金融业应当让利吗?——基本事实、理论分析与全球实证证据  

Should the Financial Sector“Subsidize”the Real Sector?—Facts,Theory,and Global Evidence

作　　者：文书洋 刘锡良[1] 董青马[1] WEN Shuyang;LIU Xiliang;DONG Qingma(Institute of Chinses Financial Studies,Southwestern University of Finance and Economics)

机构地区：[1]西南财经大学中国金融研究院,四川成都610000

出　　处：《金融研究》2023年第5期20-37,共18页Journal of Financial Research

基　　金：国家自然科学基金青年基金项目(72203175);教育部人文社会科学研究西部和边疆地区青年基金项目(21XJC790012);国家社科基金项目(20BJY255);国家社科基金重大招标项目(20&ZD081);西南财经大学中特现代金融理论研究平台、中央高校基本科研业务费专项资金的支持。

摘　　要：支持实体经济高质量发展是现代金融业的使命,也是中国金融学的核心理论问题。作为支持实体经济的重要手段,金融让利政策受到了社会各界的广泛支持,但相关理论研究还有待深入。在大量文献和经济学事实的基础上,本文将马克思生息资本理论与西方经济增长理论有机结合,将马克思“利息来源于利润”的著名观点融入现代经济增长框架,解释了金融业利润过高对经济增长的影响机制。基于全球面板数据的实证证据,支持了模型的核心推论。研究表明,促进金融业让利的根本在于构建合理的“产业—金融”利润分配机制,通过反垄断、提供公共信息、倡导金融机构社会责任等方式控制金融部门的议价优势,是增强金融服务实体经济能力的有效手段。Development is the eternal theme of human beings.Supporting the high-quality development of the economy is the mission of the modern financial industry,and a frontier topic in financial research.In recent years,the“transfer of financial profit to the real economy”has become an important means of promoting financial support for the development of the real economy.From the perspective of national policies and public opinion,the profit transfer policy is widely supported.However,in the field of theoretical research,there is little rigorous analysis or empirical evidence.From the perspective of the needs of the state and society,the purpose of“financial profit transfer”is to serve economic development;therefore,this paper proposes that the questions of“whether financial profit should be transferred”and“how to transfer profit”should be answered by examining the relationship between financial profits and economic development.Compared with Western financial theories,the theories of Marx pay more attention to the analysis of profit sources.Although there are many types of modern financial products and services,the ultimate source of profits remains the real industry.However,with the development of the financial industry,financial institutions have changed from service providers of enterprises to strong market players,which can restrict the development of the real sector.The problem of profit sharing is the natural link between finance and industry.High financial profits mean high financing costs for enterprises,which may result in damage to economic growth.Marxist political economy realizes the importance of the source of profits in the financial sector and puts forward the view that high profits in the financial industry may damage economic development,but provides little detailed theoretical analysis based on economic growth.Conversely,in Western economic research,there are many discussions of the“too much finance”hypothesis,but few analyses of financial profits.Starting from the literature and econ

关 键 词：金融业利润 马克思生息资本理论 经济增长 金融发展 

分 类 号：F831[经济管理—金融学] F113F091.91