功能金融理论与我国金融体系的稳定性和效率性

功能金融理论认为,金融体系具有便利清算和支付、聚集和分配资源以及分散风险的功能.一个稳定和富有效率的金融体系通过有效发挥这三大核心功能,能够极大地促进一国国民经济的增长.根据该理论,本文通过研究我国金融体系上述三大功能的发挥程度来判断其稳定性和效率性.大量实证资料表明,我国金融体系虽然能够最大限度地动员社会储蓄,便利各种交易的清算和支付,但是其储蓄-投资转化率低下,资源配置功能弱化,风险分散和转移能力不高.因此,应在提高投资转化率、创新金融工具和技术、建立高效融资平台、改善公司治理机制和信息披露机制等方面完善我国的金融体系.

Functional Financial Theory and Stability and Efficiency of China's Financial System

Functional financial theory holds that financial system is one that can facilitate settlement and payment,centralize and allocate resources and divert risks.A stable and efficient financial system can,through effective fulfillment of these three core functions,significantly promote the national economic growth of a country.According to this theory,the stability and efficiency of our financial system are examined by seeing how the above three functions are fulfilled.Facts show that,although our financial system can mobilize social savings to the greatest extent,facilitating settlement and payment of various transactions,yet the savings-to-investment ratio is very low,resources allocation function very weak and risk diverting and transferring capability shabby.So,to make our financial system perfect,attention should be paid to enlarge the transformation ratio of savings-to-investment;innovate financial instruments and technologies;establish a highly efficient platform of financing and improve the mechanism of corporate governance and information disclosure.