我国县域金融的结构、效率与功能研究
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摘要
我国的县域经济是一种别具特色的经济单元,具有悠久的历史。在目前的国民经济体系中,县域经济仍然处于基础地位,发挥不容轻视的重要作用。近年来,有关县域经济发展的问题不断受到广泛关注,其中县域金融领域出现的一些新情况和新问题更一度成为讨论和研究的热点。党的十六大、十六届三中全会和十六届五中全会相继提出“壮大县域经济”、“大力发展县域经济”的重要思想,县域经济得到前所未有的重视和发展。统筹城乡经济社会发展,已经成为全面建设小康社会的重大任务。
近年来,如何发展壮大县域经济的问题已经受到各级政府的重视,所谓县域经济竞争力实际上是县域单位通过科学有效配置资源以获得比较优势的能力。其中,金融要素在现代县域经济资源配置机制中起着核心作用。根据金融抑制论,金融服务如果不能有效地满足经济发展的客观需要,达到一定程度就会形成金融抑制,限制县域经济的发展。当代社会的资源可以说越来越金融化,人们调动一个社会潜在的资源、经济体系的资源越来越多通过金融体系来完成的(吴晓求,2007)。种种迹象表明,金融业在哪个方面发挥的作用更强,发挥得更好,哪个地方的经济增长就会更强劲、更稳定,推动金融部门的发展有利于推动经济稳定增长,已经成为一个不争的事实。经济发展中,资本的促进作用日益彰显。谁在这方面做得好,谁就可以得到更多的经济发展所需要的资源。
当前县域内金融机构难以满足县域经济发展的需求,正成为社会主义新农村建设的一大难题。近些年来县域经济正遭遇到越来越严峻的形势。近年来,我国较大范围地并日趋严重地出现了银行贷款向城市集中,以致大量资金由农村向城市流动的趋势,这种资源配置显然不利于县域经济的发展,而县域经济发展受阻,势必会拖累整个国民经济实现现代化的进程和全面建设小康社会目标的实现。
中国人民银行货币政策分析小组发表的《2008年二季度货币政策执行报告》指出,当前县域金融服务仍存在薄弱环节。股份制商业银行在县级基本机构数量急剧减少。股票上市也很难轮到中小企业。农村信用社已成为县域经济中的主要金融服务机构。虽然近几年贷款增加较多,但仍无法弥补资金缺口。
另一方面,大量情况表明,县域经济发展对融资方面的需求是非常强烈,而信贷供给则明显短缺。这就需要我们加快县域金融改革和发展的步伐,强化县域金融相关的基础设施建设,完善农村金融服务,为县域经济的快速发展奠定坚实基础。因此,依笔者之见,我国县域不但需要大力发展金融业本身,而且需要建立健全起一个与县域经济发展相适应的县域金融体系。这样的金融体系的结构必须高效,需要由不同质类、不同层次、多样化金融机构组成；理想而完善的县域商业金融组织体系应该由国有商业银行、地方商业银行、社区融资机构以及民间金融组织共同组合而成。从金融功能的角度来看,正是这种地方的、社区的、村落的小银行或金融组织以及民间借贷,才是与县域经济和当地群众生产、生活血肉相连、息息相关的。
本文从LY县的县域金融现状出发,通过理论分析和案例实证分析存在的问题,以期以点带面论证县域金融发展对县域经济发展的影响。文章首先整体分析了我国县域金融的现状及存在的问题；其次,从路径和机理两个方面深入分析了金融发展与经济发展的关系；再利用LY县县域金融结构发展、金融效率提高和经济发展的数据,通过协整检验和Granger因果关系检验及VAR等实证研究方法,客观的分析出了县域金融发展对县域经济发展的影响；再次,从县域金融功能的视角分析了LY县县域金融对县域经济发展的作用。最后本文从三个角度分别给出相应的政策建议和意见。
一是提高我国县域金融效率的制度安排与政策选择。提出提高我国县域金融效率的总体思路是要把县域金融业作为现代产业来发展,把县域金融业作为现代产业来发展,首先建立一个公平合理的、规范化的市场金融运作机制,市场在金融资源的配置上发挥基础性作用。其次是建立多元竞争的县域金融体系。只有打破垄断,鼓励竞争,才能促进县域金融效率的提高。鼓励其他商业银行向县域金融领域渗透。在合适的时机,打破市场进入限制,容许外资金融机构进入县域金融领域。再次发展与县域经济发展相连的县域金融市场,加快金融创新步伐,理顺产权关系,加强县域金融机构内部经营管理,加强县域金融的监管,防范和化解过度的金融风险,保证县域金融体系稳健运行。
二是阐述了优化金融结构的发展战略及实现途径。指出优化不合理的县域金融结构要有超常规的发展思路和创新意识,应通过调整优化县域金融结构来优化经济结构,推动县域经济全面发展。首先是要完善金融机构体系,促进金融机构多元化。具体包括改革农村信用社,重组为地方性商业银行,将县域内空间上彼此邻近、经济金融发展水平比较接近的若干农村信用社和国有商业银行分支机构合并组建为股份制地方性商业银行。将农村信用社县级联社改造成县级股份制商业银行；改组县域国有商业银行分支机构。其次是实现金融工具多样化。发展县域发展基金、产业投资基金等基金组织,建立“县域地区发展基金”,尤其是发展中西部县域产业投资基金；加快发展服务于县域的投资银行；加大县域地区股票及债券发行政策的倾斜力度,在股票发行与上市政策实行区域或产业优先,给县域地区以融资权等。
三是完善县域金融机构的功能。首先是科学定位各类县域金融机构的功能。发挥县域金融中农村信用社的主导性功能,发挥农业发展银行的政策性功能；发挥邮政储蓄机构的辅助性功能；发挥民间金融的补充性功能；发挥农业保险机构的保障性功能。其次是树立功能为本的县域金融发展模式。在此基础上市提出强化县域金融功能的路径：建立多元化的金融体系,培育竞争性县域金融市场,打破金融垄断,激励和促进更多的金融机构进入县域金融市场,尽快出台《县域金融市场退出管理办法》,从制度上保证县域金融市场退出机制的完善,稳步开放县域金融市场。打破金融市场垄断格局,建立一个有效竞争的金融市场。同时要加强对金融市场监管,充分发挥金融稳定协调机制的作用,协调好人民银行和三大监管机构的关系,建立竞争性的监管机制,确保县域金融稳定。最后提出配套设施改革：搞好县域金融信用建设,建立比较完善的担保体系,构建金融功能有效发挥的保障机制。加强法律对投资者保护,加强金融立法,满足新形势的发展,通过立法加强对投资者权利保障,提高执法效率等。
本文的主要理论创新之处在于：把金融发展理解为金融功能演进与金融结构的优化(质性与量性发展相统一)。这一思想与西方学者的金融功能观相比,将金融功能纳入动态考察之中,这并不是完全否定Merton的金融功能观基本假定。在一段历史时期内,金融功能无疑是相对稳定的,然而在整个经济、金融发展史中,金融功能无疑是动态发展的。这无疑拓宽了金融功能观的研究视野,为金融发展理论的研究开辟了一条新的思路。
其理论和实际意义在于：本文运用金融结构和效率理论,紧紧围绕县域金融结构演进过程及其效率状况来揭示县域金融发展变迁,提出以完善县域金融结构和提高金融效率为指向实现县域金融持续发展的实践路径。分析当前在金融改革不断深化背景下的县域金融发展问题(金融效率、金融功能和金融结构),并从实际出发给出理论上的解释及价值判断(政策取向),应该说是一项十分有意义而又非常紧要的工作。总体上来说,以金融结构理论和金融效率理论为工具研究分析县域金融发展问题,是基于因县域金融要素处于严重抑制状态而造成县域经济增长及结构调整金融支持缺位的现实选择。
The county economy in China is a distinctive economic unit, has a long history.In the current framework of the national economic system, the county remains the basis of economic status, play an important role to be reckoned with.In recent years, the development of county economy has been subject of the issue of concern, including the financial sector, the county some new situations and new problems to discuss and debate became a hot topic. The party's National Congress, the Third Plenary Session of the Fifth Plenary Session have been the sixth of "the county economy grow," "to develop the county economy," the important thinking of the county economy has been unprecedented attention and development. The report pointed out that the National Congress Party, "co-ordinate economic and social development, building a moderately prosperous society is a major task."
In recent years, how to enhance the competitiveness of the county economy is subject to universal attention, the so-called essence of the economic competitiveness of the county is the county unit of the allocation of resources through scientific and effective for the ability of comparative advantage. Among them, the financial element of the county economy in the modern mechanism for the allocation of resources plays a central role. According to some Western economists of the so-called theory of financial repression, financial services if they can not effectively meet the objective needs of economic development, to a certain extent will lead to financial repression, restrictions on economic development. Contemporary society can be said that increasing financial resources of (the former is the material resources of the), it is potential to mobilize the resources of a society, economic system resources through the financial system to complete the (Wu Xiaoqiu,2007). There is every indication that the financial services sector in which a stronger role to play even better, where economic growth will be stronger and more stable. To promote the development of the financial sector is tantamount to promoting stability, promote economic growth. Economic development, the stability of capital played a great role. Who in this area do a good job, will get more money. Larger scale in China in recent years and becoming more and more serious, there were bank loans to cities, resulting in a lot of money flows from rural to urban trends, this allocation of resources is clearly not conducive to the economic development of the county, and county economic development is impaired, which is bound to dragged down the entire national economy and to modernize the process of building a moderately prosperous society goals.
Financial institutions, the current county region it is difficult to meet the needs of the county's economic development, is becoming a new socialist countryside construction of a major problem. In recent years the county's economy is experiencing more and more severe situation. People's Bank of China monetary policy analysis group "published in 2008 second quarter report on the implementation of monetary policy," pointed out that the county financial services there are still a weak link. Nearly 4-year, state-owned commercial banks to streamline the 1782 county-level branches. Agricultural Development Bank of the business adjust 1998, but also a corresponding reduction in county-level economy in loans. Joint-stock commercial banks are not in the basic institutions at the county level. Stock market is also very difficult to turn to small and medium-sized.In the county economy rural credit cooperatives has become a major financial services institution. Although the loans has increases in the past few years, but can not make up for the shortfall in funds.
A large number of cases shows that the county's economic development needs of the financing is a very strong, and is obviously a shortage of credit supply. This requires us to accelerate the county's financial reform and the pace of development, and strengthen laws related to county finance infrastructure construction, improve the rural financial services for the county's rapid economic development lays a solid foundation. According to this writer's views, not only our county needs to develop its financial industry, but also from a need to establish a sound corresponding county financial system. This structure of the financial system must be optimized, the need for quality by different categories, different levels, the diversification of financial institutions, such as policy-oriented financial services, cooperation in finance and commercial finance; which commercial development finance is a key issue, an ideal improve the business and financial organizations of the county system should be state-owned commercial banks, local commercial banks, community financial institutions, as well as civil organizations, a combination of finance. The efficiency of such a financial system must be higher, in this ideal combination of state-owned commercial banks to merge through agencies in each county to retain enough of a branch can not be too much, too much the formation of excessive competition, will reduce efficiency. Local commercial banks, communities and villages in mutual financial organizations financing the county's financial system should be the subject of the financial strength of civil society should become a useful complement to the need to pay close attention to create the conditions for opening up the development. Function from the financial point of view, it is this place, communities, villages and small banks or financial organizations, as well as non-governmental lending, is with the county economy and local people's production and living flesh-and-blood, are closely linked. Their development will effectively curb the problem of long-term economic development of rural county capital outflows, and building and improving the county's financial system one of the important objectives is the formation of capital back into the rural areas and the protection mechanism.
In this paper, LY financial status of the county from the county, through theoretical analysis and empirical analysis of the case problems, with a view argues a point to face the financial development of the county the county economic development. First of all, the overall analysis of our county's financial situation and existing problems; Secondly, from the path and mechanism of two-depth analysis of the financial development and economic development; re-use of county financial structure of the county LY development, financial efficiency and economic development data, through the cointegration test and Granger causality test and VAR methods such as empirical research and objective analysis of the development of a county financial impact on economic development; again, from the perspective of the county analysis of the financial functions of the county finance LY County County Economic Development role. Finally, the three angles from the corresponding policy recommendations and advice.
First, improve the efficiency of the system of county financial arrangements and policy options. To increase the financial efficiency of our county is to the county general idea as the financial sector to the development of modern industry, the county's financial industry to the development of modern industry, first of all to establish a fair and reasonable, standardized operating mechanism of the financial market, the market in the financial resources configured to play a fundamental role. After multi-county competition in financial system has establishment. Only by breaking up monopolies and encouraging competition to promote the financial efficiency of the county. Encourage other commercial banks in the financial sector to the county penetration. Break the market entry restrictions to allow foreign financial institutions into the financial area of the county. County re-development and the county economic development linked to the financial markets, to accelerate the pace of financial innovation, streamline the relationship between property rights and strengthen the county within the operation and management of financial institutions to strengthen the county's financial supervision to guard against and defuse financial risks over. County's financial system to ensure the stable operation.
The second is to optimize the financial structure on the development of strategies and the achievement of ways. Optimization of the county that the unreasonable financial structure should be the development of unconventional ideas and sense of innovation, should be optimized by adjusting the financial structure of the county to optimize the economic structure, and promote the comprehensive development of the county economy. The first is to improve the system of financial institutions, and promote diversification of financial institutions. Including the reform of rural credit cooperatives, was reconstituted as the local commercial banks, will county region of space adjacent to each other, economic and financial development level is closer to a number of rural credit cooperatives and state-owned commercial banks into joint-stock branch merged into the local commercial banks. Will be at the county level association of rural credit cooperatives into joint-stock commercial banks at the county level; the restructuring of county state-owned commercial bank branches. The second is to achieve the diversification of financial instruments. The development of county development fund, industry investment funds, such as the IMF, the establishment of a "county regional development fund", in particular the development of the central and western county investment fund industry; speed up the development of services in the county's investment bank; county region to increase the stock and bond issuance policy tilt, and in the stock issuance and listing of regional or industrial policy priority areas to the county to finance and so on.
Third, improve financial institutions the function of the county. The first is the scientific positioning of various county functions of financial institutions. Play county finance and rural credit cooperatives are the dominant feature, the Agricultural Development Bank to play a policy-oriented functions; postal savings institutions play a complementary function; play complementary private finance function; agricultural insurance institutions to play a protective function. The second function is to establish county-based model of financial development. On the basis of the listing function to strengthen the county's financial path:to establish a diversified financial system, fostering a competitive financial market the county to break the financial monopoly, the incentive and the financial institutions to promote greater access to county financial markets, as soon as possible "from the county's financial markets management practices ", from the county system to ensure that the financial market exit mechanism, and steadily opening up financial markets in the county. To break the monopoly of the pattern of financial markets, the establishment of an effective competition in the financial markets. At the same time to strengthen financial market supervision, financial stability and give full play to the role of coordination mechanisms, to coordinate the People's Bank and the relationship between the three regulatory bodies, the establishment of competitive regulatory mechanism to ensure financial stability in the county. Proposed facilities in the post-reform:do a good job in the county of financial credit and build a more perfect security system, building a financial function of effective protection mechanisms. Strengthen the legal protection of investors, the strengthening of financial legislation, to meet the new situation.
The main theoretical innovation of this paper is:to finance the development of speech understanding for the financial function and financial structure optimization (qualitative and quantitative development of unity). Thought and Western scholars that the concept of financial functions as compared to the financial function into the dynamic study, this is really not completely negate the concept of Merton's basic assumption that the financial function. Period of time in history, the financial function is relatively stable, but in the economy as a whole, the history of financial development, financial functions is dynamic. This will undoubtedly broaden the concept of the financial functions of the research vision, the theory of financial development for the feasibility of developing a new line of thought.
Its theoretical and practical significance is:In this paper, the structure and the efficiency of the use of financial theory, closely around the county and its financial structure, the efficiency of the evolution of the situation to reveal the changes in financial development in the county, the county in order to improve the financial structure and improve the financial efficiency of the county to achieve sustained financial The practice of the path of development. Analysis of the current financial context of the deepening of reform and development of the county financial issues (financial efficiency, financial functions and financial structure), and proceeding from reality and given a theoretical interpretation and value judgments (policy-oriented), it should be said that there is a very meaningful and very important work. Whole, the theory of financial structure and financial efficiency of the theoretical analysis of the county as a tool of financial developments, is based on the result of the financial elements of the county in a serious condition caused by inhibition of county economic growth and structural adjustment of the lack of financial support for a realistic choice.
近年来,如何发展壮大县域经济的问题已经受到各级政府的重视,所谓县域经济竞争力实际上是县域单位通过科学有效配置资源以获得比较优势的能力。其中,金融要素在现代县域经济资源配置机制中起着核心作用。根据金融抑制论,金融服务如果不能有效地满足经济发展的客观需要,达到一定程度就会形成金融抑制,限制县域经济的发展。当代社会的资源可以说越来越金融化,人们调动一个社会潜在的资源、经济体系的资源越来越多通过金融体系来完成的(吴晓求,2007)。种种迹象表明,金融业在哪个方面发挥的作用更强,发挥得更好,哪个地方的经济增长就会更强劲、更稳定,推动金融部门的发展有利于推动经济稳定增长,已经成为一个不争的事实。经济发展中,资本的促进作用日益彰显。谁在这方面做得好,谁就可以得到更多的经济发展所需要的资源。
当前县域内金融机构难以满足县域经济发展的需求,正成为社会主义新农村建设的一大难题。近些年来县域经济正遭遇到越来越严峻的形势。近年来,我国较大范围地并日趋严重地出现了银行贷款向城市集中,以致大量资金由农村向城市流动的趋势,这种资源配置显然不利于县域经济的发展,而县域经济发展受阻,势必会拖累整个国民经济实现现代化的进程和全面建设小康社会目标的实现。
中国人民银行货币政策分析小组发表的《2008年二季度货币政策执行报告》指出,当前县域金融服务仍存在薄弱环节。股份制商业银行在县级基本机构数量急剧减少。股票上市也很难轮到中小企业。农村信用社已成为县域经济中的主要金融服务机构。虽然近几年贷款增加较多,但仍无法弥补资金缺口。
另一方面,大量情况表明,县域经济发展对融资方面的需求是非常强烈,而信贷供给则明显短缺。这就需要我们加快县域金融改革和发展的步伐,强化县域金融相关的基础设施建设,完善农村金融服务,为县域经济的快速发展奠定坚实基础。因此,依笔者之见,我国县域不但需要大力发展金融业本身,而且需要建立健全起一个与县域经济发展相适应的县域金融体系。这样的金融体系的结构必须高效,需要由不同质类、不同层次、多样化金融机构组成；理想而完善的县域商业金融组织体系应该由国有商业银行、地方商业银行、社区融资机构以及民间金融组织共同组合而成。从金融功能的角度来看,正是这种地方的、社区的、村落的小银行或金融组织以及民间借贷,才是与县域经济和当地群众生产、生活血肉相连、息息相关的。
本文从LY县的县域金融现状出发,通过理论分析和案例实证分析存在的问题,以期以点带面论证县域金融发展对县域经济发展的影响。文章首先整体分析了我国县域金融的现状及存在的问题；其次,从路径和机理两个方面深入分析了金融发展与经济发展的关系；再利用LY县县域金融结构发展、金融效率提高和经济发展的数据,通过协整检验和Granger因果关系检验及VAR等实证研究方法,客观的分析出了县域金融发展对县域经济发展的影响；再次,从县域金融功能的视角分析了LY县县域金融对县域经济发展的作用。最后本文从三个角度分别给出相应的政策建议和意见。
一是提高我国县域金融效率的制度安排与政策选择。提出提高我国县域金融效率的总体思路是要把县域金融业作为现代产业来发展,把县域金融业作为现代产业来发展,首先建立一个公平合理的、规范化的市场金融运作机制,市场在金融资源的配置上发挥基础性作用。其次是建立多元竞争的县域金融体系。只有打破垄断,鼓励竞争,才能促进县域金融效率的提高。鼓励其他商业银行向县域金融领域渗透。在合适的时机,打破市场进入限制,容许外资金融机构进入县域金融领域。再次发展与县域经济发展相连的县域金融市场,加快金融创新步伐,理顺产权关系,加强县域金融机构内部经营管理,加强县域金融的监管,防范和化解过度的金融风险,保证县域金融体系稳健运行。
二是阐述了优化金融结构的发展战略及实现途径。指出优化不合理的县域金融结构要有超常规的发展思路和创新意识,应通过调整优化县域金融结构来优化经济结构,推动县域经济全面发展。首先是要完善金融机构体系,促进金融机构多元化。具体包括改革农村信用社,重组为地方性商业银行,将县域内空间上彼此邻近、经济金融发展水平比较接近的若干农村信用社和国有商业银行分支机构合并组建为股份制地方性商业银行。将农村信用社县级联社改造成县级股份制商业银行；改组县域国有商业银行分支机构。其次是实现金融工具多样化。发展县域发展基金、产业投资基金等基金组织,建立“县域地区发展基金”,尤其是发展中西部县域产业投资基金；加快发展服务于县域的投资银行；加大县域地区股票及债券发行政策的倾斜力度,在股票发行与上市政策实行区域或产业优先,给县域地区以融资权等。
三是完善县域金融机构的功能。首先是科学定位各类县域金融机构的功能。发挥县域金融中农村信用社的主导性功能,发挥农业发展银行的政策性功能；发挥邮政储蓄机构的辅助性功能；发挥民间金融的补充性功能；发挥农业保险机构的保障性功能。其次是树立功能为本的县域金融发展模式。在此基础上市提出强化县域金融功能的路径：建立多元化的金融体系,培育竞争性县域金融市场,打破金融垄断,激励和促进更多的金融机构进入县域金融市场,尽快出台《县域金融市场退出管理办法》,从制度上保证县域金融市场退出机制的完善,稳步开放县域金融市场。打破金融市场垄断格局,建立一个有效竞争的金融市场。同时要加强对金融市场监管,充分发挥金融稳定协调机制的作用,协调好人民银行和三大监管机构的关系,建立竞争性的监管机制,确保县域金融稳定。最后提出配套设施改革：搞好县域金融信用建设,建立比较完善的担保体系,构建金融功能有效发挥的保障机制。加强法律对投资者保护,加强金融立法,满足新形势的发展,通过立法加强对投资者权利保障,提高执法效率等。
本文的主要理论创新之处在于：把金融发展理解为金融功能演进与金融结构的优化(质性与量性发展相统一)。这一思想与西方学者的金融功能观相比,将金融功能纳入动态考察之中,这并不是完全否定Merton的金融功能观基本假定。在一段历史时期内,金融功能无疑是相对稳定的,然而在整个经济、金融发展史中,金融功能无疑是动态发展的。这无疑拓宽了金融功能观的研究视野,为金融发展理论的研究开辟了一条新的思路。
其理论和实际意义在于：本文运用金融结构和效率理论,紧紧围绕县域金融结构演进过程及其效率状况来揭示县域金融发展变迁,提出以完善县域金融结构和提高金融效率为指向实现县域金融持续发展的实践路径。分析当前在金融改革不断深化背景下的县域金融发展问题(金融效率、金融功能和金融结构),并从实际出发给出理论上的解释及价值判断(政策取向),应该说是一项十分有意义而又非常紧要的工作。总体上来说,以金融结构理论和金融效率理论为工具研究分析县域金融发展问题,是基于因县域金融要素处于严重抑制状态而造成县域经济增长及结构调整金融支持缺位的现实选择。
The county economy in China is a distinctive economic unit, has a long history.In the current framework of the national economic system, the county remains the basis of economic status, play an important role to be reckoned with.In recent years, the development of county economy has been subject of the issue of concern, including the financial sector, the county some new situations and new problems to discuss and debate became a hot topic. The party's National Congress, the Third Plenary Session of the Fifth Plenary Session have been the sixth of "the county economy grow," "to develop the county economy," the important thinking of the county economy has been unprecedented attention and development. The report pointed out that the National Congress Party, "co-ordinate economic and social development, building a moderately prosperous society is a major task."
In recent years, how to enhance the competitiveness of the county economy is subject to universal attention, the so-called essence of the economic competitiveness of the county is the county unit of the allocation of resources through scientific and effective for the ability of comparative advantage. Among them, the financial element of the county economy in the modern mechanism for the allocation of resources plays a central role. According to some Western economists of the so-called theory of financial repression, financial services if they can not effectively meet the objective needs of economic development, to a certain extent will lead to financial repression, restrictions on economic development. Contemporary society can be said that increasing financial resources of (the former is the material resources of the), it is potential to mobilize the resources of a society, economic system resources through the financial system to complete the (Wu Xiaoqiu,2007). There is every indication that the financial services sector in which a stronger role to play even better, where economic growth will be stronger and more stable. To promote the development of the financial sector is tantamount to promoting stability, promote economic growth. Economic development, the stability of capital played a great role. Who in this area do a good job, will get more money. Larger scale in China in recent years and becoming more and more serious, there were bank loans to cities, resulting in a lot of money flows from rural to urban trends, this allocation of resources is clearly not conducive to the economic development of the county, and county economic development is impaired, which is bound to dragged down the entire national economy and to modernize the process of building a moderately prosperous society goals.
Financial institutions, the current county region it is difficult to meet the needs of the county's economic development, is becoming a new socialist countryside construction of a major problem. In recent years the county's economy is experiencing more and more severe situation. People's Bank of China monetary policy analysis group "published in 2008 second quarter report on the implementation of monetary policy," pointed out that the county financial services there are still a weak link. Nearly 4-year, state-owned commercial banks to streamline the 1782 county-level branches. Agricultural Development Bank of the business adjust 1998, but also a corresponding reduction in county-level economy in loans. Joint-stock commercial banks are not in the basic institutions at the county level. Stock market is also very difficult to turn to small and medium-sized.In the county economy rural credit cooperatives has become a major financial services institution. Although the loans has increases in the past few years, but can not make up for the shortfall in funds.
A large number of cases shows that the county's economic development needs of the financing is a very strong, and is obviously a shortage of credit supply. This requires us to accelerate the county's financial reform and the pace of development, and strengthen laws related to county finance infrastructure construction, improve the rural financial services for the county's rapid economic development lays a solid foundation. According to this writer's views, not only our county needs to develop its financial industry, but also from a need to establish a sound corresponding county financial system. This structure of the financial system must be optimized, the need for quality by different categories, different levels, the diversification of financial institutions, such as policy-oriented financial services, cooperation in finance and commercial finance; which commercial development finance is a key issue, an ideal improve the business and financial organizations of the county system should be state-owned commercial banks, local commercial banks, community financial institutions, as well as civil organizations, a combination of finance. The efficiency of such a financial system must be higher, in this ideal combination of state-owned commercial banks to merge through agencies in each county to retain enough of a branch can not be too much, too much the formation of excessive competition, will reduce efficiency. Local commercial banks, communities and villages in mutual financial organizations financing the county's financial system should be the subject of the financial strength of civil society should become a useful complement to the need to pay close attention to create the conditions for opening up the development. Function from the financial point of view, it is this place, communities, villages and small banks or financial organizations, as well as non-governmental lending, is with the county economy and local people's production and living flesh-and-blood, are closely linked. Their development will effectively curb the problem of long-term economic development of rural county capital outflows, and building and improving the county's financial system one of the important objectives is the formation of capital back into the rural areas and the protection mechanism.
In this paper, LY financial status of the county from the county, through theoretical analysis and empirical analysis of the case problems, with a view argues a point to face the financial development of the county the county economic development. First of all, the overall analysis of our county's financial situation and existing problems; Secondly, from the path and mechanism of two-depth analysis of the financial development and economic development; re-use of county financial structure of the county LY development, financial efficiency and economic development data, through the cointegration test and Granger causality test and VAR methods such as empirical research and objective analysis of the development of a county financial impact on economic development; again, from the perspective of the county analysis of the financial functions of the county finance LY County County Economic Development role. Finally, the three angles from the corresponding policy recommendations and advice.
First, improve the efficiency of the system of county financial arrangements and policy options. To increase the financial efficiency of our county is to the county general idea as the financial sector to the development of modern industry, the county's financial industry to the development of modern industry, first of all to establish a fair and reasonable, standardized operating mechanism of the financial market, the market in the financial resources configured to play a fundamental role. After multi-county competition in financial system has establishment. Only by breaking up monopolies and encouraging competition to promote the financial efficiency of the county. Encourage other commercial banks in the financial sector to the county penetration. Break the market entry restrictions to allow foreign financial institutions into the financial area of the county. County re-development and the county economic development linked to the financial markets, to accelerate the pace of financial innovation, streamline the relationship between property rights and strengthen the county within the operation and management of financial institutions to strengthen the county's financial supervision to guard against and defuse financial risks over. County's financial system to ensure the stable operation.
The second is to optimize the financial structure on the development of strategies and the achievement of ways. Optimization of the county that the unreasonable financial structure should be the development of unconventional ideas and sense of innovation, should be optimized by adjusting the financial structure of the county to optimize the economic structure, and promote the comprehensive development of the county economy. The first is to improve the system of financial institutions, and promote diversification of financial institutions. Including the reform of rural credit cooperatives, was reconstituted as the local commercial banks, will county region of space adjacent to each other, economic and financial development level is closer to a number of rural credit cooperatives and state-owned commercial banks into joint-stock branch merged into the local commercial banks. Will be at the county level association of rural credit cooperatives into joint-stock commercial banks at the county level; the restructuring of county state-owned commercial bank branches. The second is to achieve the diversification of financial instruments. The development of county development fund, industry investment funds, such as the IMF, the establishment of a "county regional development fund", in particular the development of the central and western county investment fund industry; speed up the development of services in the county's investment bank; county region to increase the stock and bond issuance policy tilt, and in the stock issuance and listing of regional or industrial policy priority areas to the county to finance and so on.
Third, improve financial institutions the function of the county. The first is the scientific positioning of various county functions of financial institutions. Play county finance and rural credit cooperatives are the dominant feature, the Agricultural Development Bank to play a policy-oriented functions; postal savings institutions play a complementary function; play complementary private finance function; agricultural insurance institutions to play a protective function. The second function is to establish county-based model of financial development. On the basis of the listing function to strengthen the county's financial path:to establish a diversified financial system, fostering a competitive financial market the county to break the financial monopoly, the incentive and the financial institutions to promote greater access to county financial markets, as soon as possible "from the county's financial markets management practices ", from the county system to ensure that the financial market exit mechanism, and steadily opening up financial markets in the county. To break the monopoly of the pattern of financial markets, the establishment of an effective competition in the financial markets. At the same time to strengthen financial market supervision, financial stability and give full play to the role of coordination mechanisms, to coordinate the People's Bank and the relationship between the three regulatory bodies, the establishment of competitive regulatory mechanism to ensure financial stability in the county. Proposed facilities in the post-reform:do a good job in the county of financial credit and build a more perfect security system, building a financial function of effective protection mechanisms. Strengthen the legal protection of investors, the strengthening of financial legislation, to meet the new situation.
The main theoretical innovation of this paper is:to finance the development of speech understanding for the financial function and financial structure optimization (qualitative and quantitative development of unity). Thought and Western scholars that the concept of financial functions as compared to the financial function into the dynamic study, this is really not completely negate the concept of Merton's basic assumption that the financial function. Period of time in history, the financial function is relatively stable, but in the economy as a whole, the history of financial development, financial functions is dynamic. This will undoubtedly broaden the concept of the financial functions of the research vision, the theory of financial development for the feasibility of developing a new line of thought.
Its theoretical and practical significance is:In this paper, the structure and the efficiency of the use of financial theory, closely around the county and its financial structure, the efficiency of the evolution of the situation to reveal the changes in financial development in the county, the county in order to improve the financial structure and improve the financial efficiency of the county to achieve sustained financial The practice of the path of development. Analysis of the current financial context of the deepening of reform and development of the county financial issues (financial efficiency, financial functions and financial structure), and proceeding from reality and given a theoretical interpretation and value judgments (policy-oriented), it should be said that there is a very meaningful and very important work. Whole, the theory of financial structure and financial efficiency of the theoretical analysis of the county as a tool of financial developments, is based on the result of the financial elements of the county in a serious condition caused by inhibition of county economic growth and structural adjustment of the lack of financial support for a realistic choice.
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