanism of Internet Finance on China Macro-economy and Its Countermeasures

作　　者：李红坤[1] 

机构地区：[1]山东财经大学金融学院,山东济南250014

出　　处：《山东财经大学学报》2015年第4期15-23,共9页Journal of Shandong University of Finance and Economics

基　　金：教育部人文社会科学研究规划项目"宏观审慎监管框架下我国保险业逆周期政策研究"(12YJA790067);2014年山东财经大学校级研究生教育创新计划项目"导师指导风格对研究生创新能力影响实证分析"(SCY1401)

摘　　要：文章从宏观经济名义变量与实际变量两方面分析了互联网金融对我国宏观经济的冲击效应。从名义变量看,互联网金融加速了我国利率市场化进程;导致基础货币量、货币乘数变化,各货币层次之间界限变得日益模糊,货币供应量界定与计量更加困难;货币需求结构发生变化,稳定性下降;冲击中央银行三大法宝,货币政策传导时滞性更加严重,削弱宏观信贷政策可测性、可控性;对现有金融业竞争格局产生冲击,促进我国整个金融产业系统整合等。从实际变量看,通过剩余资金聚集效应、资金流动性增强效应、交易成本降低效应、投资效率最大化效应、风险管理优化效应等途径冲击我国经济增长;实现普惠金融,缩小贫富差距,冲击我国现有社会阶层机构。对互联网金融带来的经济冲击,我们应该采取把互联网金融纳入宏观审慎监管框架、加快金融生态环境建设、促进传统金融与互联网相融合等有效措施,充分发挥互联网金融对我国宏观经济冲击有利的一面,努力消除互联网金融对我国宏观经济冲击不利的一面。The impact effect of Internet Finance on China Macro - economy is studied in terms of macro - economic nominal variables and actual variables. The research findings show that in terms of nominal variables Internet finance accelerates the interest rate marketization process, changes basic monetary quantity and money multiplier, blurs the boundaries between different monetary levels, makes monetary supply and calculation more difficult, changes the money demand structure while lowering its stability, impacts the three central bank magic weapons, aggravates monetary policy transmission delay, weakens macro credit policy testability and controllability, and impacts the existing financial competition pattern while improving the integration of China financial industry system. In terms of actual variables, Internet finance impacts China economic growth through surplus capital accumulation effect, liquidity enhancement effect, reduced transaction cost effect, maximum investment efficiency effect and risk management optimization effect while impacting China existing social strata through achieving inclusive finance and narrowing the gap between the rich and the poor. Therefore, effective measures, including taking Internet finance into macro - prudential supervisory framework, accelerating the construction of financial ecological environment, promoting the integration of traditional finance and Internet finance, etc. should be taken so as to make full use of advantages of Internet finance while eliminating its disadvantages.

关 键 词：互联网金融 名义变量 实际变量 冲击效应 

分 类 号：F49[经济管理—产业经济] F832