中国区域金融结构差异性分析
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摘要
在历史上金融发展注重总量和外延的扩张性发展,在结构和质量的发展方式转变上,已较为严重的影响到中国金融效率的整体提高。在金融领域提倡可持续的发展观,一定要从提高金融效率基本的本质需求出发,重视金融结构的整体协调可持续发展态势的延续。在总结历史上对金融结构与经济增长等方面的一系列研究中,在考察金融结构的时候大多是从国家出发,而很少有将研究的方向锁定在单独的国家个体和国家的各个区域内部。在中国的经济发展的地区间不平衡的严重性,在经济和金融的区域化的特征极其的明显,在中国的大区域划分下的经济发展不平衡与金融结构的发展模式的不平衡同时存在,在目前的经济政策和措施的实施和制定上更是忽视了对于区域金融结构和经济结构差异的分析与研究,以及没有将金融结构的差异性因素考虑在范围之内,在整体上不仅仅会直接影响到各个区域的经济发展的速度和规模,在更深远的意义上会进一步恶化区域经济发展差异的明显并使其进一步扩大,必将更会作用于金融的宏观调控和金融政策等相关改革的成果。
本论文选择了中国金融结构和区域金融结构的差异性作为研究分析的分析视角与主题,致力于从实证的角度对中国目前的金融结构进行分析,并总结出基本的区域的差异性基本特征,从多元的视角分析衡量出中国经济和金融改革的三十年以经济与金融在结构变化和发展的差异,试回答中国金融结构的演进是否符合金融与经济发展相互促进关系的一般规律。
在经济的发展进入二十世纪以来,金融业务驱动方式的变化主要表现在业务的创新中,金融监管体制的放松、金融资产的产权关系的复杂、资本市场波动、金融市场的道德风险的缺失、金融一体与自由化的因果关系等等方面。这些金融市场的新变化都促成了金融体系的全部创新,而金融体制和金融监管的滞后,没有跟上各种金融工具和金融业务创新步伐,有次而引发了一系列的金融危机和经济的动荡。金融危机与金融发展在很大程度上客观的反映了目前金融理论对实务界发展的不适应,全面地反映了金融可持续发展中存在的问题和症结,以及对经济金融发展中理论的缺失与需要。
本文以金融学、金融资源理论、金融发展理论、经济学等理论为基础,探究区域金融结构的发展与演进,进一步将金融市场结构和运行规则、金融结构下市场的需求和供给,以及国家的调控原则等一系列问题进行全面系统的描述和分析。在文中并以区域经济、区域金融的时间序列数据为基础,构建出区域金融结构以及金融可持续发展的描述方法及框架结构,归纳出区域经济及区域金融结构的发展的路径及机理,为建立健全的区域金融结构和完成区域金融的可持续发展这一目标而进行了一种全新视角的阐述。
本论文以区域金融结构理论和金融可持续发展理论为基础,通过对区域金融结构的地区分布差异与地区经济增长关系的实证检验分析,全面分析及研究了中国三大区域划分下的金融结构发展与经济增长的相互作用机理,考查了区域划分下的金融体系中的金融资源的区域分布差异,及其对地区经济结构和经济总量增长的影响效应,揭示了区域金融结构的差异既是一个地区经济发展差异的原因,同样是该地区经济发展差异的现实结果和历史作用结果。并在分析现状的基础上,统计相相关数据得出,从中国“整体”的金融结构的差异性,以及东、中、西部差异的一系列的研究指标全面分析了区域金融结构的发展,金融机构的存贷款额度、区域资本市场的股票直接融资筹资、区域保费收入、区域资本市场和区域经济发展中的实际利用外资占比、金融机构组织等中国区域金融结构的差异性发展与演进的现状与特征事实,从而进一步论证中国区域金融结构的差异性形成的机理和社会、历史等影响因素。本文通过对区域金融结构的差异发展与演进的分析中,得出了中国区域金融结构的差异性日趋扩大的发展情况,不仅仅是历史区域地理位置的原因和文化发展的脉络,也是由于政府经济的结构性调整以及市场效率优先的倾向性和市场失灵的作用下共同结果,得出中国区域金融结构的差异变迁的在本质上,是由一个政府的宏观经济制度主导,到区域地方政府制度主导,再到金融与经济主体主导的演进式的一种制度变迁过程。文章最后从区域分析的适度差异角度与金融结构的和区域经济协调发展的这一可持续发展的目的出发,提出可持续发展下的中国区域金结构调控的范式转换、调整路径途径与经济体可持续发展的政策建议。
In the history, Focus on the financial development is the expansion and extension of the total development, and the problems of the structure and quality of development mode had more serious impact on the overall improvement of China's financial efficiency. Based on the financial sustainable development, we must improve the efficiency of the basic nature of financial needing, paying more attention to the overall coordination of the financial structure of the the sustainable development trend. In summing the studies of the financial structure, economic growth and other aspects, the research points of the financial structure are mostly from the country departure, there is few research directions based on the separate individual parts of the country within the different regions. Economic developments in China, the severity of regional imbalances economic and financial characteristics are obvious serious, the imbalances of the economic development and financial structure are exist. From current economic policies and measures, implementation and development is overlooked for the regional differences in economic structure, financial structure and the analysis and research. And there is no difference between the financial structure and the economic development.
The improvement of efficiency of financial institutions in China has been significantly affected by the recent strategies of financial development, which care more about the competition of market share and the scale than the improvement of structure and quality. The optimal development strategy for financial institutions requires more emphasis on the adjustment of financial structure so as to increase the efficiency. Nevertheless, most literature on the financial structure and economic growth focuses on the country level, instead of the region level in one country.In the current economic policies and measures on the implementation and development is overlooked for the regional differences in economic structure, financial structure and the analysis and research, and there is no difference between the financial structure of the factors considered within the scope of not only the overall Will directly affect the economic development of all regions of the speed and scale, in a more profound sense, will further worsen the apparent differences in regional economic development and to further expand, will also be acting on the financial macro-control and financial policies and some Out relevant reform.
This paper chose the Chinese financial structure and the regional financial structure as as a research perspective.From an empirical point of view to analysis the Chinese financial structure, and summarizes the basic differences in the regional basic features. From the various perspectives to measure the differences in Chinese development of economic and financial in last three decades. In order to see whether Chinese financial structure development consistent with the mutual improvement of the general law.
Modem financial institution is a systematical framework with which mobilizes and amasses scattered resources, channels resource flow from lower productive organizations to higher productive organizations for optimum resource allocation, reduces the transaction costs in process of payment, settlement and agency for merchandise and factor endowment trade, discloses market information and diminishes information asymmetrical distribution and information dominancy, disperses asset risks etc. As the progress of science and technology, integration and specialization of production and expansion of trade scope proceed, not only is finance a result of economy growth and development, but also a driving-power of economic growth and structure perfection. The role of finance is no means universal and unconditional, it depends on favorite situation at macro economic level, effective financial supervision, and healthy social environment and conscience's well.
Based on Theory of financial structure and regional financial theory, this paper empirically tested the relationship between economic growth in the region and area distribution of financial structure, confirmed the interaction mechanism between development of financial structure and economic growth, and examined the impact of differences in regional financial structure upon the regional economic non-balanced growth, revealed that differences in the regional financial structure is not only a reason for the difference in regional economic development, but also the reality of the consequences of differences in regional economic development. On this basis, through the study of statistical data from 1992 to 2007, from the whole country's difference, "eastern, middle and western" differences and "inter-provincial" difference of "three-dimensional perspective",the characteristics and evolution of China regional financial structure differences of deposit and loans resources, equity financing, insurance premium income, the actual utilization of foreign capital, financial institutions etc. are depicted. Furthermore the mechanism and influence factors of distribution of regional financial structure differences are demonstrated. These evidences of evolution proved that the trend of expanding differences of China regional financial structure differences results from the dual role of "government failure" and "market failure" and revealed the nature of distribution differences of China regional financial structure is an gradual evolution process of Institutional Change from central government-oriented to local government-oriented to market-oriented. In the final part, from the points of appropriate difference and coordinated development of regional financial structure, the relative policy suggestions of control means and coordinate development are provided for China regional financial structure differences.
本论文选择了中国金融结构和区域金融结构的差异性作为研究分析的分析视角与主题,致力于从实证的角度对中国目前的金融结构进行分析,并总结出基本的区域的差异性基本特征,从多元的视角分析衡量出中国经济和金融改革的三十年以经济与金融在结构变化和发展的差异,试回答中国金融结构的演进是否符合金融与经济发展相互促进关系的一般规律。
在经济的发展进入二十世纪以来,金融业务驱动方式的变化主要表现在业务的创新中,金融监管体制的放松、金融资产的产权关系的复杂、资本市场波动、金融市场的道德风险的缺失、金融一体与自由化的因果关系等等方面。这些金融市场的新变化都促成了金融体系的全部创新,而金融体制和金融监管的滞后,没有跟上各种金融工具和金融业务创新步伐,有次而引发了一系列的金融危机和经济的动荡。金融危机与金融发展在很大程度上客观的反映了目前金融理论对实务界发展的不适应,全面地反映了金融可持续发展中存在的问题和症结,以及对经济金融发展中理论的缺失与需要。
本文以金融学、金融资源理论、金融发展理论、经济学等理论为基础,探究区域金融结构的发展与演进,进一步将金融市场结构和运行规则、金融结构下市场的需求和供给,以及国家的调控原则等一系列问题进行全面系统的描述和分析。在文中并以区域经济、区域金融的时间序列数据为基础,构建出区域金融结构以及金融可持续发展的描述方法及框架结构,归纳出区域经济及区域金融结构的发展的路径及机理,为建立健全的区域金融结构和完成区域金融的可持续发展这一目标而进行了一种全新视角的阐述。
本论文以区域金融结构理论和金融可持续发展理论为基础,通过对区域金融结构的地区分布差异与地区经济增长关系的实证检验分析,全面分析及研究了中国三大区域划分下的金融结构发展与经济增长的相互作用机理,考查了区域划分下的金融体系中的金融资源的区域分布差异,及其对地区经济结构和经济总量增长的影响效应,揭示了区域金融结构的差异既是一个地区经济发展差异的原因,同样是该地区经济发展差异的现实结果和历史作用结果。并在分析现状的基础上,统计相相关数据得出,从中国“整体”的金融结构的差异性,以及东、中、西部差异的一系列的研究指标全面分析了区域金融结构的发展,金融机构的存贷款额度、区域资本市场的股票直接融资筹资、区域保费收入、区域资本市场和区域经济发展中的实际利用外资占比、金融机构组织等中国区域金融结构的差异性发展与演进的现状与特征事实,从而进一步论证中国区域金融结构的差异性形成的机理和社会、历史等影响因素。本文通过对区域金融结构的差异发展与演进的分析中,得出了中国区域金融结构的差异性日趋扩大的发展情况,不仅仅是历史区域地理位置的原因和文化发展的脉络,也是由于政府经济的结构性调整以及市场效率优先的倾向性和市场失灵的作用下共同结果,得出中国区域金融结构的差异变迁的在本质上,是由一个政府的宏观经济制度主导,到区域地方政府制度主导,再到金融与经济主体主导的演进式的一种制度变迁过程。文章最后从区域分析的适度差异角度与金融结构的和区域经济协调发展的这一可持续发展的目的出发,提出可持续发展下的中国区域金结构调控的范式转换、调整路径途径与经济体可持续发展的政策建议。
In the history, Focus on the financial development is the expansion and extension of the total development, and the problems of the structure and quality of development mode had more serious impact on the overall improvement of China's financial efficiency. Based on the financial sustainable development, we must improve the efficiency of the basic nature of financial needing, paying more attention to the overall coordination of the financial structure of the the sustainable development trend. In summing the studies of the financial structure, economic growth and other aspects, the research points of the financial structure are mostly from the country departure, there is few research directions based on the separate individual parts of the country within the different regions. Economic developments in China, the severity of regional imbalances economic and financial characteristics are obvious serious, the imbalances of the economic development and financial structure are exist. From current economic policies and measures, implementation and development is overlooked for the regional differences in economic structure, financial structure and the analysis and research. And there is no difference between the financial structure and the economic development.
The improvement of efficiency of financial institutions in China has been significantly affected by the recent strategies of financial development, which care more about the competition of market share and the scale than the improvement of structure and quality. The optimal development strategy for financial institutions requires more emphasis on the adjustment of financial structure so as to increase the efficiency. Nevertheless, most literature on the financial structure and economic growth focuses on the country level, instead of the region level in one country.In the current economic policies and measures on the implementation and development is overlooked for the regional differences in economic structure, financial structure and the analysis and research, and there is no difference between the financial structure of the factors considered within the scope of not only the overall Will directly affect the economic development of all regions of the speed and scale, in a more profound sense, will further worsen the apparent differences in regional economic development and to further expand, will also be acting on the financial macro-control and financial policies and some Out relevant reform.
This paper chose the Chinese financial structure and the regional financial structure as as a research perspective.From an empirical point of view to analysis the Chinese financial structure, and summarizes the basic differences in the regional basic features. From the various perspectives to measure the differences in Chinese development of economic and financial in last three decades. In order to see whether Chinese financial structure development consistent with the mutual improvement of the general law.
Modem financial institution is a systematical framework with which mobilizes and amasses scattered resources, channels resource flow from lower productive organizations to higher productive organizations for optimum resource allocation, reduces the transaction costs in process of payment, settlement and agency for merchandise and factor endowment trade, discloses market information and diminishes information asymmetrical distribution and information dominancy, disperses asset risks etc. As the progress of science and technology, integration and specialization of production and expansion of trade scope proceed, not only is finance a result of economy growth and development, but also a driving-power of economic growth and structure perfection. The role of finance is no means universal and unconditional, it depends on favorite situation at macro economic level, effective financial supervision, and healthy social environment and conscience's well.
Based on Theory of financial structure and regional financial theory, this paper empirically tested the relationship between economic growth in the region and area distribution of financial structure, confirmed the interaction mechanism between development of financial structure and economic growth, and examined the impact of differences in regional financial structure upon the regional economic non-balanced growth, revealed that differences in the regional financial structure is not only a reason for the difference in regional economic development, but also the reality of the consequences of differences in regional economic development. On this basis, through the study of statistical data from 1992 to 2007, from the whole country's difference, "eastern, middle and western" differences and "inter-provincial" difference of "three-dimensional perspective",the characteristics and evolution of China regional financial structure differences of deposit and loans resources, equity financing, insurance premium income, the actual utilization of foreign capital, financial institutions etc. are depicted. Furthermore the mechanism and influence factors of distribution of regional financial structure differences are demonstrated. These evidences of evolution proved that the trend of expanding differences of China regional financial structure differences results from the dual role of "government failure" and "market failure" and revealed the nature of distribution differences of China regional financial structure is an gradual evolution process of Institutional Change from central government-oriented to local government-oriented to market-oriented. In the final part, from the points of appropriate difference and coordinated development of regional financial structure, the relative policy suggestions of control means and coordinate development are provided for China regional financial structure differences.
引文
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①郑长德.论区域金融学[J]河南金融管理干部学院学报,2006(2)：35-41.
①刘秀光.区域经济失衡的“货币性因素”分析[J].中国流通经济,2007(10)：34-36
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