中国融资制度运行效率分析和创新模式选择

【作者】 薛卫；

【导师】 邢天才；

【作者基本信息】 东北财经大学 ， 国民经济学， 2005， 硕士

【摘要】 20世纪90年代,号称“东亚奇迹”的日本经济受到其银行体系中大量呆坏账拖累,陷入萧条的泥沼中。而在此期间,美国却依靠其健全的资本市场,成就了近乎神话般的经济增长。以保罗·克鲁格曼为代表的经济学家们认为,以银行为主导的融资制度是造成日本当前困境的主要原因之一。为什么融资制度既可以带动国家经济起飞,又可以制约经济发展?作为当前中国进行的社会主义市场经济体制改革内容之一的投融资体制改革,如何借鉴国际经验、结合国情,建立有效的融资制度,就成为一项新课题。 本文以融资制度与经济发展的内在联系为主线,沿着理论基础——中国融资制度现状——融资制度比较分析——创新模式的思路进行论述。概括地讲,主要包括以下四个部分: 第一部分是导论。对融资制度进行了必要的分析和解释。首先,对融资制度内涵进行了界定,明确了融资制度包括四个层次和三方面内容。其次,从经济学角度,提出了融资制度效率的含义。再次,综述了融资制度的相关理论。 第二部分是现状分析。提出了考察中国融资制度效率的三类指标:储蓄—投资转化率、金融运行效率、资源配置效率。并依据实证分析,总结出中国融资制度存在的结构性、制度性缺陷。 第三部分是国际比较。探寻了不同融资制度形成的历史因素,比较了不同融资制度的经济影响,总结出融资制度发展趋势以及借鉴意义。 第四部分是结论。根据前几部分的叙述,结合中国现实国情,首先,列举出融资制度创新的四个原则;然后,提出了制度创新主导力量以及创新模式;最后,作为结论,描述了融资制度创新选择的路径。 对于构建适应中国国情的融资制度,是一项浩繁的系统性工程,本文只是对此进行了初步性的、探索性的研究。作为阶段性研究成果,本文主要有以下更多还原

【Abstract】 In 1990s, known as "miracle of East-Asia ", Japanese economy, cumbered with a large amount of non-performing loans, has fall into the desolate mire. But during this time, based on its sound market system, USA has achieved the fabulous economic growth. Paul Krugman, the represent of the economists who posses the same viewpoint, believes that the leading factor causing Japan’s present predicament is BLS. Why dose different financial institute indict different outcomes? As one of the socialist market economic system reforming contents which China carries on at present, the innovation of financial institution, about how to draw lessons from international experience, combine it with the national conditions and set up effective financing system, has become a new subject.This paper begins with basic theories, then compares two sorts of popular financial institute and analyzes efficiency of financial institute in China. At last, it tries to set up a kind of analyzing frame. In general, this paper mainly has four parts:The first part is introduction. At this part, the purpose is to interpret the essence of financial institute and define the meaning of efficiency. In addition, related theories are put forwarded at end.The second part is presence analysis. From different angels, we propose three indexes: deposit-investment conversion ratio, financial operation efficiency, recourse distribution efficiency .According to the analysis, we reach the conclusion.The third part is international comparison. At this part we seek for the historic factors formulating different financial institute. We draw lessons from the comparisons of the performance of the financial institute.The forth part is conclusion. We conclude the principles and routes about theinnovation of the China financial institute.This paper has several innovations: first, clearly defines the intension of financial institute. Second, summarizes the theories of innovation. Third, proposes the brand-new innovation model.更多还原