【摘要】 为理解中国特色金融分权制度在经济赶超中的关键作用及其决定机制,本文在事实梳理与实证分析基础上,构建模型证明:中国特色的金融分权形成主要是由经济赶超发展过程中国有企业主导的产业升级所致。在有序产业升级下,金融分权可以克服信贷市场不完善对资源配置效率的不利影响,实现经济赶超发展;与此对应形成了最优金融分权,在增长路径上表现出向地方和市场逐渐倾斜的特点。进一步考虑地方政府为地方经济发展而对金融资源展开竞争后,产业结构较为先进的地区会吸引落后地区的金融资源,最终导致其地方政府向市场分权水平高于产业结构落后地区。更多还原

【Abstract】 Based on empirical facts and evidences, we construct a theoretical model to explain the role China’s financial decentralization(FD) plays in the economic catch-up. We prove that the orderly industrial upgrading led by state-owned enterprises(SOEs) results in China’s optimal FD. Under orderly industrial upgrading, FD can help the economy overcome the adverse impact of imperfect credit market on resource allocation and achieve a faster economic growth. We further extend the model by introducing local governments’ competition to financial resource, and give a new explanation on why local governments choose different financial resource allocation between local SOEs and private enterprises.更多还原