制度环境、非正规金融与经济增长

发布时间：2018-01-08 06:01

本文关键词：制度环境、非正规金融与经济增长　出处：《浙江工商大学》2012年硕士论文　论文类型：学位论文

【摘要】：在我国,非正规金融对经济增长有着积极的促进作用,而正规金融体系对经济增长的作用不明显甚至存在负相关。许多文献从信息不对称和社会资本的角度出发解释非正规金融的重要性,认为非正规金融能够更有效地解决道德风险和逆向选择。根据法与金融方面的成果,金融体系的发展,及其分散风险、配置资源并促进经济增长的作用的发挥都主要取决于金融投资者的未来现金流是否能得到保障。因此当法律制度不完善,难以保障正规金融投资者利益时,人们可以通过选择依靠社会资本作为契约治理机制的非正规金融来避免金融市场中的道德风险和逆向选择。产权制度和金融产业政策同样会影响到投资者的未来收益,而且对正规金融与非正规金融的影响机制也是不一样的。本文利用中国31个省或直辖市在2003-2008年的面板数据考察制度与政策如何影响非正规金融与正规金融相对规模比例以及这种金融结构对经济增长的贡献。文章验证了非正规金融与正规金融的规模比取决于与产权制度的完善程度紧密相关的金融产业政策,而法律、社会资本甚至产权制度本身所意味的对金融行业的掠夺和干预等可能激励非正规金融发展的因素往往被政府的管制政策所抵消。在法律制度不完善时,发展非正规金融占比高的金融结构更有利于经济增长,社会资本的增强促进非正规金融对经济增长的贡献,信任程度的改变则对非正规金融与正规金融的比例结构对经济增长的作用没有影响。而且产权制度越完善,则非正规金融占比越高的金融结构越有利于经济增长。一种可能的解释是产权制度完善所对应的放松支持正规金融并压抑非正规金融的产业政策使得非正规金融促进经济增长的作用的提升要大于产权制度完善本身对正规金融的影响。此外,本文的结论是稳健的,而且同样适用于解释制度环境对非国有金融机构与国有金融机构的规模比例等金融结构的影响。
[Abstract]:In China, informal finance plays a positive role in promoting economic growth. However, the role of formal financial system on economic growth is not obvious or even negative correlation. Many literatures explain the importance of informal finance from the perspective of information asymmetry and social capital. It is believed that informal finance can solve moral hazard and adverse selection more effectively. According to the achievements of law and finance, the development of financial system and its diversification risk. The role of allocating resources and promoting economic growth mainly depends on whether the future cash flow of financial investors can be protected. Therefore, when the legal system is not perfect, it is difficult to protect the interests of formal financial investors. People can avoid moral hazard and adverse selection in financial market by choosing informal finance which relies on social capital as contract governance mechanism. Property right system and financial industry policy will also affect the future of investors. Revenue. Moreover, the influence mechanism on formal and informal finance is different. This paper makes use of panel data of 31 provinces or municipalities directly under the Central Government in China to examine how the system and policies affect informal gold from 2003 to 2008. The relative scale ratio of finance to formal finance and the contribution of this financial structure to economic growth. The paper verifies that the scale ratio of informal finance to formal finance depends on the financial industry which is closely related to the perfection of property right system. Policy. However, the law, social capital and even the property right system itself means the plundering and interference to the financial industry and other factors that may stimulate the development of informal finance, which are often offset by the government's regulatory policy. When the legal system is not perfect. Developing a financial structure with a high proportion of informal finance is more conducive to economic growth, and the enhancement of social capital promotes the contribution of informal finance to economic growth. The change of the degree of trust has no effect on the proportion structure of informal finance and formal finance on the economic growth, and the property right system is more perfect. One possible explanation is that the industrial policies that support formal finance and suppress informal finance, corresponding to the perfect property rights system, make informal finance more conducive to economic growth. The role of promoting economic growth is greater than the property rights system itself on the formal financial impact. The conclusion of this paper is robust, and it is also applicable to explain the influence of institutional environment on the scale ratio of non-state-owned financial institutions to state-owned financial institutions.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832;F124.1;F224

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