政策性金融的效率研究

发布时间：2018-12-22 08:28

【摘要】：随着现代经济社会中金融作用的加强，金融效率的提高对经济增长的重要作用已经成为经济学界和社会主体的共识。而作为商业性金融和财政分配的必要补充，政策性金融不仅是规避市场失灵的重要手段，同时也是金融约束理论的具体实现方式，特别是在如今世界金融危机频发、大型自然灾害严重的情况下更是有着发展的紧迫性与必然性。然而，政策性金融在国民经济中发挥着重要作用的同时，其定位不明与效率低下也成为制约我国金融发展和改革的一大瓶颈。由此，，本文围绕着何谓政策性金融效率，如何衡量其效率以及目前我国政策性金融的效率现状而展开探讨，以期从理论基础和实证研究的分析中，为如何衡量和提高我国政策性金融的效率做出有益探索。本文首先在查阅大量的文献基础上，对西方的金融发展理论和国内外关于金融效率的概念及研究方法、衡量指标进行了回顾，同时，结合政策性金融的定义、分类、功能、发展必要性以及体系构成，一方面明确了政策性银行在我国政策性金融体系中的主体地位，对于将其作为本文分析的中心寻获了理论和现实的支撑，另一方面尝试性的从内部效率和外部效率的角度对政策性金融的效率的概念做出了界定，确定了本文的分析框架。对于政策性金融的内部效率采用了指标分析，以“政策性”和“可持续性”相统一的原则从规模指标、风险指标、财务指标以及政策性指标方面入手，选取该范围内具有代表性的指标进行分析；外部效率方面采用了实证分析，运用改良后的总量生产函数模型以1999-2008年相关数据测算出我国政策性金融资本存量对国内生产总值的作用度。本文研究结果表明，我国政策性银行所代表的政策性金融效率在总量和规模偏大的情况下整体风险过大，且政策性目标实现度较弱，因此内部效率较为低下；而限于我国政策性银行起步较晚、期限较短的现状，外部效率的作用度在短期内并不明显，作为一种以中长期融资为主的融资方式，其对经济的长期作用度还有待检验。最后，提出了提高政策性金融的效率的相关建议：（1）建立科学而全面的效率衡量体系；（2）建立合理而有效的监督机制；（3）建立多层次风险控制机制；（4）确立合理业务边界与退出机制；（5）多样化实现手段与规模控制并重。
[Abstract]:With the strengthening of financial function in modern economic society, the important role of improving financial efficiency on economic growth has become the consensus of economists and social subjects. As a necessary supplement to commercial finance and financial distribution, policy-oriented finance is not only an important means to avoid market failure, but also a concrete way to realize the theory of financial constraint, especially in the current world financial crisis. Large-scale natural disasters are more serious under the circumstances of the urgency and inevitability of development. However, while policy finance plays an important role in the national economy, its unclear orientation and low efficiency have also become a major bottleneck restricting the development and reform of our country's finance. Therefore, this paper discusses what is the efficiency of policy-oriented finance, how to measure its efficiency and the present situation of the efficiency of policy-oriented finance in China, in order to analyze the theoretical basis and empirical research. For how to measure and improve the efficiency of China's policy finance to make a useful exploration. On the basis of consulting a large number of literatures, this paper reviews the western financial development theories, the concepts and research methods of financial efficiency at home and abroad, and the measurement indexes. At the same time, it combines the definition, classification and function of policy-oriented finance. On the one hand, it clarifies the principal position of policy-oriented banks in China's policy-oriented financial system, and finds theoretical and practical support to regard it as the center of this paper. On the other hand, it tries to define the concept of the efficiency of policy-oriented finance from the perspective of internal and external efficiency, and determines the analytical framework of this paper. The internal efficiency of policy-oriented finance is analyzed by means of index, which is based on the principle of "policy" and "sustainability" from the aspects of scale index, risk index, financial index and policy index. Select the representative indicators in this range to analyze; On the aspect of external efficiency, the paper uses the improved total production function model to calculate the effect of China's policy-oriented financial capital stock on GDP by using the relevant data from 1999 to 2008. The result of this paper shows that the policy financial efficiency represented by the policy banks in our country is too large in the overall risk and weak in the realization of policy objectives, so the internal efficiency is relatively low. But limited to our country policy bank starts late, the term is shorter the present situation, the external efficiency function degree is not obvious in the short term, as a kind of financing way which mainly takes the medium and long term financing, its long-term function degree to the economy has yet to be tested. Finally, the paper puts forward some suggestions to improve the efficiency of policy-oriented finance: (1) to establish a scientific and comprehensive efficiency measurement system; (2) to establish a reasonable and effective supervision mechanism; (3) to establish a multi-level risk control mechanism; (4) establishing reasonable business boundary and exit mechanism, (5) paying equal attention to diversification means and scale control.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832

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