货币信贷扩张、融资结构与政策含义  

Money and Credit Expansion,Financing Structure and Policy Implication

作　　者：李新鹏[1] 李亚奇[1] LI Xin-peng;LI Ya-qi(Research Institute of Research Institute of Xining Central Sub-Branch of the People's Bank of China,Xining 810001,China)

机构地区：[1]中国人民银行西宁中心支行金融研究处,青海西宁810001

出　　处：《财经理论研究》2020年第5期45-54,共10页Journal of Finance and Economics Theory

摘　　要：直接融资和间接融资的本质区别不是信用层次的不同,在于转移储蓄方式的差异,前者有全额证券化储蓄的支撑而不扩张货币总量,后者只有部分货币化储蓄的支撑而同时扩张货币总量,两者的扩张和结构调整都不能脱离储蓄的约束。直接融资、间接融资的增长快慢都与储蓄比重、资产回报、市场利率紧密关联,货币扩张速度的加快,在推动间接融资规模扩张的同时,会抑制直接融资规模的增长,间接融资本身会对直接融资产生金融抑制效应,会继续强化银行主导型的融资结构特征。要积极促进居民储蓄,保持政策利率与市场利率变动的一致性,提高储蓄对融资的支撑力度,推动直接融资和间接融资协调发展。The essential difference between direct financing and indirect financing lies in the mode of savings transfer instead of the credit level.The former is supported by fully securitized savings without the expansion the total amount of money,while the latter only by partially monetized savings with the expansion of the total amount of money.Both expansion and structural adjustment cannot be separated from the constraints of savings.The growth rate of direct financing and indirect financing is closely related to the proportion of savings,return on assets and market interest rate.The acceleration of monetary expansion will not only expand indirect financing,but also inhibit the growth of direct financing.Indirect financing itself will have a financial repression effect on direct financing,and it will continue to strengthen the bank-led financing structure characteristics.Therefore,it is necessary to promote residents’savings,maintain the consistency of the policy interest rate and the change of market interest rate,improve the support of savings to financing,and enhance the coordinated development of direct financing and indirect financing.

关 键 词：信用货币制度 直接融资 间接融资 储蓄 金融抑制 

分 类 号：F830.3[经济管理—金融学]