摘要
本文使用16个转轨国家1996～2008年间面板数据回归分析显示,制度质量对转轨国家的金融深度、金融市场规模、银行信贷规模以及银行部门的效率都有显著而且稳健的影响,制度质量的提高有助于促进转轨国家的金融发展。这对中国的金融发展提供了有益的启示,改进制度质量,建立强化产权保护、完善投资者保护和信息披露法律法规、提高执法质量、以法律制度约束政府行为,将有助于解决中国金融效率低下和资本市场欠发达的问题。
From Spring to April 2012, Wenzhou and Shenzhen carried out a set of new measures of financial reform, the aim of which are to encourage the development of nongovernmental finance and capital market, speed up the reform of financial asset pricing mechanics. Financial development could not been achieved only by the effort of financial system itself, a set of supporting policy should be make by government, especially supporting institu- tions. Therefore this paper chooses transitional countries whose conditions are similar with china as object of study, and puts forward policy advice from institutional aspect. In this decade, many researchers have focused on the in- fluence of institution on financial development. They showed that institutional quality composed of property right, law and political institutions can influence financial development. Theory analysis of this paper shows that institu- tion co-exists with financial system and can stimulate financial development by following means： open the channel of saving-investment transformation, enhance investor protection, increases the confidence of investor, and erases financial depression. On the basis of the analysis we put forward four hypothesis which need to be proved ： first, in- stitutional quality promotion can increase financial depth; second, institutional quality promotion can enlarge the scale of credit and increase banking efficient; third, institutional quality promotion can enlarge the scale of financial market; to sum up, institutional quality promotion can stimulate financial development. In order to test these hypothesis, we take empirical analysis by panel data of 16 transitional countries from 1996 to 2008. We divide 8 explanted variables into 4 groups to express 4 aspect of financial development： financial depth measured by M2/GDP and financial relevant ratio, scale of banking credit measured by credit provided by bank as percentage of GDP and net domestic credit divided by GDP, efficiency of banking measured by credit p
出处
《经济管理》
CSSCI
北大核心
2012年第9期121-128,共8页
Business and Management Journal ( BMJ )
基金
天津师范大学引进人才基金项目"金融发展中制度变量衡量指标体系构建"(5RW095)
关键词
制度
金融发展
转轨国家
institution
financial development
transitional countries
