金融发展影响资本形成的机理与实证研究

发布时间：2018-03-21 14:52

本文选题：金融发展　切入点：资本形成　出处：《南京大学》2013年硕士论文　论文类型：学位论文

【摘要】：消费、投资与净出口是拉动一国经济增长的三驾马车,作为经济增长主要推动力的资本形成从亚当·斯密的时代便引起了人们的关注,而金融发展则是近几十年来发展迅速的研究热点。一般认为,金融发展通过促进资本形成与技术创新两个层面影响经济增长。本文的研究核心在于中国金融发展通过何种方式影响资本形成,金融发展的各要素与资本形成的相关性有多少,以及如何通过促进金融发展来促进资本的形成。本文首先对金融发展和资本形成的相关理论以及对其的计量分析进行了梳理。接着,从理论上详细分析了金融发展影响资本形成的机制。在动员储蓄方面,金融发展通过心理因素、便利性及收益性来提高储蓄；在激励投资方面,金融发展通过降低融资成本、提供可靠渠道、减小投资风险来提高投资；在便利储蓄投资的转化方面,金融发展通过沟通转化渠道、提高转化效率、创造转化需求等促进储蓄向投资的转化。在此基础上,本文选取金融深化、金融效率、金融结构这三个衡量金融发展的指标来检验金融发展与资本形成的关系,将全国划分为东部、中部、西部三个区域,对中国金融发展与资本形成关系进行了实证检验。本文研究表明,金融发展通过储蓄动员机制、投资激励机制以及促进储蓄向投资转化机制影响了资本形成；不同的金融发展指标对资本形成影响不同,不同地区金融发展与资本形成之间的相关性也存在差异,但从综合角度来说,金融发展促进资本形成的观点确定无疑。确保金融业的健康发展不仅有利于资本形成,更有助于促进整个经济的发展。本文因而给出了中国通过金融发展来促进资本形成的政策建议：第一,减少政府对金融发展的干预；第二,区别对待各地区金融发展；第三,推动利率市场化改革；第四,鼓励金融创新,完善多层次金融体系。
[Abstract]:Consumption, investment and net exports are the troika that drives a country's economic growth, and capital formation, as the main driver of economic growth, has been a concern since Adam Smith's time. However, financial development has been a hot research topic in recent decades. It is generally believed that, Financial development affects economic growth through promoting capital formation and technological innovation. The core of this paper is how Chinese financial development affects capital formation and how much the correlation between each element of financial development and capital formation. And how to promote financial development to promote the formation of capital. This paper firstly combs the relevant theories of financial development and capital formation and its econometric analysis. Then, it analyzes in theory the mechanism that financial development affects capital formation. Financial development improves savings through psychological factors, convenience and profitability; in terms of stimulating investment, financial development improves investment by reducing financing costs, providing reliable channels and reducing investment risks; in facilitating the transformation of savings and investment, Financial development promotes the transformation of savings to investment through communication and transformation channels to improve the efficiency of transformation and create the demand for transformation. On this basis, this paper selects financial deepening, financial efficiency, etc. The financial structure is used to test the relationship between financial development and capital formation, and the whole country is divided into three regions: eastern, central and western, and the relationship between financial development and capital formation in China is tested empirically. This paper shows that financial development affects capital formation through savings mobilization mechanism, investment incentive mechanism and the mechanism of promoting savings to investment transformation, and different financial development indicators have different effects on capital formation. There are also differences between financial development and capital formation in different regions, but from a comprehensive point of view, the view that financial development promotes capital formation is certain. Ensuring the healthy development of financial industry is not only conducive to capital formation, Therefore, this paper gives some policy recommendations for China to promote capital formation through financial development: first, to reduce government intervention in financial development; second, to treat regional financial development differently; third, Promote interest rate marketization reform; 4th, encourage financial innovation, improve the multi-level financial system.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832;F124;F224

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