直接融资的经济增长效应研究

发布时间：2018-07-24 17:30

【摘要】：随着我国经济体制改革的逐步深入和资本市场的快速发展,我国直接融资也获得了相应的发展,但是与间接融资相比,我国直接融资在融资结构中所占的比重仍然严重偏低,尤其是与发达国家和新兴资本市场国家直接融资的发展情况相比,我国直接融资还存在着巨大的差距。与此同时,我国经济经过多年的高速发展,已经达到了一个较高的水平,为了保证经济的持续稳定增长,金融体系的深化改革是必不可少的。故本文试图通过对直接融资的经济增长效应进行系统的分析,从而为我国金融体系的改革发展提供些许理论支持,以实现经济的持续稳定增长。首先本文对直接融资影响经济增长的作用机制进行了探析。在对直接融资的经济功能进行总结的基础上,结合内生增长理论,初步探析了直接融资促进经济增长的作用渠道——资本积累和技术进步。紧接着,通过对普通的内生增长模型进行改进,用理论模型证明了直接融资能够通过资本积累渠道促进经济增长。同时,构建了一个引入“提供直接融资服务的金融部门”的技术创新内生增长模型,通过对稳态经济增长率的求解,证明了直接融资能够通过技术进步渠道促进稳态经济增长率的提升。由于直接融资和间接融资具有相似的经济功能,他们影响经济增长的作用机制也比较一致。所以仅仅从作用机制方面来研究直接融资的经济增长效应,显然还不够深入和彻底。故本文基于直接融资与间接融资比较的角度,探析了直接融资相对于间接融资对经济增长所具有的优势和劣势。首先,我们从直接融资和间接融资所需耗费的社会资源不同出发,对金融内生增长模型进行改进,通过对均衡状态进行分析,得知：直接融资相对于间接融资对长期经济增长具有一定的优势,提高直接融资在融资结构中的占比,可以减少金融部门对社会资源的消耗,增加生产资本的总量,最终提升稳态经济增长率。更进一步,为了使理论研究与现实更加接近,我们从信息不对称的角度探析了直接融资相对于间接融资对经济增长所具有的优势和劣势。通过构建了一个基于信息不对称的“竞争性经济系统”的简单模型,并对不同信息条件下均衡状态的分析,得知：直接融资的发展会因减少了全社会代理成本的支出而使得全社会的净产出获得增长,当直接融资的发展相对落后时,适当的发展直接融资,提高直接融资在融资结构中的占比,有利于经济的增长。紧接着,对我国直接融资的发展状况进行了分析,并以此为基础使用我国的相关经济数据,运用多种实证方法对本文的理论分析结论进行实证分析。对于直接融资通过资本积累渠道促进经济增长的理论观点的检验,本文首先对影响我国经济增长的因素进行了实证分析,然后再对直接融资与资本积累的关系进行实证检验。检验结果表明：直接融资通过资本积累渠道促进经济增长,这样一种传导机制在我国是存在的。对于直接融资通过技术进步渠道促进经济增长的理论观点的检验,我们先借鉴先前学者的统计方法,测算出我国1981-2010年间的技术进步率,并对技术进步对经济增长贡献份额的分析,然后再对直接融资与技术进步率之间的关系进行实证检验。检验结果表明：21世纪以来,“直接融资通过技术进步渠道促进经济增长”的作用机制已经在我国初步有效运行。关于直接融资相对于间接融资对经济增长具有一定优势的理论观点的检验,我们使用我国1986—2010年间的相关数据,对我国融资结构变化和经济增长率之间的关系进行了实证检验。实证检验结果表明：现阶段我国适度提高直接融资在融资总额中的比重将有助于经济增长率的提升。最后,依据本文的研究成果对我国直接融资的发展提出了若干政策建议。总之,本文通过对直接融资的经济增长效应进行初步的系统研究表明,现阶段发展直接融资,扩大直接融资在我国融资结构中的比重,对我国的经济增长是大有裨益的。
[Abstract]:With the gradual deepening of the reform of our economic system and the rapid development of the capital market, the direct financing of our country has also obtained the corresponding development, but compared with the indirect financing, the proportion of direct financing in the financing structure of our country is still seriously low, especially the development of direct financing with the developed countries and the countries of the emerging capital market. In contrast, China's direct financing still has a huge gap. At the same time, China's economy has reached a high level after many years of rapid development. In order to ensure sustained and stable economic growth, the deepening of the reform of the financial system is essential. Therefore, this paper tries to make a systematic Study on the economic growth effect of direct financing. The analysis will provide some theoretical support for the reform and development of China's financial system so as to achieve sustained and stable economic growth.
First of all, this paper analyses the effect mechanism of direct financing on economic growth. On the basis of summarizing the economic function of direct financing and combining the endogenous growth theory, this paper preliminarily analyses the role channel of direct financing to promote economic growth - capital accumulation and technology step. Through the theoretical model, it proves that direct financing can promote economic growth through the capital accumulation channel. At the same time, a new endogenous growth model which introduces the "financial sector providing direct financing services" is constructed. Through the solution of the steady state economic growth rate, it is proved that direct financing can be promoted through the technological progress channel. The increase in the growth rate of steady state economy.
Since direct financing and indirect financing have similar economic functions, the mechanism of their impact on economic growth is also consistent. Therefore, it is obviously not enough and thorough to study the economic growth effect of direct financing only from the mechanism of action.
Therefore, based on the comparison of direct financing and indirect financing, this paper analyzes the advantages and disadvantages of direct financing relative to indirect financing. Firstly, we improve the endogenous growth model from the different social resources that the direct financing and indirect financing need to consume, and analyze the equilibrium state. We know that direct financing has a certain advantage over the long-term economic growth compared with the indirect financing, and increases the proportion of direct financing in the financing structure. It can reduce the consumption of the financial sector to the social resources, increase the total amount of production capital, and ultimately improve the steady state economic growth rate.
Further, in order to make the theoretical research closer to the reality, we analyze the advantages and disadvantages of direct financing relative to indirect financing from the perspective of information asymmetry. A simple model of "competitive economic system" based on information asymmetry is constructed and balanced under different information conditions. The development of direct financing will increase the net output of the whole society by reducing the cost of the whole society. When the development of direct financing is relatively backward, direct financing is properly developed, and the proportion of direct financing in the financing structure is improved, which is beneficial to the economic growth.
Then, it analyzes the development of direct financing in China, and uses the relevant economic data of our country on this basis, and uses a variety of empirical methods to make an empirical analysis of the theoretical analysis conclusions of this paper.
For the theoretical analysis of direct financing through capital accumulation channels to promote economic growth, this paper first empirically analyses the factors that affect China's economic growth, and then empirically tests the relationship between direct financing and capital accumulation. The results show that direct financing promotes economic growth through capital accumulation channels. Such a transmission mechanism exists in our country.
For the theory of direct financing through the technical progress channel to promote economic growth, we use previous scholars' statistical methods to calculate the rate of technological progress in China in the past 1981-2010 years, and analyze the contribution of technological progress to economic growth, and then the relationship between direct financing and the rate of technological progress is carried out. The test results show that since twenty-first Century, the mechanism of "direct financing through technological progress channels to promote economic growth" has been in a preliminary and effective operation in China.
On the theoretical point of view that direct financing has a certain advantage over indirect financing for economic growth, we use relevant data from 1986 to 2010 in China to test the relationship between the change of financing structure and the economic growth rate in China. The results of empirical test show that China is moderately raising direct financing at the present stage. The proportion of total financing will help increase the rate of economic growth.
Finally, based on the research results, we put forward some policy recommendations for the development of direct financing in China.
In a word, through a preliminary and systematic study of the economic growth effect of direct financing, this paper shows that developing direct financing at the present stage and expanding the proportion of direct financing in China's financing structure are of great benefit to the economic growth of our country.
【学位授予单位】：湖南大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832;F124;F224

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