中国的金融发展与经济增长:基于微观数据的实证研究

通过对1993—2001年中国金融发展与经济增长关系的实证研究可以发现,即使对于上市公司,银行贷款仍然构成其最重要的外部融资渠道,并且支撑着企业活跃的投资活动。然而,企业获得贷款的结构不合理,对贷款的利用效率日益下降,除了贷款以外,金融体系所提供的其他金融工具的种类和数量都明显不足。这说明银行业从提供融资支持上推动了整体经济的发展,但在优化资本流向、提高资源配置效率方面的功能尚不完善。

CHINESE FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH:POSITIVE ANALYSIS BASED ON MICROECONOMIC DATA

By analyzing the relationship of Chinese financial development and economic growth, this paper finds that, even for listed companies, bank loans are the most important external financial channels and support the investment of firms. It also points out that the structures and the efficiencies of loans are not desirable, and other financial tools are not enough. All of these show that bank industry, while im- proves the development of our national economy, is still imperfect in optimizing capital flows or allocating resources.