金融创新与经济增长的关联性研究

发布时间：2018-08-25 20:38

【摘要】：按照传统共识，，“好”的金融系统应具备有效的法律体系、良好的会计标准、透明的金融制度、有效的资本市场和规范的公司治理。从这个角度看，中国的金融系统是一个“坏”的金融系统，然而中国实际取得了超过世界上任何国家的经济增长。经济的增长来源于两大源泉：配置效率和生产效率。无论是配置效率的改善，还是生产效率的提高，金融体系都起到了关键作用。当我国经济经过了四分之一世纪的经济高速增长后，现有的金融体系仍然有效吗?对金融创新与经济增长之间的关联性进行深入研究，应该说是解释这个问题的切入点。金融发展史就是一部金融创新的历史，推动着金融结构的演进与金融深化的进程。在宏观层面上表现为金融内部各行业的平等化与金融相关率的不断提高；在微观层面上表现为金融业务的全能化、金融机构的同质化与微观金融因素的改善。金融结构并没有公认的国际最优标准，探索适合本国经济发展的金融结构是转型国家面临的重大课题。金融结构演进与金融深化进程也为金融创新提供了动力和条件。金融创新推动金融中介与金融市场的螺旋式上升，共同将金融系统导向理想的效率状态。金融体系主要有五大基本功能：风险管理功能、信息揭示功能、公司治理功能、动员储蓄功能以及便利交易功能等，金融创新通过影响这五大功能的发挥，增加资本积累、提高资金效率与促进技术进步，从而推动经济增长。经济增长对金融创新的影响机制有三种理论模型，门槛效应、资本积累以及破产成本等的存在，使经济增长成为金融创新的内在动力。除了这三种作用机理，政策管制也引发了金融创新。在理论分析的基础上，从宏观和微观两个角度，分别建立了理论模型，更深入、更精确地分析金融创新与经济增长之间的关联性机理。通过运用相关性检验、交叉谱检验、协整检验、格兰杰因果检验与非嵌套假设检验等计量方法，对我国的金融与经济数据进行实证分析，发现我国金融滞后于经济发展、金融市场化程度低以及金融深化进程缺乏协调性等，说明我国金融武汉理工大学博士学位论文发展是“需求带动型”的、金融作用于经济主要是通过数量扩张来实现的。与其相适应，我国金融创新的总体目标包括健全市场体系、创新投融资工具、金融体系多元化以及完善监控体系等四个方面，推进金融创新的三个重点是强化金融创新微观主体作用、制度创新放在首要地位和金融创新应分阶段实施。综上所述，金融创新与经济增长之间存在相互作用机理，有很强的关联性。通过对我国的数据进行实证分析，发现我国金融发展是“需求带动型”的、金融市场化程度低、金融深化进程缺乏协调性等问题。因此，只有不断金融创新，推动金融市场化，才能形成我国金融创新与经济增长的良性循环，经济持续快速增长也才有保证。关键词:金融创新金融发展金融结构经济增长关联性
[Abstract]:According to the traditional consensus, a "good" financial system should have an effective legal system, a good accounting standard, a transparent financial system, an effective capital market and standard corporate governance. Economic growth. Economic growth comes from two sources: allocation efficiency and productivity. The financial system plays a key role in improving allocation efficiency and productivity. After a quarter of a century of rapid economic growth, is the existing financial system still effective? For financial innovation and Economics Further research on the relevance of economic growth should be the starting point to explain this problem.
The history of financial development is a history of financial innovation, which promotes the evolution of financial structure and the process of financial deepening. Financial structure has not been recognized as the best international standard. It is an important task for the transition countries to explore the financial structure suitable for their own economic development. Financial system leads to ideal efficiency.
Financial system mainly has five basic functions: risk management function, information revealing function, corporate governance function, mobilization savings function and facilitating transaction function. Financial innovation promotes economic growth by influencing these five functions, increasing capital accumulation, improving capital efficiency and promoting technological progress. There are three theoretical models of the impact mechanism of innovation, the threshold effect, the accumulation of capital and the cost of bankruptcy, which make economic growth become the internal driving force of financial innovation. More in-depth and more precise analysis of the correlation mechanism between financial innovation and economic growth.
By means of correlation test, cross-spectral test, cointegration test, Granger causality test and non-nested hypothesis test, this paper makes an empirical analysis of China's financial and economic data, and finds that China's finance lags behind economic development, the degree of financial marketization is low, and the process of financial deepening is lack of coordination.
Ph.D Dissertation of Wuhan University of Technology
Development is "demand-driven" and the role of Finance in the economy is mainly achieved through quantitative expansion.
To adapt to this, the overall goal of China's financial innovation includes improving the market system, innovating investment and financing tools, and financial institutions.
Four aspects: diversification and improvement of the monitoring system. The three key points of promoting financial innovation are to strengthen financial innovation
The role of the new micro body, institutional innovation in the primary position and financial innovation should be implemented in stages.
To sum up, there is a strong correlation between financial innovation and economic growth.
Through the empirical analysis of China's data, we find that China's financial development is "demand-driven", Finance
Low degree of marketization, lack of coordination in financial deepening process and so on.
Only by moving the financial market can we form a virtuous circle of financial innovation and economic growth in China and sustain rapid economic growth.
There is no guarantee for long.
Key words: financial innovation, financial development, financial structure, economic growth relevance
【学位授予单位】：武汉理工大学
【学位级别】：博士
【学位授予年份】：2004
【分类号】：F830;F061.2

【引证文献】