中国金融自由化的水平效应:基于资本形成率的实证分析

促进储蓄与投资的第二次结合是金融的基本功能,金融自由化的投资效应包括效率效应、质量效应和水平效应等。水平效应是指通过储蓄效应、风险共享效应、内部化效应、缓解私人部门及中小企业的信贷预算约束效应等机制提高投资率。运用1992-2006年的数据对中国银行自由化投资效应中的水平效应问题进行实证分析,结果表明,银行自由化不但提高了社会的信贷可获得性,更是促进了全社会固定资产投资率的提高。

The Level Effect of China's Financial Liberalization": A Positive Analysis Based on Capital Formation

It is the primary function for the financial system to promote the secondary bonding of savings and investment.The investment effect from financial liberalization includes efficiency effect,quality effect and level effect.The level effect refers to the improving of investment rate through saving effect,risk-sharing effect and internalization effect and by relieving the private sectors and small and medium-sized enterprises of the loan restriction effect.Relying on 1992-2006 data,this article conducts empirical analysis of the level effect in liberalized investment effect by China's banks.The result shows that the liber-alization of banks will not only enhance the availability of social loans but also improve the investment rate of fixed assets.