摘要
以金融所有制歧视为切入点研究金融发展与我国各地区实体部门资本形成的关系,以2003年至2013年中国30个地区的国有及国有控股工业企业和民营工业企业为样本,建立分地区的面板数据模型检验金融发展与资本形成之间的规律是否受到所有制歧视的影响。实证结果显示:我国以银行为主导的金融体系在资源配置上受到所有制的影响较大,金融发展更利于国有及国有控股工业企业资本形成;金融发展与工业资本形成之间存在"倒U型"关系,表现为金融发展在初期有利于工业资本形成,过度发展则会产生挤出效应;金融发展对民营工业企业资本形成的边际效益先于国有及国有控股工业企业开始减弱,即金融发展的最适规模在不同所有制下存在差异。
In view of financial ownership discrimination,the paper studies the relationship between the financial development and the regional capital formation of the real sectors. By using panel data from the state industrial enterprises and private industrial enterprises in China as sample,the regional panel model examines whether the laws between the financial development and capital formation are affected by financial ownership discrimination. The empirical results show that the bank-based financial system is affected greatly by financial ownership discrimination in capital allocation,financial development promotes the capital formation of SOEs more; there is inverted u-shaped relationship between financial development and industrial capital formation,which shows that financial development promotes the capital formation at the beginnning,but overdevelopment will cause＂crowding out effect＂; the marginal utility of financial development to private industrial enterprises begins to weaken earlier than to SOEs,or the appropriate scale of the finance system is different for different ownership industrial economics.
出处
《科技与经济》
2016年第2期51-55,共5页
Science & Technology and Economy
基金
浙江省软科学重点课题--"浙江省创新驱动发展的关键问题
影响因素与评估体系研究"(项目编号:2015C25024
项目负责人:俞立平)成果之一
关键词
金融所有制歧视
金融发展
资本形成
倒U型
financial ownership discrimination
financial development
capital formation
inverted u-shaped
