摘要
相对于中国金融效率改进问题的主流认识,本文提出了金融效率改进的另一种路径选择,即"金融产业发展"的路径选择。通过金融效率决定因素的原始模型分析,作者认为,在影响金融配置效率实现的两个基本市场条件中,市场完全性是内生的、直接的市场条件,而市场完备性是外生的、一般性的市场条件。因此,一个经济的金融效率改进过程必须遵循"市场完全性先于市场完备性"的原则。同时,对应现阶段中国金融低效率主要起源于金融产业结构约束的现实,作者主张中国金融效率帕雷托改进必须通过金融产业发展来实现,并认为中国金融产业发展的帕雷托改进所遵循的逻辑路径应当是:组织体系结构化→权证资产(工具)丰富化→权证市场规模扩大化。
According to the main knowledge of China's finance efficiency development issue, this paper raises another option for financial efficiency development. Through the analysis on the original model of financial efficiency decisive factors, there are two fundamental market conditions to influence the realization of financial allocation efficiency: market completeness is an inner and direct market condition; market perfect is a outside and general market condition. As a result, the process of a economical financial efficiency improvement must follow 'market completeness must be considered ahead of market perfect' policy. Due to the reason that the present low efficiency of China finance is caused by the limitation of financial industry structure, this paper stresses on the logic process that China financial industry development of Pareto improvement should be; structuring organization system-optimizing asset products-enlarging financial market scale.
出处
《广东金融学院学报》
2005年第2期3-10,共8页
Journal of Guangdong University of Finance
基金
广东省自然科学基金项目(编号:0400975)中山大学社会科学重大项目
关键词
金融配置效率
市场完全性
产业结构
帕雷托改进
中国
Financial Allocative Efficiency
Market Completeness
Limitation of Financial Industry Structure
Pareto Improvement
