本文選題：金融自由化 + 投資��； 參考：《東北財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：“金融自由化”一詞源于19世紀(jì)70年代經(jīng)濟(jì)學(xué)家羅納德·麥金農(nóng)和愛(ài)德華·肖提出的金融深化理論。該理論認(rèn)為發(fā)展中國(guó)家存在的“金融抑制”現(xiàn)象阻礙金融發(fā)展與經(jīng)濟(jì)增長(zhǎng),要打破這一現(xiàn)象,就必須實(shí)行金融自由化改革,即政府放松對(duì)金融部門的限制和干預(yù),允許市場(chǎng)力量決定各種金融要素價(jià)格水平,引導(dǎo)金融體系的發(fā)展,進(jìn)而提高金融市場(chǎng)的效率,優(yōu)化資源配置,促進(jìn)經(jīng)濟(jì)增長(zhǎng)。受這一理論的影響,許多發(fā)展中國(guó)家先后進(jìn)行了金融自由化改革,例如阿根廷、巴西、烏拉圭、韓國(guó)、馬來(lái)西亞、泰國(guó)等。這些國(guó)家的金融自由化改革取得的結(jié)果并不相同,東亞國(guó)家的改革可以說(shuō)是成功的,但是拉美國(guó)家卻并非如此。對(duì)這些國(guó)家的研究似乎揭示了這樣一種觀點(diǎn)：漸進(jìn)的金融自由化改革有利于經(jīng)濟(jì)增長(zhǎng),而激進(jìn)的自由化改革則加劇了金融脆弱性。但是,2008年金融危機(jī)的發(fā)生使得人們開(kāi)始再次關(guān)注金融自由化的問(wèn)題,金融自由化到底在經(jīng)濟(jì)增長(zhǎng)中發(fā)揮了什么作用,它是通過(guò)何種途徑影響經(jīng)濟(jì)增長(zhǎng)的?這些問(wèn)題都值得我們?nèi)プ龈钊氲奶剿髋c研究。 我國(guó)的金融自由化改革相對(duì)于經(jīng)濟(jì)市場(chǎng)化改革雖然相對(duì)落后,但與改革前的金融抑制情況相比,仍是取得了較大進(jìn)展。金融自由化對(duì)經(jīng)濟(jì)增長(zhǎng)的作用也逐漸被學(xué)者們所關(guān)注。金融自由化作用于經(jīng)濟(jì)增長(zhǎng)的機(jī)制可以概括為儲(chǔ)蓄率的提高、儲(chǔ)蓄向投資轉(zhuǎn)化率的提高以及投資效率的提高。而由于文化傳統(tǒng)、社保制度的不健全、消費(fèi)品和投資途徑單一等原因,自1979年改革開(kāi)放以來(lái),我國(guó)的儲(chǔ)蓄率一直維持在32%以上的高水平(任志軍,2007),在大多數(shù)年份儲(chǔ)蓄缺口(投資減去儲(chǔ)蓄的差額)為負(fù),經(jīng)濟(jì)增長(zhǎng)受到的儲(chǔ)蓄約束較小。因此,金融自由化影響經(jīng)濟(jì)增長(zhǎng)的主要途徑在于投資數(shù)量和投資效率的提高。所以,本文選取投資作為研究的主要對(duì)象,通過(guò)構(gòu)建金融自由化指數(shù)分析金融自由化對(duì)投資數(shù)量和投資效率的具體影響,這對(duì)進(jìn)一步推動(dòng)中國(guó)的金融自由化改革、提高資金配資效率以及推進(jìn)經(jīng)濟(jì)增長(zhǎng)方式的轉(zhuǎn)變具有重要的理論及現(xiàn)實(shí)意義。在參考已有研究成果的基礎(chǔ)上,文章結(jié)構(gòu)主要分為五大部分。第一章包括選題背景及研究意義、研究?jī)?nèi)容與文章結(jié)構(gòu)、論文的創(chuàng)新與不足以及國(guó)內(nèi)外研究的理論綜述。第二章主要闡述我國(guó)的金融自由化進(jìn)程以及金融自由化改革所取得的成果和存在的問(wèn)題。第三章主要介紹與投資相關(guān)的理論及金融自由化對(duì)投資的影響途徑。第四章主要是實(shí)證研究,也是本文的重點(diǎn)。首先是1979-2010年間金融自由化指標(biāo)的構(gòu)建,然后就金融自由化與投資數(shù)量和投資效率分別進(jìn)行實(shí)證分析,通過(guò)建立協(xié)整方程和誤差修正模型來(lái)檢驗(yàn)金融自由化對(duì)投資數(shù)量和投資效率的作用。第五章結(jié)合實(shí)證分析的結(jié)論以及我國(guó)的現(xiàn)狀提出相應(yīng)的政策建議。
[Abstract]:The term "financial liberalization" derives from the financial deepening theory put forward by economists Ronald McKinnon and Edward Shaw in the 1870s. The theory holds that the phenomenon of "financial repression" in developing countries is an obstacle to financial development and economic growth. To break this phenomenon, financial liberalization reforms, that is, government relaxation of restrictions and interventions in the financial sector, are essential. Market forces are allowed to determine the price level of various financial elements, to guide the development of the financial system, to improve the efficiency of financial markets, to optimize the allocation of resources, and to promote economic growth. Influenced by this theory, many developing countries have carried out financial liberalization reforms, such as Argentina, Brazil, Uruguay, South Korea, Malaysia, Thailand and so on. The results of financial liberalisation in these countries are not the same. East Asian countries can be said to be successful, but Latin American countries are not. Studies of these countries seem to reveal the view that progressive financial liberalisation is good for economic growth, while radical liberalisation increases financial vulnerability. However, the financial crisis in 2008 made people begin to pay attention to the issue of financial liberalization again, what role did financial liberalization play in economic growth, and by what means did it affect economic growth? These problems are worthy of us to do more in-depth exploration and research. The reform of financial liberalization in China is relatively backward compared with the reform of economic marketization, but it has made great progress compared with the situation of financial suppression before the reform. The effect of financial liberalization on economic growth has gradually been concerned by scholars. The mechanism of financial liberalization acting on economic growth can be summarized as the increase of savings rate, the improvement of conversion rate from savings to investment and the improvement of investment efficiency. Because of the cultural tradition, the imperfection of the social security system, the singleness of consumer goods and investment channels, and so on, since the reform and opening up in 1979, China's savings rate has been maintained at a high level of more than 32 percent (Ren Zhijun 2007). In most years, the savings gap (the difference between investment and savings) is negative, and economic growth is less constrained by savings. Therefore, the main way that financial liberalization affects economic growth lies in the improvement of investment quantity and investment efficiency. Therefore, this paper selects investment as the main object of study, analyzes the specific impact of financial liberalization on the quantity and efficiency of investment through the construction of financial liberalization index, which will further promote the reform of financial liberalization in China. It is of great theoretical and practical significance to improve the efficiency of capital allocation and promote the transformation of economic growth mode. On the basis of referring to the existing research results, the article structure is divided into five parts. The first chapter includes the background and significance of the topic, the content and structure of the article, the innovation and deficiency of the thesis, and the theoretical review of domestic and foreign research. The second chapter mainly describes the process of financial liberalization in China and the achievements and problems in the reform of financial liberalization. The third chapter mainly introduces the theory related to investment and the influence of financial liberalization on investment. The fourth chapter is the empirical research, which is also the focus of this paper. The first is the construction of financial liberalization indicators from 1979 to 2010, and then the empirical analysis on financial liberalization, investment quantity and investment efficiency. The cointegration equation and error correction model are established to test the effect of financial liberalization on investment quantity and investment efficiency. The fifth chapter combines the conclusion of empirical analysis and the current situation of our country to put forward the corresponding policy recommendations.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832;F224

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