中国金融结构难题与调整路径
摘要
适宜的金融结构对于一国经济发展的重要性已无须赘言。当前的共识是,中国股市发展相对不足,应进一步发展股票市场。虽然中国有大量新兴企业急需获得上市融资以支持其研发与创新,且这直接关系到中国经济转型的成败和能否跨越"中等收入陷阱",但是本文通过实证检验发现,样本期内中国金融结构中股市融资占比的提高并没有促进实体经济的增长。这意味着中国金融结构调整尚存在前提条件,只有在条件满足的情况下,进一步发展股票市场和调整金融结构才能够真正推动实体经济的增长。
引文
[1]Aghion P.,Bolton P.An“Incomplete Contracts”Approach to Financial Contracting[J].Review of Economic Studies,1992,(59):473-494.
[2]Allen F.The Market for Information and the Origin of Financial Intermediaries[J].Journal of Financial Intermediation,1990,(1):3-30.
[3]Benmelech E.,Bergman N.K.Collateral Pricing[J].Journal of Financial Economics,2009,91(3):339-360.
[4]Boot A.W.A.Thakor A.Financial System Architecture[J].Review of Financial Studies,1997,(10):693-733.
[5]Cho Y.J.Inefficiencies from Financial Liberalisation in the Absence of Well-functioning Equity Markets[J].Journal of Money,Credit and Banking,1986,18(2):191-200.
[6]Demirgüc-Kunt A.,Levine R.Financial Structure and Economic Growth:A Cross-Country Comparison of Banks,Markets,and Development[M].Cambridge,MA:MIT Press,2001.
[7]Diamond D.W.Financial Intermediation and Delegated Monitoring[J].The Review of Economic Studies,1984,51(3):393-414.
[8]Goldsmith R.W.Financial Structure and Development[M].Yale University Press,1969.
[9]Levine R.Bank-Based or Market-Based Financial Systems:Which is Better?[J].Journal of Financial Intermediation,2002,11(4):398-428.
[10]Levine R.Finance and Growth:Theory and Evidence[M].Handbook of Economic Growth,Elsevier Science,2005.
[11]Lin J.Y.,Sun X.,Jiang Y.Endowment,Industrial Structure,and Appropriate Financial Structural:A New Structural Economics Perspective[J].Journal of Economic Policy Reform,2013,16(2):109-122.
[12]Manove M.,Padilla A.J,Pagano M.Collateral versus Project Screening:A Model of Lazy Banks[J].RAND Journal of Economics,2001,32(4):726-744.
[13]Morck R.,Nakamura M.Banks and Corporate Control in Japan[J].Journal of Finance,1999,(54):319-340.
[14]Rajan R.G.,Zingales L.Which Capitalism?Lessons from the East Asian Crisis[J].Journal of Applied Corporate Finance,1999,(11):40-48.
[15]蔡昉,都阳.论中国西部开发战略的投资导向:国家扶贫资金使用效果的启示[J].世界经济,2000,(11).
[16]林毅夫,孙希芳.银行业结构与经济增长[J].经济研究,2008,(9).
[17]林毅夫,孙希芳,姜烨.经济发展中的最优金融结构理论初探[J].经济研究,2009,(8).
[18]龚强,张一林,林毅夫.产业结构、风险特性与最优金融结构[J].经济研究,2014,(4).
[19]杨子荣,张鹏杨.金融结构、产业结构与经济增长——基于新结构金融学视角的实证检验[J].经济学季刊,2018,(2).
[2]Allen F.The Market for Information and the Origin of Financial Intermediaries[J].Journal of Financial Intermediation,1990,(1):3-30.
[3]Benmelech E.,Bergman N.K.Collateral Pricing[J].Journal of Financial Economics,2009,91(3):339-360.
[4]Boot A.W.A.Thakor A.Financial System Architecture[J].Review of Financial Studies,1997,(10):693-733.
[5]Cho Y.J.Inefficiencies from Financial Liberalisation in the Absence of Well-functioning Equity Markets[J].Journal of Money,Credit and Banking,1986,18(2):191-200.
[6]Demirgüc-Kunt A.,Levine R.Financial Structure and Economic Growth:A Cross-Country Comparison of Banks,Markets,and Development[M].Cambridge,MA:MIT Press,2001.
[7]Diamond D.W.Financial Intermediation and Delegated Monitoring[J].The Review of Economic Studies,1984,51(3):393-414.
[8]Goldsmith R.W.Financial Structure and Development[M].Yale University Press,1969.
[9]Levine R.Bank-Based or Market-Based Financial Systems:Which is Better?[J].Journal of Financial Intermediation,2002,11(4):398-428.
[10]Levine R.Finance and Growth:Theory and Evidence[M].Handbook of Economic Growth,Elsevier Science,2005.
[11]Lin J.Y.,Sun X.,Jiang Y.Endowment,Industrial Structure,and Appropriate Financial Structural:A New Structural Economics Perspective[J].Journal of Economic Policy Reform,2013,16(2):109-122.
[12]Manove M.,Padilla A.J,Pagano M.Collateral versus Project Screening:A Model of Lazy Banks[J].RAND Journal of Economics,2001,32(4):726-744.
[13]Morck R.,Nakamura M.Banks and Corporate Control in Japan[J].Journal of Finance,1999,(54):319-340.
[14]Rajan R.G.,Zingales L.Which Capitalism?Lessons from the East Asian Crisis[J].Journal of Applied Corporate Finance,1999,(11):40-48.
[15]蔡昉,都阳.论中国西部开发战略的投资导向:国家扶贫资金使用效果的启示[J].世界经济,2000,(11).
[16]林毅夫,孙希芳.银行业结构与经济增长[J].经济研究,2008,(9).
[17]林毅夫,孙希芳,姜烨.经济发展中的最优金融结构理论初探[J].经济研究,2009,(8).
[18]龚强,张一林,林毅夫.产业结构、风险特性与最优金融结构[J].经济研究,2014,(4).
[19]杨子荣,张鹏杨.金融结构、产业结构与经济增长——基于新结构金融学视角的实证检验[J].经济学季刊,2018,(2).