金融与实体企业收益率非均衡问题研究

发布时间：2018-01-10 13:29

本文关键词：金融与实体企业收益率非均衡问题研究　出处：《现代经济探讨》2017年10期 　论文类型：期刊论文

【摘要】：我国金融部门资本收益率长期高于实体经济部门的资本收益率,且二者的差距不断扩大。通过构建一个银行、企业两部门模型,本文探索了金融部门与实体经济的收益率差距能够保持甚至不断扩大的原因。分析结果表明,利率扭曲、金融部门杠杆率上升、实体经济有效融资不足和资产价格泡沫将导致金融部门与实体经济的资本比例不能回到稳态,从而使金融部门资本收益率长期高于实体经济资本收益率。本文的政策建议在于,推进金融部门去杠杆、增强利率的市场定价机制、提高资本市场的融资功能将有助于促进金融部门与实体经济之间的收益率平衡,引导经济"脱虚向实",推动经济长期增长。
[Abstract]:The capital return rate of financial sector in China is higher than that of real economy sector for a long time, and the gap between them is widening. This paper explores the reasons why the gap between the financial sector and the real economy can be maintained or even widened. The results show that the interest rate is distorted and the leverage ratio of the financial sector increases. Insufficient effective financing of the real economy and asset price bubble will result in the capital ratio between the financial sector and the real economy cannot return to steady state. Therefore, the capital return rate of financial sector is higher than that of real economy for a long time. The policy suggestion of this paper is to promote deleveraging in the financial sector and to strengthen the market pricing mechanism of interest rate. Improving the financing function of the capital market will help to promote the balance of the return between the financial sector and the real economy, guide the economy to "get rid of the false reality" and promote the long-term growth of the economy.
【作者单位】：中国人民大学财政金融学院;
【基金】：2016年度中国博士后科学基金面上项目“金融部门与实体经济背离的原因及对策研究”(编号:2016M600156)
【分类号】：F279.2;F832
【正文快照】： 力金融资本,推动经济的长期可持续发展。一、引言金融是现代市场经济的核心,金融资源是现代00.1.20.18市场经济发展的要素。大量的理论研究和实证分析00..16都认为,金融资源和金融体系对全球经济发展起到140.2了至关重要的作用。然而,2008年全球金融危机使0.01大量学者意识到,

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