金融自由化对投资影响的研究

发布时间：2018-07-10 03:13

本文选题：金融自由化 + 投资　；参考：《东北财经大学》2012年硕士论文

【摘要】：“金融自由化”一词源于19世纪70年代经济学家罗纳德·麦金农和爱德华·肖提出的金融深化理论。该理论认为发展中国家存在的“金融抑制”现象阻碍金融发展与经济增长,要打破这一现象,就必须实行金融自由化改革,即政府放松对金融部门的限制和干预,允许市场力量决定各种金融要素价格水平,引导金融体系的发展,进而提高金融市场的效率,优化资源配置,促进经济增长。受这一理论的影响,许多发展中国家先后进行了金融自由化改革,例如阿根廷、巴西、乌拉圭、韩国、马来西亚、泰国等。这些国家的金融自由化改革取得的结果并不相同,东亚国家的改革可以说是成功的,但是拉美国家却并非如此。对这些国家的研究似乎揭示了这样一种观点：渐进的金融自由化改革有利于经济增长,而激进的自由化改革则加剧了金融脆弱性。但是,2008年金融危机的发生使得人们开始再次关注金融自由化的问题,金融自由化到底在经济增长中发挥了什么作用,它是通过何种途径影响经济增长的?这些问题都值得我们去做更深入的探索与研究。我国的金融自由化改革相对于经济市场化改革虽然相对落后,但与改革前的金融抑制情况相比,仍是取得了较大进展。金融自由化对经济增长的作用也逐渐被学者们所关注。金融自由化作用于经济增长的机制可以概括为储蓄率的提高、储蓄向投资转化率的提高以及投资效率的提高。而由于文化传统、社保制度的不健全、消费品和投资途径单一等原因,自1979年改革开放以来,我国的储蓄率一直维持在32%以上的高水平(任志军,2007),在大多数年份储蓄缺口(投资减去储蓄的差额)为负,经济增长受到的储蓄约束较小。因此,金融自由化影响经济增长的主要途径在于投资数量和投资效率的提高。所以,本文选取投资作为研究的主要对象,通过构建金融自由化指数分析金融自由化对投资数量和投资效率的具体影响,这对进一步推动中国的金融自由化改革、提高资金配资效率以及推进经济增长方式的转变具有重要的理论及现实意义。在参考已有研究成果的基础上,文章结构主要分为五大部分。第一章包括选题背景及研究意义、研究内容与文章结构、论文的创新与不足以及国内外研究的理论综述。第二章主要阐述我国的金融自由化进程以及金融自由化改革所取得的成果和存在的问题。第三章主要介绍与投资相关的理论及金融自由化对投资的影响途径。第四章主要是实证研究,也是本文的重点。首先是1979-2010年间金融自由化指标的构建,然后就金融自由化与投资数量和投资效率分别进行实证分析,通过建立协整方程和误差修正模型来检验金融自由化对投资数量和投资效率的作用。第五章结合实证分析的结论以及我国的现状提出相应的政策建议。
[Abstract]:The term "financial liberalization" derives from the financial deepening theory put forward by economists Ronald McKinnon and Edward Shaw in the 1870s. The theory holds that the phenomenon of "financial repression" in developing countries is an obstacle to financial development and economic growth. To break this phenomenon, financial liberalization reforms, that is, government relaxation of restrictions and interventions in the financial sector, are essential. Market forces are allowed to determine the price level of various financial elements, to guide the development of the financial system, to improve the efficiency of financial markets, to optimize the allocation of resources, and to promote economic growth. Influenced by this theory, many developing countries have carried out financial liberalization reforms, such as Argentina, Brazil, Uruguay, South Korea, Malaysia, Thailand and so on. The results of financial liberalisation in these countries are not the same. East Asian countries can be said to be successful, but Latin American countries are not. Studies of these countries seem to reveal the view that progressive financial liberalisation is good for economic growth, while radical liberalisation increases financial vulnerability. However, the financial crisis in 2008 made people begin to pay attention to the issue of financial liberalization again, what role did financial liberalization play in economic growth, and by what means did it affect economic growth? These problems are worthy of us to do more in-depth exploration and research. The reform of financial liberalization in China is relatively backward compared with the reform of economic marketization, but it has made great progress compared with the situation of financial suppression before the reform. The effect of financial liberalization on economic growth has gradually been concerned by scholars. The mechanism of financial liberalization acting on economic growth can be summarized as the increase of savings rate, the improvement of conversion rate from savings to investment and the improvement of investment efficiency. Because of the cultural tradition, the imperfection of the social security system, the singleness of consumer goods and investment channels, and so on, since the reform and opening up in 1979, China's savings rate has been maintained at a high level of more than 32 percent (Ren Zhijun 2007). In most years, the savings gap (the difference between investment and savings) is negative, and economic growth is less constrained by savings. Therefore, the main way that financial liberalization affects economic growth lies in the improvement of investment quantity and investment efficiency. Therefore, this paper selects investment as the main object of study, analyzes the specific impact of financial liberalization on the quantity and efficiency of investment through the construction of financial liberalization index, which will further promote the reform of financial liberalization in China. It is of great theoretical and practical significance to improve the efficiency of capital allocation and promote the transformation of economic growth mode. On the basis of referring to the existing research results, the article structure is divided into five parts. The first chapter includes the background and significance of the topic, the content and structure of the article, the innovation and deficiency of the thesis, and the theoretical review of domestic and foreign research. The second chapter mainly describes the process of financial liberalization in China and the achievements and problems in the reform of financial liberalization. The third chapter mainly introduces the theory related to investment and the influence of financial liberalization on investment. The fourth chapter is the empirical research, which is also the focus of this paper. The first is the construction of financial liberalization indicators from 1979 to 2010, and then the empirical analysis on financial liberalization, investment quantity and investment efficiency. The cointegration equation and error correction model are established to test the effect of financial liberalization on investment quantity and investment efficiency. The fifth chapter combines the conclusion of empirical analysis and the current situation of our country to put forward the corresponding policy recommendations.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832;F224

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