中国金融抑制与经济效率的实证研究——基于所有制结构的视角

中国市场化取向的所有制改革使得非国有经济对经济的贡献日益增加,但与此不相称的是在此过程中金融资源配置仍以国有部门为主,非国有经济难以通过银行中介和金融市场获得充足的支持.文章首先对中国金融抑制及其对所有制效率的影响状况进行了经验分析,在此基础上分别通过经典回归和VAR模型下的动态分析(包括格兰杰因果检验和脉冲响应函数)框架对这一问题进行了实证检验,表明中国的金融抑制对所有制经济效率产生明显的影响,最后从协调资产结构、利率市场化和发展银行中介与金融市场三个方面提出改善建议.

An Empirical Analysis on China's Financial Depression and Economic Efficiency——in view of the ownership structure

Chinese ownership reform has made nonstate-owned economy contributed more and more in economy,which is not in proportionate to financial resource allocation,since state-owned econmy monopolies most financial resource nowadays while nonstate-owned economy is hard to get sufficient support from banks and financial market.The paper firstly makes empirical analyses on financial depression and its' influence to ownership structure,secondly builds classical regression and dynamic analyzed frame in the VAR model(i...