金融成长与产业发展内在机理

产业成长是金融成长的基础,金融成长是产业成长的重要推动力,二者保持合理的匹配关系是一国经济持续、快速发展的重要条件。本文构建的金融成长与产业成长匹配关系模型表明:在产权制度、资源禀赋、制度变迁等条件约束下,在经济发展的不同阶段,金融成长对产业成长的贡献度不同;产业成长的任何变动都会导致资金市场匹配关系的变化,但二者具有长期均衡关系。实证检验表明中国的金融成长滞后于产业成长,中国应实行金融优先发展战略,以金融成长保证和加快产业成长。

Endogenous Mechanism Between Financial Maturity and Industrial Maturity

Industrial maturity is the basis of financial maturity and financial maturity is very important driving force to industrial maturity.That they keeping reasonable matching relationship is an important condition for a country to remain sustainable and rapid development.The matching model shows that,under the constraints of property rights,resource endowments and institution evolution etc,financial maturity has different contributions to industrial maturity in different stages of economic development;any changes in industrial maturity will result in the changes of matching relationship in capital market,however,they remain long-term equilibrium.Empirical tests indicate that China′s financial maturity lags to industrial maturity,so China should take financial priority strategy to guarantee and speed up industrial maturity.