金融体系结构的影响因素:基于银行与市场主导型双重视角的研究  

Influencing factors of financial system structure:An analysis on the basis of bank-based and market-based perspectives

作　　者：姚德权 刘润坤 YAO Dequan;LIU Runkun(College of Finance and Statistics,Hunan University,Changsha 410079,China)

机构地区：[1]湖南大学金融与统计学院,湖南长沙410079

出　　处：《中国软科学》2023年第6期180-190,共11页China Soft Science

基　　金：国家社会科学基金重点项目(17AXW005)。

摘　　要：依据56个国家或地区2002—2017年的面板数据,基于银行和市场主导型双重视角,考量影响金融体系结构的因素。结果显示,银行主导型金融体系结构与市场(核心是资本市场)主导型金融体系结构的影响因素差异较大;经济因素对金融体系发展程度具有基础作用,稳定的政策环境和较高的治理水平有助于扩大金融市场规模和提升市场发展程度,文化因素和法系因素主要通过调节作用影响银行体系和资本市场发展规模。鉴于此,在金融体系结构优化过程中,应充分考虑经济、政治、法律和文化的作用机制;在增强金融体系韧性方面,重视构建实体经济与金融体系的互促机制,充分发挥文化和法律的调节作用。This study empirically analyzes the factors of financial system structure on the basis of bank-based and market-based perspectives based on panel data of 56 countries or regions from 2002 to 2017.The results show that the influencing factors of bank dominated financial system structure and market dominated financial system structure are quite different,Economic factors play a fundamental role in the depth of financial markets.A stable policy environment and a high level of governance will help expand the size ofthe financial market and the depth of market,Culture and law influence the banking system and capital market size through Regulatory action.In view of these,in the process of optimizing the structure of the financial system,we should consider the mechanisms of economy,governance,law and culture.In terms of enhancing the depth of the financial market,we should build a mutual promotion mechanism between the real economy and the financial system,and give full play to the regulatory role of culture and law.

关 键 词：金融体系结构 多维因素 市场深度 市场体系 银行体系 

分 类 号：F832.8[经济管理—金融学]