中国社会融资结构变迁与经济收敛的关系  

The Relationship Between the Change of Social Financing Structure in China and Economic Convergence

作　　者：李四维[1] 傅强[1] 王庆宇 

机构地区：[1]重庆大学经济与工商管理学院

出　　处：《财经科学》2017年第10期17-29,共13页Finance & Economics

基　　金：国家教育部人文社会科学规划基金项目"财政分权;政府治理与中国经济增长机制研究"(13YJA630018)

摘　　要：社会融资结构作为我国金融改革发展的重要指标,是经济收敛的主要影响因素之一。本文在对中国社会融资结构变迁进行特征描述,建立社会融资结构与经济收敛关系模型的基础上,基于2002—2016年的时间序列数据验证了两者关系。结果表明两者存在格兰杰因果关系,社会融资结构的变迁促进了经济收敛。在社会融资结构的组成部分中,只有人民币贷款与经济收敛存在格兰杰因果关系,委托贷款是社会融资结构的格兰杰原因。据此建议,在未来我国金融结构的变化中需重视社会融资结构内部协调共进,以满足经济发展和转型经济中多元化的融资需求。As an important index of financial reform and development of China, social financing structure is one main factor of economic convergence. Based on the time series data fi＇om 2002 to 2016, this paper describes the characteristics of the change of social financing structure in china and model the relationship between social financing structure and economic convergence, then verifying the relationship between them. The result shows that there is Granger cau- sality relationship existing between social financing structure and economic convergence and, the former promotes the latter. In the composition of social financing structure, only RMB loan and economic convergence have Granger cau- sality relationship and entrusted loan is the Granger cause of social financing structure. In view of the above, we should attach importance to the coordinated progress of internal structure of social financing in the change of financial structure in future China to fulfill the diversified financing needs of economic development and transition.

关 键 词：社会融资结构 经济收敛 时间序列 

分 类 号：F124[经济管理—世界经济] F832.4