储蓄资本化、金融企业和工商企业资本金增加与宏观经济增长——从资产负债表角度的一个解析

我国融资格局正由严重依赖间接融资的均衡向直接融资比重不断提高的新均衡转化,其间发生着居民储蓄存款的资本化,即居民储蓄转化为金融企业和工商企业资本金,经济增长表现为资本更加充实的增长。文章发现,储蓄资本化,一方面使得工商企业资产负债率仅仅短期内下降,但长期潜在的负债能力增加,同时权益融资的增加使得工商企业有压力扩充资产规模,另一方面,储蓄资本化,商业银行上市融资后资本充足率提高,进而有能力扩张信贷,权益融资的增加同样也使其有压力扩充资产,这样,供求两旺,信贷坚实增长。文章认为必需进一步充实经济体系中的资本金,同时也要研究清楚经济周期高点、通胀压力较大情况下大量工商企业和金融企业很快上市后其资本金增加所潜在的扩张效应及其宏观后果。

Capitalization of Savings Deposits,Capital Increase of Financial Institutions and Enterprises and Economic Growth

New changes are taking place in financing structure of China:from the equilibrium of highly relying on indirect financing to new equilibrium of the increasing direct financing proportion.One cause of this change is the capitalization of residential savings deposits,i.e.residential savings deposits are transformed to the cap- ital of financial institution and enterprises.The first,residential savings deposits capitalization makes the asset- liability ratio fall only in a short time,but the potential liabilit...