金融业过度投资的甄别及解释

发布时间：2019-02-26 08:03

【摘要】：本文通过分析投入金融业的资金总量与资金使用效率的关系,证实了中国金融业普遍存在明显的过度投资,特别是债务资金异常过度。金融业在业务经营中积累了大量金融资源,投资者正是因垂涎于这些金融资源而罔顾了资金逐利规律,并最终导致过度投资。不同行业不同资金的过度投资表现有细微差异。银行业因金融资源的规模较大而过度投资最严重,尤其是债务资金投入过甚。保险业的资金运用更为自由,其投资人存在严重的占有金融资源的投资动机,这一投机现象比银行业更严重,特别是寿险业的权益资金强烈地受金融业务特征的吸引而严重偏离逐利规律。这些投资者进入金融业的主要目的是控制金融机构,因而罔顾了资金逐利规律。过度投资不仅浪费了资金,还严重影响金融业的正常经营,扰乱金融秩序。金融业过度投资及其根源应引起金融机构、监管机构和投资者的重视,需规范金融业务发展及资金运用监管,防止金融资源滥用,使金融市场健康持续地发展。
[Abstract]:Based on the analysis of the relationship between the total amount of funds invested in the financial industry and the efficiency of the use of funds, this paper proves that there is an obvious over-investment in the Chinese financial industry, especially the abnormal excess of the debt funds. The financial industry has accumulated a large number of financial resources in its business operations, and it is precisely because of these financial resources that investors have ignored the rule of capital seeking profits, and eventually led to over-investment. The over-investment performance of different industries and different funds varies slightly. Banks overinvest most because of the size of financial resources, especially debt. The insurance industry is more free to use its funds, and its investors have a serious incentive to invest in financial resources, which is more serious than the banking industry. Especially, the equity funds of the life insurance industry are strongly attracted by the characteristics of the financial business and seriously deviate from the law of seeking profits. The main purpose of these investors in the financial sector is to control financial institutions, thus ignoring the law of capital profit. Excessive investment not only wasted money, but also seriously affected the normal operation of the financial industry, disrupting the financial order. The excessive investment in the financial industry and its root causes should be attached importance to by the financial institutions, regulators and investors. It is necessary to regulate the development of financial business and the supervision of the use of funds, to prevent the abuse of financial resources, and to make the financial market develop healthily and continuously.
【作者单位】：上海财经大学金融学院;上海对外经贸大学金融管理学院;
【分类号】：F832

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