中国金融体系偏向性发展的典型特征、错配效应与重构路径
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摘要
当前,金融已经成为制约中国经济结构调整和经济新旧动能转换的突出制约因素。总体上看,中国金融体系呈现出偏向性发展的典型特征事实,特别表现在中国现阶段以银行机构主导的金融体系和以间接融资渠道为主的金融结构,既与制造业为主的实体经济部门的转型升级活动发生了诸多不匹配现象,也与正在全面推进的创新驱动发展战略和建设创新型国家发生了全面不兼容现象。基于对中国现阶段以银行机构主导的金融体系以及以间接融资渠道为主的金融结构背后形成逻辑的理解,当前中国金融体系改革的重点,应该优先发展与制造业为主的实体经济部门转型升级内在需求相匹配的现代金融体系,优先发展直接融资形式的银行机构而非金融市场,优先发展地区性的专业化中小商业银行体系而非全域性商业银行体系。
Currently, financial system has become a prominent factor, which restricts China's new economic development featuring deep structural adjustments and renewal of driving forces. In general, Chinese financial system shows the typical characteristics of biased development. In particular, the financial system dominated by banking institutions and the financial structure dominated by indirect financing channels are not only mismatched with transformation and upgrading activities of manufacturing-based real economy,but also incompatible with the all-round innovation-driven development strategy. Based on the understanding of the logic behind the formation of China's financial system dominated by bank institutions and financial structure, the reform of china's financial system needs develop a modern financial system that matches the inherent needs of transformation and upgrading activities of manufacturing-based real economy, and give priority to the development of banking institutions and the development of the regional specialized small and medium-sized commercial banking system.
Currently, financial system has become a prominent factor, which restricts China's new economic development featuring deep structural adjustments and renewal of driving forces. In general, Chinese financial system shows the typical characteristics of biased development. In particular, the financial system dominated by banking institutions and the financial structure dominated by indirect financing channels are not only mismatched with transformation and upgrading activities of manufacturing-based real economy,but also incompatible with the all-round innovation-driven development strategy. Based on the understanding of the logic behind the formation of China's financial system dominated by bank institutions and financial structure, the reform of china's financial system needs develop a modern financial system that matches the inherent needs of transformation and upgrading activities of manufacturing-based real economy, and give priority to the development of banking institutions and the development of the regional specialized small and medium-sized commercial banking system.
引文
[1]张杰、杨连星.中国金融压制体制的形成、困境与改革逻辑.人文杂志,2015(12).
[2]张杰、郑文平、新夫.中国的银行管制放松、结构性竞争和企业创新——中国情景下U型关系的证据与解释.中国工业经济,2017(10).
[3]林毅夫、孙希芳、姜烨.经济发展中的最优金融结构理论初探.经济研究,2008(8).
[4]林毅夫、李永军.中小金融机构发展与中小企业融资.经济研究,2001(1).
(1)数据来源:中国银监会内部报告2016。
[2]张杰、郑文平、新夫.中国的银行管制放松、结构性竞争和企业创新——中国情景下U型关系的证据与解释.中国工业经济,2017(10).
[3]林毅夫、孙希芳、姜烨.经济发展中的最优金融结构理论初探.经济研究,2008(8).
[4]林毅夫、李永军.中小金融机构发展与中小企业融资.经济研究,2001(1).
(1)数据来源:中国银监会内部报告2016。