摘要
本文首先通过指标变换,将信贷/GDP比率转为信贷投入率与投入回报率之比,它同时包含经济金融化程度与经济产出效率两方面内容。然后以宁波市1980-2009年数据为样本,采用因子分析法进行实证检验,解释了该比率持续升高的原因,即信贷在经济投入中的占比持续上升和经济生产的投入回报率不断下降。前者源于经济金融化程度提高,后者则由产业结构调整所致。最后,针对研究结论提出了若干政策建议。
We first transform loans-to-GDP ratio into loans-to-investment ratio and return on investment,which indicates financialization level and production efficiency of the economy respectively.Using factor analysis based on economic and financial statistical serials of Ningbo during 1980 and 2009,we find out the causes of loans-to-GDP ratio constantly climbing up.They include loans-to-investment ratio continually going up and production efficiency constantly declining,while the former means improvement of economic financialization,the latter is related to industrial restructuring.Ultimately,we bring forward some proposals according to the foregoing conclusion.
出处
《浙江金融》
北大核心
2011年第2期18-22,共5页
Zhejiang Finance
关键词
信贷/GDP比率
信贷投入率
投入回报率
产业结构调整
因子分析
Loans-to-GDP ratio
Loans-to-investment ratio
Return on investment
Industrial restructuring
Factor analysis
