【作者】 刘梅生；

【导师】 钟阳胜；

【作者基本信息】 暨南大学 ， 产业经济学， 2011， 博士

【摘要】 产业结构是资金配置的结果,金融是现代经济的核心,资金配置又是金融的核心功能,根据系统论中结构与功能的关系,金融结构决定金融功能。因此,在现代经济发展中,金融结构与产业结构之间总是存在关联关系。本文在对现有相关研究成果进行梳理总结的基础上,建立了一个在不同制度环境下金融结构对产业结构变动影响的理论分析框架,运用此分析框架,本文分别从资金配置方式结构、信贷所有制结构以及信贷市场结构三个维度分析金融结构对产业结构变动的影响。在市场经济条件下资金配置方式结构对产业结构的影响,主要是不同的资金配置方式适应不同的产业技术,间接配置方式有利于传统产业的发展,而直接配置方式有利于新兴产业的发展,直接配置方式比重的上升会促进产业结构的升级；在银行主导型的国家,信贷资金的配置结构即信贷所有制结构与信贷市场结构,很大程度上决定着全社会的资金配置结构,信贷所有制结构与国民经济所有制结构相匹配以及信贷市场结构与企业规模结构相匹配有利于产业结构的升级,但在政府控制资金配置的制度环境下,金融结构对产业结构变动的影响将受到制约。本文通过对中国的资金配置方式结构、信贷所有制结构以及信贷市场结构与产业结构变动关系进行实证检验,结果发现,中国股票配置方式结构的变化与三次产业的变动之间不存在协整关系；中国国债配置方式结构仅与第三产业的变动之间存在协整关系,二者存在正相关关系,中国国债配置方式结构的变化是第三产业变动的Granger原因。中国企业债券配置方式结构的变化与三次产业的变动之间都不存在协整关系。中国信贷所有制结构的变化与第一、第三产业的变动之间不存在协整关系,而与第二产业变动之间存在协整关系,二者之间存在负相关关系,信贷所有制结构是第二产业变动的Granger原因；中国信贷市场结构与第二、三产业的变动之间不存在协整关系,而与第一产业变动之间存在协整关系,二者之间存在正相关关系,并且信贷市场结构的变化是第一产业变动的Granger原因。总的来看,金融结构的失衡以及政府控制资金配置的制度环境使得中国金融结构对产业结构升级的支持效应并不理想。本文最后提出了几点优化金融结构、促进产业结构升级的政策思考,包括加速利率市场化进程,推进股票市场的发展,发展企业债券市场,完善国债市场,推进国有商业银行的产权改革,大力发展中小银行、鼓励金融技术创新。更多还原

【Abstract】 The evolvement of industry structure is the result of capital allocation. finance is the core of modern economic, the core function of finance system is capital allocation. Based on the relationship between structure and function in the theory of system. The finance function lie on the finance structure, accordingly, there is a conjunction between the finance system structure and Industry structure in modern economic development. Based on the summing-up correlative fruit of former researchers, this paper establish a theory frame in different institutional environment, by the theory frame, this paper analyse the impact of the finance system structure on Industry structure from three dimensionalities include finance mode structure, credit ownership structure and credit market structure. In the condition of market economic the impact of financing mode structure to Industry structure, mainly resultingly the different financing mode adapt to the different industry technology. indirect financing in favor of the development of tradition industry, direct financing in favor of the development of new industry. Enhance the proportion of direct financing mode can boost Industry structure upgrade. In bank-based country, allocation of credit captail namely credit ownership structure and credit market structure deciding the structure of captail allcotion of the whole society in deep degree. credit ownership structure match the ownership structure of national economic and credit market structure match the sale structure of enterprise is propitious to industry structure upgrade, but in institutional environment of government control the captail allocation, the impact of finance structure on industry structure will be restricted.This paper empirically tests the relations between the change of capital allocation mode structure, credit ownership structure, credit market structure and industrial structure in china. The empirical study results show that there is no long-term cointegration relationship between stock allocation mode structure and industry structure in china, There is a cointegration and positive correlation relationship between national debt allocation mode structure and secondly industry,and the change of national debt structure is the Granger causality of the change of second industry. There is no cointegration relationship between enterprise debt allocation mode structure and industry structure in china.there is only a cointegration relationship between credit ownership structure and second industry structure in china and they are negative correlation relationship, and the change of credit ownership structure is the Granger causality of the change of second industry. there is only a cointegration relationship between credit market structure and first industry structure in china and they are positive correlation relationship, and the change of credit market structure is the Granger causality of the change of second industry.in conclusion, there is no observably impact of Chinese finance structure on the industry structure upgrade because the unbalance finance structure and institutional environment of government control the captail allocation,the will weaken or disappear.Finally, this paper Propose some policy think including boost stock market, make great efforts to enterprise bond market, boost national debt, boost state bank property right reform,build small-medium bank and encourage innovation of finance technology.更多还原