存量视角下的中国金融中介比率测度:1992-2006年

对1992-2006年中国金融中介存量比率的实证分析发现,尽管非金融部门外部融资中银行信贷的高度垄断地位被逐渐削弱,但仍表现出高度依赖银行体系的贷款状况;而政府外部融资的来源则发生了结构性改变,市场中介融资已经成为政府融资最主要的来源,并由此导致金融中介在政府外部融资中的地位不降反升。此外,尽管非银行金融中介机构有了长足发展,但从相对资金融通的视角着眼,它还远远无法和银行抗衡。制约变迁约束下各部门经济行为的变化对融资机制有着重要影响。

A STUDY ON THE MEASUREMENT OF CHINA'S FINANCIAL INTERMEDIATION RATIO IN STOCK PERSPECTIVE: 1992-2006

By the construction of China's financial intermediation ratio in stock perspective,we make a thorough empirical study on the change of the ratios during 1992-2006.We find that the monopoly position of bank credit in the financing channel of non-financial sector was weakened,but bank credit is still the most important financing channel for non-financial sector. There is a structure change in the financing channel of government sector and its FIMR was increasing.Though the scale of non-banking financial institutions underwent rapid development during 1992-2006,their role in social financing could not be comparable to banking system.It was the change of various economic sector's behavior that induced the changes of FIMR in China.