摘要
借助经典假设下的线性回归模型和时间序列的VAR模型,对中国金融资源配置产出效应及其约束条件进行了实证分析。实证分析结果表明:中国金融资源配置对经济增长的作用体现为"量"的扩张而非"质"的提升,并且,随着中国经济增长约束条件的变化,政府主导下金融资源配置的结构性失衡和价格"双轨"带来的问题日益突出,金融资源配置的边际产出开始出现递减。因此,只有通过有效的制度安排,使金融约束的"租金"由国有部门转移到民间部门,才能激励金融创新和技术进步,最终实现中国金融资源的市场化配置和全要素生产率的提高。
The empirical analysis was implemented with the linear regression model under classical assumptions and VAR model of the time series.The result of empirical analysis shows that the allocation of Chinese financial resource has been upgrading the 'quantity' of its economic growth rather than improving the 'quality',furthermore,with the constraints' change of China's economic growth,the problems of China's financial resources allocation,such as structural disequilibrium and 'two-track' price,which originated in government monopoly,became more and more prominent.As a result,the marginal output of China' financial resources began to decline.Therefore,the effective system arrangements should be carried out to transfer financial rent from government sectors to private sectors,which can really incite financial innovation and technological progress.The ultimate policy objective is to implement market-oriented allocation of China's financial resources and enhance its total factor productivity.
出处
《东北大学学报（社会科学版）》
CSSCI
北大核心
2012年第5期399-405,共7页
Journal of Northeastern University(Social Science)
基金
辽宁省社会科学界联合会资助项目(2012lslktzijjx-02)
关键词
金融资源
金融约束
市场化配置
financial resources
financial restraint
market-oriented allocation
