信贷歧视、FDI与金融效率

发布时间：2019-05-28 12:16

【摘要】：本文主要研究基于所有制差别产生信贷歧视，导致FDI的流入，进而对我国金融效率的影响及区域差异性。公有制经济和非公有制经济在产权属性方面的差异即所有制差别，是目前以国有垄断为特征的金融体系实行信贷差别化的基础。非公有制经济在国内不能平等公正地获得融资，而资金的需要是急迫和现实的，，为了缓解自身的融资约束，他们必须寻求其他资金渠道。FDI在这种国内金融扭曲的环境下进入，对国内金融体系特别是金融体系的效率产生了什么样的效应，是促进还是进一步使其扭曲；另外，在中国这样区域发展不平衡的现实大背景下，其对区域金融效率的影响又是怎么样的？这些都是本文要研究和试图回答的问题。本文的研究遵循理论分析和实证检验的研究范式，主要内容：对FDI与金融扭曲、金融效率以及信贷歧视这方面的国内外文献进行梳理，借鉴研究方法；建立间接融资所有制模型，分别推导在存在和不存在所有制差别情况下，银行的贷款决策，结论表明存在所有制差别的情况下，银行要对非公有制经济企业收取额外的利率升水，并结合实际进行了更深层次的分析；对本文所要研究现象之间的内在作用机制及其逻辑进行了深刻的阐述。在理论推导和机制分析之后，接下来的主要内容是实证检验上文提出的命题假设。首先，对本文主要涉及的关键指标也即是模型中的被解释变量金融效率进行定义，着眼于本文的研究出发点，借鉴以往学者的科学有益经验和方法，来测算金融效率；根据测算结果数据，继续挖掘分析，对我国整体及区域金融效率进行了深入和详细的分析，结果表明，金融效率在区域间存在差异，在不同时期也演变出不同规律，且空间相关性分析表明金融效率在空间上存在相关性，因此建立空间计量模型是本文合理的选择；对空间计量模型的模型及检验方法做了简单介绍；借鉴其他学者和充分考虑本文的研究以及数据可得性等方面选取本文的控制变量，建立了空间计量模型，空间相关性检验表明空间误差模型（SEM）应是本文更为合理的选择；对空间计量模型的实证结果的分析表明，FDI对区域金融效率的影响在不同区域之间表现出区域差异性，并与区域的经济结构有很大关系，东部地区是显著的正影响，中西部地区却是负的影响，从而验证了前述提出的研究假设。最后，对本文的主要研究结论进行总结；结合我国经济发展和金融改革的现实情况，提出了要从改变观念、健全相关制度、探索新的融资担保方式等方面给出具体的具有可操作性的政策建议。
[Abstract]:This paper mainly studies the credit discrimination based on ownership differences, which leads to the inflow of FDI, and then the impact on financial efficiency and regional differences in China. The difference of property right attribute between public economy and non-public economy, that is, the difference of ownership, is the basis of credit differentiation in the financial system characterized by state-owned monopoly. The non-public sector of the economy does not have equal and fair access to financing at home, and the need for funds is urgent and realistic. In order to alleviate their own financing constraints, they must seek other funding channels. FDI enters in this domestic financial distorting environment. What kind of effect does it have on the efficiency of the domestic financial system, especially on the efficiency of the financial system, whether it promotes or further distorts it; In addition, in the context of unbalanced regional development in China, what is its impact on regional financial efficiency? These are the questions that this paper will study and try to answer. The research of this paper follows the research paradigm of theoretical analysis and empirical test, the main contents are as follows: combing the domestic and foreign literature on FDI and financial distortion, financial efficiency and credit discrimination, drawing lessons from the research methods; The indirect financing ownership model is established, and the loan decision of the bank is deduced when there is and does not exist the ownership difference, and the conclusion shows that there is the ownership difference. Banks should charge additional interest rates to non-public economic enterprises to raise water, and combined with the actual situation to carry out a deeper analysis; The internal action mechanism and logic of the phenomena to be studied in this paper are deeply expounded. After theoretical derivation and mechanism analysis, the next main content is to empirically test the propositional hypothesis put forward above. First of all, this paper mainly involves the key index, that is, the financial efficiency of the explained variables in the model, focusing on the starting point of this paper, drawing lessons from the scientific experience and methods of previous scholars to measure financial efficiency; According to the measured data, the overall and regional financial efficiency of our country is analyzed in depth and detail according to the calculated data. The results show that there are differences in financial efficiency among regions, and different laws have evolved in different periods. And the spatial correlation analysis shows that there is a spatial correlation of financial efficiency, so the establishment of spatial measurement model is a reasonable choice in this paper. The model and test method of spatial econometric model are briefly introduced. Drawing lessons from other scholars and fully considering the research of this paper and the availability of data, the control variables of this paper are selected, and the spatial measurement model is established. The spatial correlation test shows that the spatial error model (SEM) should be a more reasonable choice in this paper. The analysis of the empirical results of the spatial measurement model shows that the impact of FDI on regional financial efficiency shows regional differences among different regions, and has a great relationship with the regional economic structure, and the eastern region is a significant positive impact. However, the central and western regions are negative, thus verifying the above research hypothesis. Finally, the main conclusions of this paper are summarized. Combined with the reality of economic development and financial reform in China, this paper puts forward some practical policy suggestions from the aspects of changing the concept, perfecting the relevant system and exploring new financing guarantee methods.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4;F832.6

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