中国金融窖藏的表现、影响及测度分析  

Analysis on the Performance,Influence and Measurement of China's Financial Hoarding

作　　者：任行伟 伯娜[2] REN Xingwei;BO Na(School of Finance,Dongbei University of Finance and Economics,Dalian 116025,China;School of Economics and Management,Huaibei Normal University,Huaibei 235000,China)

机构地区：[1]东北财经大学金融学院,辽宁大连116025 [2]淮北师范大学经济与管理学院,安徽淮北235000

出　　处：《华东经济管理》2020年第12期82-90,共9页East China Economic Management

基　　金：安徽省哲学社会科学规划一般项目“安徽省创新能力和创新效率提升研究——基于战略性新兴产业的实证分析”(AHSKY2019D095)。

摘　　要：金融窖藏被认为是“中国货币之谜”的一个重要原因。文章立足于Binswanger的金融窖藏理论,详细介绍该理论的内涵及发展,并结合我国实际,分析我国金融窖藏的具体表现及危害,最后测算出近年我国金融窖藏的新增规模。研究发现:历年新增金融窖藏额远远大于历年新增广义货币值,说明每年新增金融窖藏额的来源除了新增广义货币之外,还有其他实体产业中的货币资金流入到各金融窖藏领域,这也是当前市场上出现资本的“脱实向虚”“中小企业融资难”“中国货币之谜”等现象的一个重要原因。回归分析的结果也进一步证实金融窖藏规模的增加不利于经济增长。Financial hoardings are considered to be an important reason for the"Chinese currency mystery".Based on Binswanger's financial hoarding theory,this paper introduces the connotation and development of the theory in detail,and analyzes the specific performance and harm of our country's financial hoarding based on our country's reality.Finally,we calculate the new scale of our country's financial hoarding in recent years.The study found that the amount of new financial hoarding in the past years is much larger than the value of the new broad currency in the past years,indicating that in addition to the new broad currency,the source of the new financial hoarding in each year also includes the inflow of monetary funds in other physical industries into various financial hoarding.In the field,this is also an important reason for the current phenomenon of“disengagement from reality”,“difficulty in financing for small and medium-sized enterprises”,and“mystery of Chinese currency”.The results of the regression analysis further confirm that the increase in the scale of financial hoarding is not conducive to economic growth.

关 键 词：中国货币之谜 金融窖藏 金融“堰塞湖” 

分 类 号：F822[经济管理—财政学]