中国区域间金融资本流动的绩效研究

发布时间：2018-03-12 10:36

本文选题：金融资本　切入点：流动绩效　出处：《吉林大学》2013年博士论文　论文类型：学位论文

【摘要】：在现代经济增长中，任何区域内经济实体的运行都离不开金融资本的支持和参与，金融资本如同经济“血液”一样在区域间沿着自己合理的渠道不断地流动，通过流动实现自身利益最大化与资源要素的空间配置，充分发挥其绩效功能。党的十八大提出“加快转变经济发展方式”是关系我国发展全局的战略抉择，要求经济发展更多依靠消费内需拉动，依靠节约资源和循环经济推动，促进区域协调发展。如何实现经济发展方式的转变便成为经济学界普遍关注的一个课题。本文以时间为主线，以空间为区位，以金融资本流动为调控手段，以区域经济发展与经济结构为绩效切入点，通过经济指标的静态存量统计作为金融资本流动的绩效结果，运用动态流动展开对静态绩效的分析，找出产生和影响绩效的主要因素，有针对性地运用不同的资本要素流动来调整与实现所要达到的经济目标，实现区域经济发展方式的转变。文章指出，跨区域流动的金融资本可分为市场主导的逐利型与政府主导的政令型两种。市场这只“无形的手”以效率为目标，将金融资本不断地从边际收益低的区域流向收益高的区域；政府这只“有形的手”以公平为目标，将金融资本转移到宏观经济调控所需要的区域。经济发展与结构变化实际是政府和市场这两只手不断博弈的结果。从经济结构的角度出发，重点分析了全国层次及东、中、西三大区域投资、消费与净出口的具体结构情况，并对各种结构占比与走势进行了分析。从资本的逐利、规避风险、实现公平三个方面出发，分析金融资本通过银行信贷、资本市场、财政转移支付、外国资本和民间资本等几种流通渠道流入到生产领域，实现从金融体系进入到经济体系的转移过程。运用机理模型，从理论的角度分析了区域投资的理论拐点和金融资本流动的动因机理，论述了金融资本对于流入区域储蓄与投资的影响作用，找出了通过区域间金融资本流动来实现资源优化配置的帕累托最优理论比例，论述了各区域根据自身比较优势来发展具有优势的产品与产业的定位理论，得出区域间通过金融资本流动，能够有效地优化资源配置，并实现整体福利绩效的最大化。在绩效分析方面，（1）运用时间序列的多元线性回归来分析检验对东、中、西三大区域经济总量（GDP）的影响，得出影响东部区域经济总量的主要因素是资本形成总额、资本市场融资额和财政转移支付；对中部影响最大的是资本形成总额、资本市场融资额；对西部影响最大的是资本形成总额，政府财政转移支付，同时，，得出了财政转移支付对于西部的影响存在时滞性，当期的大量金融资本变相地流向了东部等发达区域。（2）运用面板数据对三大区域的消费绩效、投资绩效、净出口绩效进行实证检验。得出影响三大结构的主要因素是银行新增存贷差与政府财政转移支付。银行新增存贷差为负相关，政府财政转移支付为正相关的实证结论。根据流动机理及实证分析可知，运用政府和市场有形与无形的博弈组合，通过调控不同金融资本要素流量和流向，实现新时期区域经济发展方式的转变。
[Abstract]:In modern economic growth, any regional economic entity operation cannot do without the support of financial capital and financial capital to participate, as the economy as "blood" in the area along its own reasonable channel flows continuously, through the realization of space allocation to maximize their own interests and the flow of resource elements, give full play to its performance. The eighteen proposed "accelerate the transformation of economic development mode" is a strategic choice of China's overall development, economic development depends more on domestic consumption, saving resources and rely on the promotion of circular economy, promoting coordinated regional development. How to realize the transformation of the mode of economic development has become a topic of widespread concern of economists.
This paper takes time as the main line, from the space location, with financial capital flow control means, with the development of regional economy and the economic structure for the performance of the starting point, through the static stock statistics of economic indicators as financial capital flow performance, the use of dynamic flow to analyze the static performance, find out the main factors affecting the performance and the targeted use of capital flow to adjust the different economic objectives and implementation to achieve, to realize the transformation of the pattern of regional economic development.
The article points out that the trans regional flow of financial capital can be divided into dominant market profit and the government decree two. The invisible hand of the market "to the efficiency of financial capital, will be continuously from the low marginal income area to high income areas; the government only visible hand" on the fair will be transferred to the capital, the financial macroeconomic regulation to regional development and change of economic structure. The government and the market is actually the hands to the result of the game.
Starting from the perspective of economic structure, focus on the analysis of the national level and in the East, West, three regional investment, the specific structure of consumption and net exports, and the proportion of various structure and trend are analyzed. To avoid the risk from profit, capital, realize the fairness of three aspects, analysis of financial capital through bank credit, capital market, financial transfer payment, foreign capital and private capital and other distribution channels into the production area, entering from the financial system to transfer economic system.
Using mechanism model, motivation mechanism of regional investment theory and financial capital flows inflection point is analyzed from the theoretical point of view, discusses the impact on regional financial capital inflow of savings and investment, the proportion of flow through the Pareto optimal theory of regional financial capital to achieve the optimal allocation of resources, discusses the theory of regional development orientation the product and industry advantages according to their comparative advantages, the regional financial capital flows through, can effectively optimize the allocation of resources, and maximize the overall welfare performance.
In the performance analysis, (1) using multiple linear regression analysis of time series on the East, West, three regional economy (GDP) the influence of main factors that influence the eastern region economy is the total amount of financing capital formation, capital market and financial transfer payment; the middle is the biggest impact total capital formation, the amount of financing on the capital market; the greatest impact is the total amount of capital formation, government fiscal transfer payment, at the same time, the effects of fiscal transfer payment in the West there is a delay, large amount of financing the current in to the eastern part developed area. (2) the use of panel data on consumption performance. The three regional investment performance, net export performance empirical test. The main factors that influence the structure of three is a new bank bad loan and government financial transfer payment. The new bank lending to the poor negative The government financial transfer payment is a positive empirical conclusion.
According to the flow mechanism and empirical analysis, we can use the combination of visible and invisible game of government and market to achieve the transformation of regional economic development mode in the new era by regulating the flow and flow of different financial capital elements.

【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.5

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