正规金融体系改革、内部资金乘数效应与中国企业总资产增长——以1994—2011年中国上市公司数据为例

本文使用1994—2011年中国非金融类上市公司数据,分析了中国正规金融体系改革对降低企业内部资金的乘数效应进而对企业总资产增长产生的影响。本文发现不同的改革阶段对企业增长的影响不同:在金融市场化改革初期1994—2000年,金融部门的规模、效率和相对结构变化均对企业资产增长产生正向作用;2001年之后银行的规模扩张和效率提升显著地促进了企业成长,而股市对企业资产增长的作用不明显,金融体系的结构变动对企业增长的影响不大。本文的研究表明中国金融体系的顶层设计直接影响着金融与实体经济之间的关系;在中国金融发展-经济增长模式中,金融体系的规模特别是银行部门的规模扩张起了主要作用;调整金融结构、提高直接融资比重有利于进一步发挥金融体系促进企业资产增长的功能。

Formal Financial Institutions Development, Multiplier Effect of Internal Fund and Assets Growth of Chinese Firms

This paper analyzes the impact of the reform of China's formal financial institutions on the financing constraints that listed enterprises face and thus on their growth, using data of listed companies at industrial sectors from the year 1994 to 2011. It finds that different periods show different influences. During the initial period of 1994-2000, the financial scale enlarged, efficiency improvement and the relative structure of the whole financial sector had significant contributions to firms' growth. However, things changed in 2001, due to the government's strategy on big banks, and the structure of financial sector became more unbalanced. Only the scale of financial system, especially that of banks contributed to the growth of firms. This study shows that in the China's model of financial development, the scale of financial wealth plays the most important role. To release the function of financial sector further, reform in the future should focus on the financial structure adjustments.