【摘要】 本文运用内生金融发展理论这一新的理论框架来理解中国的金融发展。我们利用中国1978年以来的数据,通过计量研究发现,产权改革、法治水平的提高以及金融的自由化,将有利于增加私人信贷,但对整体信贷量以及金融深化并无显著的作用。城市化水平的提高,不仅有利于提高私人信贷水平,而且对于整体信贷量的提高以及金融深化都有显著的作用。本文的结论是:构建合理的制度体系是中国金融未来发展的关键所在。更多还原

【Abstract】 This paper uses the new theory frame of the endogenous financial development theory to appreciate the financial development of China. We make use of the data since 1978 of China. The empirical results indicate that property right reform, improvement of the level of the rule of law and liberalization of the finance, will help increase private credit, but do not play a remarkable role in the whole credit amount and finance deepening. The improvement of the level of urbanization, not only increases private credit, but attributes remarkably to the improvement of whole credit amount and finance deepening. The conclusion of this paper is: Constructing reasonable institutional systems are critical to the Chinese financial development in future.更多还原