本文選題：金融結(jié)構(gòu) + 金融中介�。� 參考：《吉林大學(xué)》2013年博士論文

【摘要】：在經(jīng)濟(jì)全球化和經(jīng)濟(jì)金融化的今天，經(jīng)濟(jì)運(yùn)行與金融活動相伴相生。在金融促進(jìn)經(jīng)濟(jì)發(fā)展的過程中，金融總量增長和結(jié)構(gòu)變化共同發(fā)揮作用，但是金融總量增長更多的表現(xiàn)為一種量化擴(kuò)張，而金融結(jié)構(gòu)則是衡量一國金融發(fā)展水平的重要標(biāo)志，并成為推動經(jīng)濟(jì)增長的內(nèi)生動力。本文選取美國金融結(jié)構(gòu)作為研究對象，從歷史發(fā)展的視角詳盡描述了美國長達(dá)二百多年的金融發(fā)展歷程，并實現(xiàn)了由銀行中介為主導(dǎo)向以金融市場為主導(dǎo)的金融結(jié)構(gòu)變遷，美國金融結(jié)構(gòu)在產(chǎn)品創(chuàng)新、市場機(jī)制、金融監(jiān)管等方面成為引領(lǐng)世界金融發(fā)展的風(fēng)向標(biāo)。然而2007年爆發(fā)的次貸危機(jī)，，引發(fā)了理論界對美國金融結(jié)構(gòu)模式的再思考。正是在這一特殊背景下，筆者期望通過對美國金融結(jié)構(gòu)的深入研究，進(jìn)一步探討美國金融結(jié)構(gòu)對經(jīng)濟(jì)增長和金融穩(wěn)定性的影響，從而更加全面客觀的認(rèn)識和評價美國金融結(jié)構(gòu)的優(yōu)勢和不足，并對我國金融發(fā)展提出針對性的政策建議，因此在后危機(jī)時代研究美國金融結(jié)構(gòu)問題有著重要的理論和現(xiàn)實意義。 從結(jié)構(gòu)安排方面，本文首先分析了美國金融結(jié)構(gòu)變遷歷程，并結(jié)合制度經(jīng)濟(jì)學(xué)和金融功能觀的理論基礎(chǔ)，深入探討經(jīng)濟(jì)體系中決定金融結(jié)構(gòu)變遷的內(nèi)在因素和作用機(jī)理。由于美國金融結(jié)構(gòu)涵蓋的內(nèi)容較廣，本文重點選取了金融結(jié)構(gòu)與經(jīng)濟(jì)增長、金融結(jié)構(gòu)與金融脆弱性兩個方面，原因在于“金融結(jié)構(gòu)與經(jīng)濟(jì)增長”是金融發(fā)展領(lǐng)域的重要內(nèi)容，結(jié)合美國經(jīng)濟(jì)實踐分析，具有較強(qiáng)的代表性和借鑒性，而“金融結(jié)構(gòu)與金融脆弱性”則是以美國金融自由化和次貸危機(jī)的爆發(fā)為背景，深入探討美國金融結(jié)構(gòu)與次貸危機(jī)的內(nèi)在關(guān)聯(lián)機(jī)制。雖然本文研究美國金融結(jié)構(gòu)的著力點有限，但是在每個研究內(nèi)容方面，都力圖詳盡闡述、深入透徹。 在研究“金融結(jié)構(gòu)與經(jīng)濟(jì)增長”的內(nèi)容方面，本文在分析金融中介、金融市場與經(jīng)濟(jì)增長的作用機(jī)制的基礎(chǔ)上，進(jìn)一步延伸到美國金融結(jié)構(gòu)與產(chǎn)業(yè)結(jié)構(gòu)的研究領(lǐng)域。因為產(chǎn)業(yè)結(jié)構(gòu)是經(jīng)濟(jì)增長的重要組成部分，而美國市場主導(dǎo)型金融結(jié)構(gòu)在推動美國新興產(chǎn)業(yè)發(fā)展和產(chǎn)業(yè)結(jié)構(gòu)升級過程中發(fā)揮了重要作用，具體表現(xiàn)為市場主導(dǎo)型金融結(jié)構(gòu)在信息處理、風(fēng)險管理、流動性方面的優(yōu)勢，而美國的風(fēng)險投資機(jī)制和多層次的資本市場體系成為培育高新技術(shù)企業(yè)發(fā)展和壯大的孵化器。 在研究“金融結(jié)構(gòu)與金融脆弱性”的內(nèi)容方面，本文深入分析了金融脆弱性內(nèi)生于金融結(jié)構(gòu)的理論基礎(chǔ)，并結(jié)合美國的金融自由化浪潮，重點從利率自由化、混業(yè)經(jīng)營、金融創(chuàng)新等方面剖析了金融自由化加劇金融脆弱性的作用機(jī)制。隨后，本文重點分析了美國次貸危機(jī)爆發(fā)與深化的過程，并從金融脆弱性視角解析次貸危機(jī)的內(nèi)在根源，主要包括金融機(jī)構(gòu)信貸擴(kuò)張的脆弱性、混業(yè)經(jīng)營體制的脆弱性和影子銀行體系的脆弱性三個方面。 最后，本文借鑒美國金融發(fā)展經(jīng)驗，對我國金融結(jié)構(gòu)優(yōu)化問題進(jìn)行分析。在概括我國金融結(jié)構(gòu)現(xiàn)狀的基礎(chǔ)上，簡要論述了我國金融結(jié)構(gòu)在支持經(jīng)濟(jì)發(fā)展、金融機(jī)構(gòu)結(jié)構(gòu)、金融市場結(jié)構(gòu)和融資結(jié)構(gòu)等方面存在的問題，并提出了進(jìn)一步優(yōu)化和改革的政策性建議，主要涵蓋優(yōu)化金融中介和金融市場結(jié)構(gòu)、促進(jìn)兩者之間的均衡化發(fā)展、強(qiáng)調(diào)市場機(jī)制在金融結(jié)構(gòu)優(yōu)化的基礎(chǔ)作用、穩(wěn)健推進(jìn)金融創(chuàng)新等內(nèi)容。
[Abstract]:In the process of economic globalization and economic finance, economic operation and financial activities are associated with each other. In the process of promoting economic development, financial aggregate growth and structural changes play a common role, but the growth of financial aggregate is more of a quantitative expansion, while gold and financial structure is an important measure of the level of financial development of a country. This paper selects the American financial structure as the research object, and describes the financial development course of the United States for more than 200 years from the perspective of historical development, and realizes the financial structure change dominated by the banking intermediary to the financial market, and the American financial structure is created in the product. New, market mechanism, financial supervision and other aspects have become the vane leading the world financial development. However, the subprime crisis, which broke out in 2007, has caused the theoretical circle to rethink the American financial structure model. It is under this special background that the author expects to further explore the financial structure of the United States through the in-depth study of the American financial structure. The influence of economic growth and financial stability, thus more comprehensively and objectively understanding and evaluation of the advantages and disadvantages of the American financial structure, and putting forward some pertinent policy suggestions to the financial development of our country. Therefore, it is of great theoretical and practical significance to study the problems of the American financial structure in the post crisis era.
In terms of structural arrangement, this article first analyzes the course of the changes in the American financial structure, and combines the theoretical basis of institutional economics and financial function, and probes into the internal and functional mechanisms of the financial structure changes in the economic system. There are two aspects of economic growth, financial structure and financial fragility. The reason is that "financial structure and economic growth" is an important content in the field of financial development. In combination with the analysis of American economic practice, the financial structure and financial fragility are based on the financial liberalization and the subprime crisis in the United States. Background, the internal relationship between the American financial structure and the subprime crisis is discussed in depth. Although the focus of this paper is limited to the United States financial structure, it is hard to elaborate and thorough in every research content.
In the study of the content of "financial structure and economic growth", on the basis of the analysis of the financial intermediation, the financial market and the mechanism of economic growth, this paper further extends to the research field of the American financial structure and industrial structure, because the industrial structure is a major component of the economic growth and the American market dominated financial structure. It plays an important role in promoting the development of the new industry and the upgrading of the industrial structure in the United States. It shows the advantages of the market dominated financial structure in the aspects of information processing, risk management and liquidity, while the American venture capital mechanism and the multi-level capital market system are the hatching of the development and expansion of the high-tech enterprises. Apparatus.
In the study of the content of financial structure and financial fragility, this paper analyzes the theoretical basis of financial fragility born in financial structure, and analyzes the mechanism of financial fragility intensifying financial fragility from the liberalization of interest rate, mixed operation and financial innovation in the light of the wave of financial liberalization in the United States. After that, this paper focuses on the analysis of the process of the outbreak and deepening of the subprime mortgage crisis in the United States, and analyzes the underlying causes of the subprime crisis from the perspective of financial vulnerability, mainly including the fragility of the credit expansion of financial institutions, the fragility of the mixed operation system and the fragility of the shadow banking system in three aspects.
Finally, using the experience of American financial development, this paper analyzes the optimization of financial structure in our country. On the basis of summarizing the current situation of our financial structure, this paper briefly discusses the problems existing in the financial structure in supporting the economic development, the structure of financial institutions, the structure of the financial market and the structure of financing. The policy recommendations of the reform mainly cover the optimization of financial intermediaries and the financial market structure, promote the balanced development between the two, emphasize the basic role of the market mechanism in the optimization of the financial structure, and promote financial innovation steadily.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F837.12

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本文編號：2010183