中国金融市场化进程对投资的影响研究

本文从考查金融市场化这一中国经济转型期制度变迁的主要方面出发,在引入金融市场化指数的Ndikumana模型基础上,应用Panel Data模型分析方法对金融市场化进程及其相关四个方面(金融中介市场化、政府行为市场化改革、金融市场自由化、金融对外开放)与投资间的影响以及东中西部间差异进行了研究。结论认为:首先,中国金融市场化对投资存在显著影响;其次,在全国层面上,金融市场化对投资的影响大于其他四个方面,而且金融结构的不同对投资的影响存在差异性;其三,在地区层面上,东中西部的金融市场化进程对地区投资的影响显著,地区间总体的差异呈现西部和中部大于东部的趋势。

The Effect of Financial Liberalization on Investment in China

This paper introduces Ndikumana's model,which deals with the regional financial liberalization index in China.It also employs panel data model to further analyze not only the nexus between investment and other relevant facets,such as financial intermediary liberalization,government reform,financial market liberaliza- tion,and financial openness,but also the regional difference in financial liberalization process.The result leads to three conclusions:First,financial liberalization has significant effects on investment; Second,at national level,the effect of financial liberalization is greater than that of any other facet,and it is influenced by financial structure; Third,at regional level,the effect in western and middle areas is more visual than that in eastern area.