【作者】 兰秀文；

【导师】 王仁祥；

【作者基本信息】 武汉理工大学 ， 产业经济学， 2013， 博士

【摘要】 金融是现代经济发展的核心因素。自1978年我国实行经济体制改革以来,我国62%以上的GDP由非国有经济所贡献。但是,四大国有商业银行70%以上的贷款都给了国有企业。这样,在正规金融市场之外,非正规金融通过非标准的、非正规的机制来有效支持非国有企业融资和经济的增长。事实上,非正规金融在促进经济发展、提高国民收入的过程中发挥着不可或缺的作用。因此,如何规范和引导非正规金融的发展就成为亟待解决的问题。本文综合应用经济学、金融学以及计量经济学等相关理论,对非正规金融对地区经济增长的效应进行了研究,揭示了非正规金融对地区经济增长的影响,探讨了非正规金融未来的发展模式,并在此基础上为非正规金融的发展提出政策建议。本文共分8章,第一章为导论；第二章为理论基础,界定了非正规金融与二元经济结构的概念,非正规金融产生的相关理论,为后续研究奠定理论基础。第三章研究非正规金融存在的广泛性和内生性；第四章从理论上揭示了非正规金融对地区经济增长的效应；第五章和第六章实证分析非正规金融对地区经济增长的贡献；第七章为各国非正规金融发展经验的借鉴以及我国未来非正规金融发展的方式选择及政策建议；第八章是全文总结与研究展望。研究发现,在既定的条件下,非正规金融的交易一方在利益最大化的驱使下选择非正规信贷市场融资是理性的,符合经济学“人都是理性”的假设,这说明非正规金融的融资效率并不低下,它成为解决我国金融市场不完善的一种手段；我国现行的政治体制内生了地方政府的制度创新行为,在我国地区非正规金融制度的演变过程中,地方政府为了增强对稀缺资源的控制主动发起了非正规金融制度的创新,并成为非正规金融创新的组织者；通过选取地区经济指标、非正规金融发展指标以及影响地区经济的劳动力、固定资产等变量和运用协整检验和误差修正模型,研究发现非正规金融的发展带动了地区民营经济的发展；同时研究发现,在未有明确非正规金融法律依据的情况下,适应我国非正规金融监管体系的建议以及各种配套的金融改革措施应该是必不可少的。在长期内,随着金融深化和多元化融资中的非正规金融与正规金融的融合,以及非正规金融向正规金融的演化和回归,也有助于弱化金融二元结构,提高整个金融体系的效率。更多还原

【Abstract】 Finance is a key factor in the development of modern economy. Ever since1978, when China started its reform of economic system, non-state-owned economy has contributed over62%of GDP. However, state-owned enterprises get more than70%of the loans provided by the four national banks. As a result, alongside formal financial market, informal finance has been an effective support for non-state-owned enterprise financing and economic development in a non-standard and informal mechanism. In fact, experts have discovered through investigation that informal finance plays an indispensable part in promoting economic development and improving people’s income. Therefore, how to guide informal finance to develop in a standard way becomes an urgent problem to be solved. The paper explores the effects of informal finance on local economy by applying related theories in economics, finance and econometrics, reveals the impact of informal finance on the growth of local economy, discusses future developing patterns of informal finance and based on that puts forward policies and suggestions for the growth of informal finance.The paper consists of eight chapters. Chapter one is introduction. And chapter two are theoretical principles, defining informal finance, dual economy structure and related theories resulting from informal finance, providing follow-up studies with theoretical basis. Chapter three is devoted to the study of universal and endogenous properties of informal finance. Chapter four brings out in theory the effects of informal finance on the growth of local economy. Chapters five and six are empirical analyses of the contribution of informal finance to the growth of local economy. In chapter seven the experience of countries in developing informal finance is reviewed and developing patterns for China’s informal finance to follow in the future as well as policies and suggestions are presented. Chapter eight summaries the whole paper and puts forward research expectations.The research suggests that, in certain conditions, it is rational of one party in informal finance transaction to choose finance in informal credit market when driven by optimal interest, agreeing with the economic hypothesis, which goes "Humans are all rational". It shows that informal finance is efficient in financing and acts as an important approach to China’s imperfect credit market. Our present political system has created system innovation of local government, which has initiated the innovation of informal financial institution in order to better control rare resources and become an organizer in the innovation of informal finance. The study discovers that the development of informal finance has promoted that of local private economy by selecting such variables as regional economic indicators, informal financial development indicators, labor affecting local economy and real estate and using co-integration test and error correction model.The paper also suggests that proposals applicable to China’s informal finance supervision system and related financial reform measures are indispensable. In the long run, finance deepening, integration of informal fiance and formal finance and the evolution and regression of informal finance to formal finance will contribute to weakening financial dual structure and uplifting the efficiency of the entire financial system.更多还原