我国货币市场、股票市场及银行贷款协调性研究——基于中国、美国、英国、日本、巴西的比较  

Coordination Research on China's Monetary Market and Stock Market with Bank Loan: Based on the Comparison of China,the United States,Britain,Japan and Brazil

作　　者：赵雪瑾 张卫国[1] 陈雅娜[1] 

机构地区：[1]华南理工大学工商管理学院,广东广州510640

出　　处：《华南理工大学学报（社会科学版）》2016年第2期35-45,共11页Journal of South China University of Technology(Social Science Edition)

基　　金：国家社会科学基金重大项目(11&ZD156)

摘　　要：货币市场和股票市场及银行贷款的协调发展是优化金融市场结构、充分发挥金融市场功能、促进经济可持续发展的内在要求和必备条件。从经济适应性、规模合理性、市场联动性、功能效率四个方面建立了系统反映货币市场、股票市场及银行贷款协调性的评价指标体系。在此基础上,开展了中国与美国、英国、日本及巴西的比较研究。研究结果反映出我国经济适应性较低、规模合理性较差、市场联动性较弱、功能效率不高。具体表现为:货币市场、股票市场发展相对于经济发展滞后,银行贷款规模过大,存在结构性失衡;货币市场利率与股票收益率极低度相关,储蓄向投资的转化过少,上市公司利润过低,表明中国货币市场和股票市场发展及银行贷款协调性不足。最后,提出了促进三者协调发展的建议。The coordinated development of monetary market and stock market with bank loan is the inherent requirement and the necessary condition for optimizing structure and applying to the function of financial market and promoting economic development. This paper establishes an index system to measure the coordination level among China＇s monetary market,stock market and bank loan through economies adaptability,structural rationality,market interactivity and function efficiency. The research of comparing China with the United States,Britain,Japan and Brazil is made based on the index system. The results show that there exist the lower economic adaptability,the poorer sizes,the weaker interactivity and the lower function efficiency in China. Specific performances are the development of monetary market and stock market lagging behind,large bank loan,structural imbalance of monetary market,stock market and bank loan,low correlation between money market interest rates and stock yields,low conversion rate of savings into investment,low profits of listed company. It indicates that the coordination of developments of China＇s money market,stock market and bank loan is not good. Finally,we make some proposals to improve the coordinated development of them.

关 键 词：货币市场 股票市场 银行贷款 协调性 

分 类 号：F831[经济管理—金融学]