【作者】 吴开钱；

【导师】 廖成林；

【作者基本信息】 重庆大学 ， 技术经济及管理学， 2002， 硕士

【摘要】 本文先对国内外有关金融发展与经济增长的关系的经典文献从理论研究和实证研究两个方面分别作一系统性的概括。理论方面从交易成本和信息成本的角度来分析金融体系通过其五大功能作用于经济增长的机制：改善资本的配置、改善流动性风险的管理、监督管理者和实施公司控制、调动储蓄、便利交易；对实证研究的成果总结则分跨国与国别来描述，并以国别序列研究和中国的研究为重点。接着对中国自改革开放以来的金融发展定性和定量的分析，选择了三个数量性指标和三个质量性指标，由数据显示，在我国金融发展更明显的是数量的扩张而非金融效率即质量性的提高，这说明了我国金融发展的不足。结合国内外研究现状与中国金融发展和经济的实际情况，运用两部门模型，实证研究了中国金融发展和经济增长的关系，尽管两者都有相互促进的作用，但结果表明在中国更多的是金融供给领先型。考虑到近年来金融危机的时有发生及对经济造成巨大的破坏，接着又分析总结了别国金融危机的成因，对我国有如下启示：要达到有效的金融监管就需要加强金融机构及企事业单位的信息披露；为及时稀释由于与他国经济发展水平差异而形成的实际汇率升降积累的风险，应扩大人民币汇率的浮动范围；为抑制泡沫经济，货币经济要以实质经济为基础。最后分析了中国整个金融体系的风险累积现状，指出银行业的不良贷款是金融风险最大的隐患；并运用博弈论分析表明在中国国有企业的预算软约束是不良资产形成的主要原因。由此提出要理清政府、银行和国有企业的关系，减少政府干预，银行实行产权改革，即实行国有控股股份化。更多还原

【Abstract】 A concise introduction of voluminous classical literature on the correlation of financial development and economic growth is firstly made from both theoretical analysis and empirical study. Theoretically, through its five functions, improving the allocation of capital, improving the management of liquid assets, monitoring the managers and implementing corporate control, mobilizing savings and facilitating transaction, how financial system promotes economic growth is examined from the perspective of trade cost and information cost; empirically, both cross-country and single-country achievements are described with a stress on the cases of single countries and China. Subsequently, the history of Chinese financial development is reviewed since the implementation of reform and open policy. The three quantitative indicators and the three qualitative indicators, as proxy for financial development, show that financial development lacks efficiency in China. Combining the academic achievements from home and abroad and the status quo of China, a demonstration test, in the framework of two-sector model, is conducted of Chinese financial development and economic growth. The test shows that the supply-leading version is prevalent, though both are mutually facilitated. Enlightened by financial crises worldwide, there are some tips for China: improving the information disclosure of financial institutions and enterprises to achieve the effective financial regulation, expanding the floating range of RMB exchange rate to dilute the exchange rate risk owing to the productivity difference between foreign countries and China, basing monetary economy on real economy to repress bubble economy. Finally, the paper discusses the conditions of internal financial risk in China, and points out the nonperforming assets of banks to be the most critical financial risk, and then explores the reason in the method of the game theory, and concludes that the soft budget constraint faced by Chinese state-owned enterprises is the answer of the problem. It is suggested that the relationship between the government, banks and state-owned enterprises be handled properly, with less governmental intervention and reform of banks property rights.更多还原