【作者】 莫申生；

【导师】 杨柳勇；

【作者基本信息】 浙江大学 ， 政治经济学， 2014， 博士

【摘要】 随着经济金融化步伐的加速推进,金融体系在现代经济中的地位日益重要。在现实中,世界各国的金融结构体系存在巨大差异。如何理解这些差异及其与经济发展的关系,不仅是一个相当有争议的学术论题,而且具有很强的政策含义。在已有相关研究中,有大量的文献围绕银行机构和金融市场在金融结构体系中的相对重要性及其对经济发展的影响展开争论,也有相当数量的学者基于不同的契合点分析讨论了不同的银行业结构和金融市场结构的优劣,但是相关研究至今未达成一致的观点。由于政府制度安排作为经济发展史的一种常态,其对经济金融运行的影响不容忽视,因此本文尝试从金融制度安排的新视角,重新审视了金融结构及其调整与经济发展之间的关系。现有文献在分析金融制度安排及其与经济运行的关系时,过于注重制度安排的特性对经济金融发展的可能影响。然而,在本文看来,不同的金融制度安排在储蓄动员、风险分散以及资金配置方面的作用机制和途径不尽相同且各有利弊,仅仅简单地探讨金融体系的特性或难以确定何种金融结构更有助于经济发展。为了更加准确地分析金融结构与经济发展之间的关系,有必要从金融结构体系和实体经济发展这两个方面的特性共同入手。处于不同发展阶段的实体经济有着差异化的金融服务需求,只有金融结构体系与经济发展的各种内涵相适应,才能最大限度地发挥金融体系的功能,促进实体经济的有效发展。反之,当金融结构体系与经济发展需要不相吻合,那么就有可能引发金融体系的低效运行,并进一步制约实体经济的发展。因此,在既定经济发展阶段,如何调整和优化金融结构体系,促进金融结构与实体经济的适应性发展,是一个富有现实意义的论题。当然,金融结构体系对政府制度安排的依赖,又要求在调整和优化金融结构的同时,强调对金融制度安排的调整与改革。在行文路径上,本文第二章对金融结构与经济发展的相关理论进行了简要回顾,通过相关理论述评,勾勒出全文的分析思路；在第三章,本文首先立于政府金融制度安排层面探讨了其对金融结构及其调整的影响,然后在制度安排约束下就金融结构调整与经济发展之间的作用机制进行了分析。考虑到现有学界鲜有系统地兼顾经济发展的内在属性,本文即着眼于经济发展所具有的“经济总量增长、经济结构调整与优化、经济质量改善与提高”之内涵,分别从“经济增长、产业结构升级(高新技术产业发展)和区域经济优化”三个维度深入阐述了金融结构调整与经济发展的关系机理,并在机理分析基础上,分别构建了理论模型；本文在第四章设计了衡量金融结构与金融制度安排的指标体系,并运用主成分法分析得出金融结构综合指标因子和金融自由化指数,为第五至第七章从经济增长和产业结构两个层面对全国和区域的金融结构调整与经济发展关系的实证研究打下了基础。另外,在增长层面的分析中,本文还粗线条地统计分析了中国金融结构调整的一般趋势及演变中具有的特征；本文最后一章是对全文的总结及由理论和实证分析折射的政策建议,同时还对文章的不足及进一步研究的方向作了明确。本文的分析结论显示,金融结构调整与经济发展之间通过借助相应的媒介而实现相互的动态作用,但在不同金融制度安排下的作用机制有所差异。政府制度安排的存在降低了金融结构与经济发展之间的适应性,而金融制度安排的放松也即金融自由化则有助于金融体系结构的调整和优化,进而可以提高金融结构与经济发展的匹配度,促进实体经济的发展。具体而言,代表金融结构不同构成成分的直接融资因子和间接融资因子均能从经济增长、产业结构升级、高新技术产业发展三个方面促进整体经济的发展,并且以间接融资因子的作用更大；在区域金融结构与经济发展的关系中,银行业和证券业的发展都有助于区域经济的增长和产业结构的调整与升级,只是证券市场对经济发展水平的提升作用更加显著；金融自由化指数水平的提高,不仅有利于经济总量的增长,也有助于高新技术产业和整个产业结构体系的发展,特别是有利于第一产业的发展。如此分析结论要求,优化以银行为主导的间接融资模式,通过利率市场化引导影子银行的显性发展；加快以证券为主的直接融资模式建设,引导并支持非金融机构和互联网金融的健康发展；注重区域金融与区域经济的均衡发展,提升区域金融结构体系在经济发展中的正向作用；继续推动金融自由化,促进金融产权多元化和金融市场机制发展,降低政府制度安排在经济金融发展中的不利影响；在产业政策导向上,加大对民企的支持力度,促进民间资本在不同产业和地区间的流动。更多还原

【Abstract】 The status of the financial system in the modern economy is increasingly important with the accelerated pace of economic and financial developments. In the real economy, there are huge differences in terms of the financial architecture in the world. How to understand these differences and their relationship with economic development, not only it is a very controversial academic topics, but also has a strong policy implications. In the related studies, there had been heavily argued around the relative importance and its impact on the system of financial structure of banking institutions and financial markets, there also had been discussed by a considerable number of scholars based on different analyzes about advantages and disadvantages of the different banking structures and financial market structure, however, these related studies had not reached the consistent point of view. Since the government institutional arrangements as a normal economic history of economic development, and its impact on the economic and financial operation can not be ignored, so this article re-examines the relationship between the adjustment of financial structure and economic development from the new perspective of the financial institutional arrangements.When analyzing the relationship between institutional arrangements and financial and economic operation in existing studies, it too much emphasized on the characteristics of the institutional arrangements that may affect the economic and financial development. However, in this paper, it appears that different institutional arrangements are not exactly the same and have their own advantages and disadvantages in the respect of financial savings mobilization, risk diversification, the role and pathways of capital allocation mechanisms, then just simply investigating the characteristics of the financial system may be difficult to determine what the financial structure more conducive to economic development. In order to more accurately analyze the relationship between financial structure and economic development, it is necessary to start from the characteristics of the financial system and the real economy structure. At different stages of the real economic development had differentiated demand for financial services, only financial architecture adapted to various connotations of economic development, which will maximize the function of the financial system and promote the effective development of the real economy. On the contrary, when financial architecture is incompatible with the need of economic development, then it may lead to inefficient operation of the financial system and further restrict the real economic development. Thus, in a given stage of economic development, how to adjust and optimize financial architecture, and promote the development of financial structure and adaptability of the real economy, is a rich topic of practical significance. Of course, financial architecture dependence on government institutional arrangements, also requested to adjust and optimize the financial structure in the same, which stresses the adjustment and reform of the financial system arrangements.In this paper, it gives a brief review on the theory of financial structure and economic development, and sketches out ideas about the full-text analysis through the relevant theoretical review in chapter II; In chapter III it firstly discusses the impact on the adjustment of financial structure and then discusses the intrinsic mechanisms of financial restructuring and economic development based on the level of government institutional arrangements. Considering the few existing studies systematically taken into account the intrinsic properties of economic development, this paper focuses on the connotation of economic development, which are total economic growth, economic restructuring and optimization, improving and enhancing economic quality, and further elaborates the mechanism of the relationship between financial structure and economic development respectively from the three dimensions, which are economic growth, industrial structure upgrading (high-tech industrial development) and regional economic optimization, then constructs theoretical models on the basis of the mechanism analysis. In chapter IV this paper designs index system to measure the financial structure and financial institutional arrangements, and draws comprehensive index factor of financial structure and index of financial liberalization, which lay the foundation for empirical analysis on the relationship between national and regional financial structure adjustment and economic development respectively from the two levels of economic growth and industrial structure from in chapter V to chapter VII. In addition, this paper also roughly analyzes the general trends and development characteristics of financial restructuring in China from the level of economic growth; the final chapter of this paper is a summary of the full text and policy recommendations through theoretical and empirical analysis of refraction, and points out simultaneously inadequate places and further research directions.Analysis conclusion shows that it achieves a dynamic role in relation to each other between financial restructuring and economic development by means of the appropriate intermediary, but there are differences in the mechanism under different financial institutional arrangements. Government institutional arrangements reduce the adaptability of financial restructuring and economic development, and the relaxation of financial institutional arrangements, which means that financial liberalization helps to adjust and optimize financial architecture, thereby improves the matching degree of financial structure and economic development, promotes the real economic development. Specifically, direct financing factor and indirect financing factor representing different constituents of financial structure can promote the overall economic development from three aspects of economic growth, industrial structure upgrading, and high-tech industry development, which has a greater role by indirect financing factor; in the relationship between regional financial structure and economic development, banking and securities industry have contributed to the regional economic development, but securities industry has more significant effect to enhance the economic level; improving the level of financial liberalization index, that not only helps to grow the level of total economy, but also contributes to the development of high-tech industries and the entire system of industrial structure, particularly to the development of the first industry. This analysis conclusion claims, that optimizes indirect bank-dominated financing model through interest rate market guiding dominant healthy development of shadow banking, and that accelerates direct stock market-based financing model building which guides and supports the healthy development of non-financial institutions and Internet banking; that focus on the balanced development of regional financial and regional economy, and enhances the positive role of regional financial architecture in economic development; that continues to promote financial liberalization, diversification of property rights to promote the development of financial mechanisms and financial markets, and reduces the adverse effects on government institutional arrangements in the economic and financial development; on industrial policy, that increases efforts to support private enterprises which promotes private capital flows between different industries and regions.更多还原