中国金融业资产的规模与效率

通过在金融资产结构与经济增长模型中引入能够综合反映制度变迁的制度变量,证明国家制度变迁对一国金融资产结构与经济增长会起到促进或制约的作用.当制度供给与金融资产结构和经济增长对制度的需求达到均衡时,国家制度安排会优化金融资产结构、促进经济增长,否则便会出现规模与效率的"反比"现象,从而回答了我国金融资产规模与效率之间为什么出现悖论的问题.我国应积极发展非银行金融机构,实现金融体系多元化,对内开放,满足我国经济对多层次、多样化金融的需求,完善金融市场准入制度,优化市场参与主体结构,促进股票市场和银行协调发展.

The Size and Efficiency of China's Financial Assets

By incorporating variables that can comprehensively reflect system evolution into the financial asset structure and economic growth model of a country, we can see that such evolution is either promotional or obstructive to her financial asset structure and economic growth. When a balance is achieved between system supply and system demand by financial asset structure and economic growth, her financial asset structure is optimized and economic growth is boosted through state system arrangement, otherwise, disproportion between the size and efficiency occurs. This phenomenon accounts for the paradox between the size and efficiency of financial assets in China. Therefore, China should proactively develop non-banking financial institutions to diversify our financial system, open domestic market to satisfy demands for a multi-level and diversified finance, improve financial market access mechanism, optimize the structure of market players and promote coordinated development between stock market and banking sector.