中国金融结构调整的经济效应研究

发布时间：2018-03-07 15:21

本文选题：金融结构　切入点：金融功能　出处：《安徽大学》2014年博士论文　论文类型：学位论文

【摘要】：金融结构是金融发展的重要特征,金融结构调整则是金融发展的具体形式。金融结构调整将通过风险分散、信息处理以及公司外部治理等金融功能的协同发挥,形成技术创新、融资约束缓解和资本配置效应,进而影响经济增长进程。改革以来,随着我国金融改革渐次推进,金融结构经历了持续而显著的调整过程。以股票市场为代表的直接融资渠道规模占社会融资总量的比例显著提升,融资总量结构日趋合理。与此同时,投资者结构不断优化,多层次资本市场建设成效显著；国有商业银行治理结构不断完善,银行业准入门槛不断降低,银行业产业结构也出现了显著调整。在2007年金融危机后,全球金融结构面临重构的大背景下,考察我国改革以来金融结构调整形成的经济效应,对于明确金融结构调整未来方向有着重要意义。在有关金融结构与经济增长之间宏观因果关系的诸多跨国比较研究中,广泛采用金融结构简单两分法范式对银行主导型与金融市场主导型两类典型金融结构影响经济发展的差异进行分析,但对处于两类典型结构之间的连续金融结构调整过程,上述研究的结论并不一致。为此,本文引入在时空上具有相对稳定性的金融功能,构建具有较好可比性的金融结构调整测度依据。并基于内生金融增长理论构建理论分析框架,剖析了金融结构调整经由金融功能实现,作用于影响经济增长的技术创新、融资约束和资本配置三类效应的内在机制。在此基础上,以我国35个工业行业1996至2011年的行业专利申请数、行业研发投资额和研发投资强度为研究样本,系统实证检验了我国金融结构调整的技术创新效应；随后,分别采用投资—现金流敏感性指标和现金—现金流敏感性指标,以我国1997至2012年制造业上市公司为研究样本,检验了我国金融结构调整的融资约束缓解效应；最后,通过扩展Wurgler模型,以1996至2007年我国35个工业行业为研究样本,实证检验了金融结构调整的资本配置效应。实证研究发现,我国金融结构调整形成了显著技术创新效应和融资约束缓解效应,对推动改革以来的经济增长发挥了重要作用。具体表现为：(1)金融结构调整通过促进企业技术创新投资,改善企业技术创新投资效率,有力支持了我国企业技术创新；(2)金融结构调整降低了制造业上市公司的投资—现金流敏感性和现金—现金流敏感性,有效缓解了企业融资约束,在一定程度上抑制了企业的过度投资；(3)1996至2007年间,金融结构调整在一定程度上提升了资本配置效率,但作用有限。而在1996至2007年间,国有银行的寡占贷款中较高比重的政策性贷款,则显著抑制了资本配置效率的改善。我国金融结构调整在以下方面制约了三类经济效应的形成：(1)银行业规模结构不合理抑制了我国商业银行在甄别技术创新机会、发现创新产业以及监督企业改善技术创新投资效率上的动力；(2)投资者结构不合理弱化了股票市场对公司管理人的监管与约束,难以有效抑制管理人滥用自由现金流从事非效率投资的倾向；(3)资本市场层次结构不合理阻滞了相对高效率的新型高科技中小企业的直接融资渠道,资本市场尚未发挥为高效率行业高效配置资本的功能。本文认为,在促进金融市场与金融中介均衡发展的同时,改善投资者结构和银行业规模结构将会有利于我国金融结构未来调整。配合多层次资本市场建设与上市发审制度的改革,通过引导、监督以及积极培育机构投资者,改善我国投资者结构,将有利于促进金融市场功能发挥,进而增强银行业的外部竞争压力。通过改善银行业规模结构可以促进银行业适度竞争度,促进金融中介信息处理和债权治理功能发挥。
[Abstract]:The financial structure is an important feature of financial development, financial structure adjustment is the specific form of financial development. Financial structure adjustment through risk diversification, the synergistic financial function of information processing and the external corporate governance, the formation of technological innovation, ease financing constraints and the capital allocation effect, thereby affecting the process of economic growth. Since the reform, with the China's financial reform gradually advancing, the financial structure experienced a sustained and significant adjustment process. In the stock market as the representative of the direct financing proportion of total social financing scale significantly increased, the total financing structure is becoming more rational. At the same time, investors to optimize the structure, the construction of multi-level capital market significantly; corporate governance structure of state-owned commercial banks continue to improve, the bankingindustry access threshold decreases, the banking industry structure also experienced a significant adjustment. The financial crisis in the 2007 pension After the reconstruction of the global financial structure, it is very important for us to clarify the economic effects of the financial structural adjustment since the reform.
In between the financial structure and economic growth of many multinational macro causal analysis, widely used in financial structure simple dichotomy paradigm of bank oriented and financial market oriented two typical financial structure affect the economic development of the difference, but the continuous adjustment of financial structure in the process of two typical structure. The research conclusions are inconsistent. Therefore, this paper has introduced the relative stability of the financial function in time and space, the construction has better than the financial structure adjustment measure basis. Based on the endogenous financial growth theory constructs the theoretical analysis framework, analyzes the financial structure adjustment through financial functions, acting on the impact of technological innovation economic growth the internal mechanism of financing constraints and capital allocation of three kinds of effect. On this basis, with China's 35 industries industry from 1996 to 2011 The number of patent applications, the industry R & D investment and R & D investment intensity as the research sample, the system examines the effect of technological innovation to adjust the financial structure in China; then, using investment cash flow sensitivity index and cash cash flow sensitivity index from 1997 to 2012, China's manufacturing industry listed companies as research samples, test the financing constraints of China's financial structure adjustment relief effect; finally, by extending the Wurgler model, from 1996 to 2007 China's 35 industries as the research sample, an empirical test of the capital allocation effect of financial structure adjustment.
The empirical study found that the adjustment of financial structure in China formed a significant technological innovation effect and mitigating the effects of financing constraints, which plays an important role in promoting economic growth. Since the reform of the specific performance: (1) financial structure adjustment through the promotion of enterprise technology innovation investment, improve the investment efficiency of the enterprise technological innovation, the strong support of technological innovation in China enterprise; (2) the financial structure adjustment to reduce the manufacturing listed companies investment cash flow sensitivity and cash cash flow sensitivity, effectively alleviate the financing constraints, to a certain extent, inhibit the excessive investment of enterprises; (3) 1996 to 2007 years, the adjustment of financial structure to enhance the efficiency of capital allocation in a certain degree, but the effect is limited. In 1996 to 2007 years, the state-owned bank oligopoly policy loans in a higher proportion, it significantly inhibited the improvement of capital allocation efficiency. The adjustment of China's financial structure restrict the formation of the three economic effects in the following aspects: (1) the scale of banking structure unreasonable suppression of China's commercial banks in the screening technology innovation opportunities, innovation and supervision of enterprises to improve the industry that technology innovation dynamic efficiency of investment; (2) the unreasonable structure of investors weakening stock market regulation with the constraints on the company management, management is difficult to restrain abuse of free cash flow in the tendency of non efficiency of investment; (3) the level of capital market structure is not reasonable and block the direct financing channels for new high-tech relatively high efficiency of small and medium enterprises, the capital market has yet to play for the high efficiency of the efficient allocation of capital industry functions.
This paper argues that, in promoting the balanced development of financial markets and financial intermediaries at the same time, improve the scale of investor structure and banking will be conducive to the adjustment of the future of China's financial structure reform, the construction of a multi-level capital market and public trial system through the cooperation of supervision and guidance, actively cultivate the institutional investors, improve the structure of our investors, will to promote the function of the financial market play, thus enhancing the competitive pressure of the banking sector. Through the improvement of bank size structure can promote the banking industry competition, promote the financial intermediary information processing and debt governance function.

【学位授予单位】：安徽大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.1

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