本文關(guān)鍵詞：制度環(huán)境、非正規(guī)金融與經(jīng)濟(jì)增長　出處：《浙江工商大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 非正規(guī)金融 金融結(jié)構(gòu) 契約制度 產(chǎn)權(quán)制度 經(jīng)濟(jì)增長

【摘要】：在我國,非正規(guī)金融對經(jīng)濟(jì)增長有著積極的促進(jìn)作用,而正規(guī)金融體系對經(jīng)濟(jì)增長的作用不明顯甚至存在負(fù)相關(guān)。許多文獻(xiàn)從信息不對稱和社會資本的角度出發(fā)解釋非正規(guī)金融的重要性,認(rèn)為非正規(guī)金融能夠更有效地解決道德風(fēng)險(xiǎn)和逆向選擇。根據(jù)法與金融方面的成果,金融體系的發(fā)展,及其分散風(fēng)險(xiǎn)、配置資源并促進(jìn)經(jīng)濟(jì)增長的作用的發(fā)揮都主要取決于金融投資者的未來現(xiàn)金流是否能得到保障。因此當(dāng)法律制度不完善,難以保障正規(guī)金融投資者利益時(shí),人們可以通過選擇依靠社會資本作為契約治理機(jī)制的非正規(guī)金融來避免金融市場中的道德風(fēng)險(xiǎn)和逆向選擇。產(chǎn)權(quán)制度和金融產(chǎn)業(yè)政策同樣會影響到投資者的未來收益,而且對正規(guī)金融與非正規(guī)金融的影響機(jī)制也是不一樣的。本文利用中國31個省或直轄市在2003-2008年的面板數(shù)據(jù)考察制度與政策如何影響非正規(guī)金融與正規(guī)金融相對規(guī)模比例以及這種金融結(jié)構(gòu)對經(jīng)濟(jì)增長的貢獻(xiàn)。文章驗(yàn)證了非正規(guī)金融與正規(guī)金融的規(guī)模比取決于與產(chǎn)權(quán)制度的完善程度緊密相關(guān)的金融產(chǎn)業(yè)政策,而法律、社會資本甚至產(chǎn)權(quán)制度本身所意味的對金融行業(yè)的掠奪和干預(yù)等可能激勵非正規(guī)金融發(fā)展的因素往往被政府的管制政策所抵消。在法律制度不完善時(shí),發(fā)展非正規(guī)金融占比高的金融結(jié)構(gòu)更有利于經(jīng)濟(jì)增長,社會資本的增強(qiáng)促進(jìn)非正規(guī)金融對經(jīng)濟(jì)增長的貢獻(xiàn),信任程度的改變則對非正規(guī)金融與正規(guī)金融的比例結(jié)構(gòu)對經(jīng)濟(jì)增長的作用沒有影響。而且產(chǎn)權(quán)制度越完善,則非正規(guī)金融占比越高的金融結(jié)構(gòu)越有利于經(jīng)濟(jì)增長。一種可能的解釋是產(chǎn)權(quán)制度完善所對應(yīng)的放松支持正規(guī)金融并壓抑非正規(guī)金融的產(chǎn)業(yè)政策使得非正規(guī)金融促進(jìn)經(jīng)濟(jì)增長的作用的提升要大于產(chǎn)權(quán)制度完善本身對正規(guī)金融的影響。此外,本文的結(jié)論是穩(wěn)健的,而且同樣適用于解釋制度環(huán)境對非國有金融機(jī)構(gòu)與國有金融機(jī)構(gòu)的規(guī)模比例等金融結(jié)構(gòu)的影響。
[Abstract]:In China, informal finance plays a positive role in promoting economic growth. However, the role of formal financial system on economic growth is not obvious or even negative correlation. Many literatures explain the importance of informal finance from the perspective of information asymmetry and social capital. It is believed that informal finance can solve moral hazard and adverse selection more effectively. According to the achievements of law and finance, the development of financial system and its diversification risk. The role of allocating resources and promoting economic growth mainly depends on whether the future cash flow of financial investors can be protected. Therefore, when the legal system is not perfect, it is difficult to protect the interests of formal financial investors. People can avoid moral hazard and adverse selection in financial market by choosing informal finance which relies on social capital as contract governance mechanism. Property right system and financial industry policy will also affect the future of investors. Revenue. Moreover, the influence mechanism on formal and informal finance is different. This paper makes use of panel data of 31 provinces or municipalities directly under the Central Government in China to examine how the system and policies affect informal gold from 2003 to 2008. The relative scale ratio of finance to formal finance and the contribution of this financial structure to economic growth. The paper verifies that the scale ratio of informal finance to formal finance depends on the financial industry which is closely related to the perfection of property right system. Policy. However, the law, social capital and even the property right system itself means the plundering and interference to the financial industry and other factors that may stimulate the development of informal finance, which are often offset by the government's regulatory policy. When the legal system is not perfect. Developing a financial structure with a high proportion of informal finance is more conducive to economic growth, and the enhancement of social capital promotes the contribution of informal finance to economic growth. The change of the degree of trust has no effect on the proportion structure of informal finance and formal finance on the economic growth, and the property right system is more perfect. One possible explanation is that the industrial policies that support formal finance and suppress informal finance, corresponding to the perfect property rights system, make informal finance more conducive to economic growth. The role of promoting economic growth is greater than the property rights system itself on the formal financial impact. The conclusion of this paper is robust, and it is also applicable to explain the influence of institutional environment on the scale ratio of non-state-owned financial institutions to state-owned financial institutions.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832;F124.1;F224

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本文編號：1395879