我国体外循环资金的基本状况及其管理对策

2004年以来，我国经济在加强宏观调控的情况下，出现了实体经济增长和银行信贷增长严重背离的现象。体外循环资金的存在是造成这种状况的一个重要原因。本文讨论了当前我国体外循环资金的现状及特点，指出目前我国体外循环资金规模已相当巨大，其对我国经济的影响不容忽视，既具有积极意义，又具有消极影响。文章分析了体外循环资金活跃发展的原因，主要是由于我国现有正规金融体系的发展不能适应实体经济转轨和创新发展的需要；同时，对这部分资金法律和监管的长期缺失也是重要原因；提出完善政策供给、优化金融产业布局、加强监测和监管、遏制过度投机和加快利率市场化步伐等治理措施和建议。

Basic Facts of Extracorporeal Circulating Capital in China and Management Countermeasures

Since 2004, the growth of substantial economy outpaces remarkably that of banking credit when our economy is under stricter macro-control. Extracorporeal circulating capital is to blame. In this paper, discussion is focused on the status and characteristics of such capital. It is pointed out that due to its magnitude, extracorporeal circulating capital can affect our economy both actively and negatively. Therefore, its influence must not be overlooked. Analysis shows that its dynamic development results from the fact that the existing regular financial system cannot cater to the demands for transition and innovation by substantial ecnomomy. At the same time, the long-term lack of applicable law and supervision is also blamable. To change this situation, it is suggested that we should improve policy-based supply, optimize financial industrial distribution, strengthen monitoring and supervision, contain excessive speculation and accelerate marketization of interest rate.