直接融資的經(jīng)濟(jì)增長(zhǎng)效應(yīng)研究
發(fā)布時(shí)間：2018-07-24 17:30
【摘要】：隨著我國(guó)經(jīng)濟(jì)體制改革的逐步深入和資本市場(chǎng)的快速發(fā)展,我國(guó)直接融資也獲得了相應(yīng)的發(fā)展,但是與間接融資相比,我國(guó)直接融資在融資結(jié)構(gòu)中所占的比重仍然嚴(yán)重偏低,尤其是與發(fā)達(dá)國(guó)家和新興資本市場(chǎng)國(guó)家直接融資的發(fā)展情況相比,我國(guó)直接融資還存在著巨大的差距。與此同時(shí),我國(guó)經(jīng)濟(jì)經(jīng)過(guò)多年的高速發(fā)展,已經(jīng)達(dá)到了一個(gè)較高的水平,為了保證經(jīng)濟(jì)的持續(xù)穩(wěn)定增長(zhǎng),金融體系的深化改革是必不可少的。故本文試圖通過(guò)對(duì)直接融資的經(jīng)濟(jì)增長(zhǎng)效應(yīng)進(jìn)行系統(tǒng)的分析,從而為我國(guó)金融體系的改革發(fā)展提供些許理論支持,以實(shí)現(xiàn)經(jīng)濟(jì)的持續(xù)穩(wěn)定增長(zhǎng)。 首先本文對(duì)直接融資影響經(jīng)濟(jì)增長(zhǎng)的作用機(jī)制進(jìn)行了探析。在對(duì)直接融資的經(jīng)濟(jì)功能進(jìn)行總結(jié)的基礎(chǔ)上,結(jié)合內(nèi)生增長(zhǎng)理論,初步探析了直接融資促進(jìn)經(jīng)濟(jì)增長(zhǎng)的作用渠道——資本積累和技術(shù)進(jìn)步。緊接著,通過(guò)對(duì)普通的內(nèi)生增長(zhǎng)模型進(jìn)行改進(jìn),用理論模型證明了直接融資能夠通過(guò)資本積累渠道促進(jìn)經(jīng)濟(jì)增長(zhǎng)。同時(shí),構(gòu)建了一個(gè)引入“提供直接融資服務(wù)的金融部門”的技術(shù)創(chuàng)新內(nèi)生增長(zhǎng)模型,通過(guò)對(duì)穩(wěn)態(tài)經(jīng)濟(jì)增長(zhǎng)率的求解,證明了直接融資能夠通過(guò)技術(shù)進(jìn)步渠道促進(jìn)穩(wěn)態(tài)經(jīng)濟(jì)增長(zhǎng)率的提升。 由于直接融資和間接融資具有相似的經(jīng)濟(jì)功能,他們影響經(jīng)濟(jì)增長(zhǎng)的作用機(jī)制也比較一致。所以僅僅從作用機(jī)制方面來(lái)研究直接融資的經(jīng)濟(jì)增長(zhǎng)效應(yīng),顯然還不夠深入和徹底。 故本文基于直接融資與間接融資比較的角度,探析了直接融資相對(duì)于間接融資對(duì)經(jīng)濟(jì)增長(zhǎng)所具有的優(yōu)勢(shì)和劣勢(shì)。首先,我們從直接融資和間接融資所需耗費(fèi)的社會(huì)資源不同出發(fā),對(duì)金融內(nèi)生增長(zhǎng)模型進(jìn)行改進(jìn),通過(guò)對(duì)均衡狀態(tài)進(jìn)行分析,得知：直接融資相對(duì)于間接融資對(duì)長(zhǎng)期經(jīng)濟(jì)增長(zhǎng)具有一定的優(yōu)勢(shì),提高直接融資在融資結(jié)構(gòu)中的占比,可以減少金融部門對(duì)社會(huì)資源的消耗,增加生產(chǎn)資本的總量,最終提升穩(wěn)態(tài)經(jīng)濟(jì)增長(zhǎng)率。 更進(jìn)一步,為了使理論研究與現(xiàn)實(shí)更加接近,我們從信息不對(duì)稱的角度探析了直接融資相對(duì)于間接融資對(duì)經(jīng)濟(jì)增長(zhǎng)所具有的優(yōu)勢(shì)和劣勢(shì)。通過(guò)構(gòu)建了一個(gè)基于信息不對(duì)稱的“競(jìng)爭(zhēng)性經(jīng)濟(jì)系統(tǒng)”的簡(jiǎn)單模型,并對(duì)不同信息條件下均衡狀態(tài)的分析,得知：直接融資的發(fā)展會(huì)因減少了全社會(huì)代理成本的支出而使得全社會(huì)的凈產(chǎn)出獲得增長(zhǎng),當(dāng)直接融資的發(fā)展相對(duì)落后時(shí),適當(dāng)?shù)陌l(fā)展直接融資,提高直接融資在融資結(jié)構(gòu)中的占比,有利于經(jīng)濟(jì)的增長(zhǎng)。 緊接著,對(duì)我國(guó)直接融資的發(fā)展?fàn)顩r進(jìn)行了分析,并以此為基礎(chǔ)使用我國(guó)的相關(guān)經(jīng)濟(jì)數(shù)據(jù),運(yùn)用多種實(shí)證方法對(duì)本文的理論分析結(jié)論進(jìn)行實(shí)證分析。 對(duì)于直接融資通過(guò)資本積累渠道促進(jìn)經(jīng)濟(jì)增長(zhǎng)的理論觀點(diǎn)的檢驗(yàn),本文首先對(duì)影響我國(guó)經(jīng)濟(jì)增長(zhǎng)的因素進(jìn)行了實(shí)證分析,然后再對(duì)直接融資與資本積累的關(guān)系進(jìn)行實(shí)證檢驗(yàn)。檢驗(yàn)結(jié)果表明：直接融資通過(guò)資本積累渠道促進(jìn)經(jīng)濟(jì)增長(zhǎng),這樣一種傳導(dǎo)機(jī)制在我國(guó)是存在的。 對(duì)于直接融資通過(guò)技術(shù)進(jìn)步渠道促進(jìn)經(jīng)濟(jì)增長(zhǎng)的理論觀點(diǎn)的檢驗(yàn),我們先借鑒先前學(xué)者的統(tǒng)計(jì)方法,測(cè)算出我國(guó)1981-2010年間的技術(shù)進(jìn)步率,并對(duì)技術(shù)進(jìn)步對(duì)經(jīng)濟(jì)增長(zhǎng)貢獻(xiàn)份額的分析,然后再對(duì)直接融資與技術(shù)進(jìn)步率之間的關(guān)系進(jìn)行實(shí)證檢驗(yàn)。檢驗(yàn)結(jié)果表明：21世紀(jì)以來(lái),“直接融資通過(guò)技術(shù)進(jìn)步渠道促進(jìn)經(jīng)濟(jì)增長(zhǎng)”的作用機(jī)制已經(jīng)在我國(guó)初步有效運(yùn)行。 關(guān)于直接融資相對(duì)于間接融資對(duì)經(jīng)濟(jì)增長(zhǎng)具有一定優(yōu)勢(shì)的理論觀點(diǎn)的檢驗(yàn),我們使用我國(guó)1986—2010年間的相關(guān)數(shù)據(jù),對(duì)我國(guó)融資結(jié)構(gòu)變化和經(jīng)濟(jì)增長(zhǎng)率之間的關(guān)系進(jìn)行了實(shí)證檢驗(yàn)。實(shí)證檢驗(yàn)結(jié)果表明：現(xiàn)階段我國(guó)適度提高直接融資在融資總額中的比重將有助于經(jīng)濟(jì)增長(zhǎng)率的提升。 最后,依據(jù)本文的研究成果對(duì)我國(guó)直接融資的發(fā)展提出了若干政策建議。 總之,本文通過(guò)對(duì)直接融資的經(jīng)濟(jì)增長(zhǎng)效應(yīng)進(jìn)行初步的系統(tǒng)研究表明,現(xiàn)階段發(fā)展直接融資,擴(kuò)大直接融資在我國(guó)融資結(jié)構(gòu)中的比重,對(duì)我國(guó)的經(jīng)濟(jì)增長(zhǎng)是大有裨益的。
[Abstract]:With the gradual deepening of the reform of our economic system and the rapid development of the capital market, the direct financing of our country has also obtained the corresponding development, but compared with the indirect financing, the proportion of direct financing in the financing structure of our country is still seriously low, especially the development of direct financing with the developed countries and the countries of the emerging capital market. In contrast, China's direct financing still has a huge gap. At the same time, China's economy has reached a high level after many years of rapid development. In order to ensure sustained and stable economic growth, the deepening of the reform of the financial system is essential. Therefore, this paper tries to make a systematic Study on the economic growth effect of direct financing. The analysis will provide some theoretical support for the reform and development of China's financial system so as to achieve sustained and stable economic growth.
First of all, this paper analyses the effect mechanism of direct financing on economic growth. On the basis of summarizing the economic function of direct financing and combining the endogenous growth theory, this paper preliminarily analyses the role channel of direct financing to promote economic growth - capital accumulation and technology step. Through the theoretical model, it proves that direct financing can promote economic growth through the capital accumulation channel. At the same time, a new endogenous growth model which introduces the "financial sector providing direct financing services" is constructed. Through the solution of the steady state economic growth rate, it is proved that direct financing can be promoted through the technological progress channel. The increase in the growth rate of steady state economy.
Since direct financing and indirect financing have similar economic functions, the mechanism of their impact on economic growth is also consistent. Therefore, it is obviously not enough and thorough to study the economic growth effect of direct financing only from the mechanism of action.
Therefore, based on the comparison of direct financing and indirect financing, this paper analyzes the advantages and disadvantages of direct financing relative to indirect financing. Firstly, we improve the endogenous growth model from the different social resources that the direct financing and indirect financing need to consume, and analyze the equilibrium state. We know that direct financing has a certain advantage over the long-term economic growth compared with the indirect financing, and increases the proportion of direct financing in the financing structure. It can reduce the consumption of the financial sector to the social resources, increase the total amount of production capital, and ultimately improve the steady state economic growth rate.
Further, in order to make the theoretical research closer to the reality, we analyze the advantages and disadvantages of direct financing relative to indirect financing from the perspective of information asymmetry. A simple model of "competitive economic system" based on information asymmetry is constructed and balanced under different information conditions. The development of direct financing will increase the net output of the whole society by reducing the cost of the whole society. When the development of direct financing is relatively backward, direct financing is properly developed, and the proportion of direct financing in the financing structure is improved, which is beneficial to the economic growth.
Then, it analyzes the development of direct financing in China, and uses the relevant economic data of our country on this basis, and uses a variety of empirical methods to make an empirical analysis of the theoretical analysis conclusions of this paper.
For the theoretical analysis of direct financing through capital accumulation channels to promote economic growth, this paper first empirically analyses the factors that affect China's economic growth, and then empirically tests the relationship between direct financing and capital accumulation. The results show that direct financing promotes economic growth through capital accumulation channels. Such a transmission mechanism exists in our country.
For the theory of direct financing through the technical progress channel to promote economic growth, we use previous scholars' statistical methods to calculate the rate of technological progress in China in the past 1981-2010 years, and analyze the contribution of technological progress to economic growth, and then the relationship between direct financing and the rate of technological progress is carried out. The test results show that since twenty-first Century, the mechanism of "direct financing through technological progress channels to promote economic growth" has been in a preliminary and effective operation in China.
On the theoretical point of view that direct financing has a certain advantage over indirect financing for economic growth, we use relevant data from 1986 to 2010 in China to test the relationship between the change of financing structure and the economic growth rate in China. The results of empirical test show that China is moderately raising direct financing at the present stage. The proportion of total financing will help increase the rate of economic growth.
Finally, based on the research results, we put forward some policy recommendations for the development of direct financing in China.
In a word, through a preliminary and systematic study of the economic growth effect of direct financing, this paper shows that developing direct financing at the present stage and expanding the proportion of direct financing in China's financing structure are of great benefit to the economic growth of our country.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832;F124;F224
本文編號(hào)：2142120
[Abstract]:With the gradual deepening of the reform of our economic system and the rapid development of the capital market, the direct financing of our country has also obtained the corresponding development, but compared with the indirect financing, the proportion of direct financing in the financing structure of our country is still seriously low, especially the development of direct financing with the developed countries and the countries of the emerging capital market. In contrast, China's direct financing still has a huge gap. At the same time, China's economy has reached a high level after many years of rapid development. In order to ensure sustained and stable economic growth, the deepening of the reform of the financial system is essential. Therefore, this paper tries to make a systematic Study on the economic growth effect of direct financing. The analysis will provide some theoretical support for the reform and development of China's financial system so as to achieve sustained and stable economic growth.
First of all, this paper analyses the effect mechanism of direct financing on economic growth. On the basis of summarizing the economic function of direct financing and combining the endogenous growth theory, this paper preliminarily analyses the role channel of direct financing to promote economic growth - capital accumulation and technology step. Through the theoretical model, it proves that direct financing can promote economic growth through the capital accumulation channel. At the same time, a new endogenous growth model which introduces the "financial sector providing direct financing services" is constructed. Through the solution of the steady state economic growth rate, it is proved that direct financing can be promoted through the technological progress channel. The increase in the growth rate of steady state economy.
Since direct financing and indirect financing have similar economic functions, the mechanism of their impact on economic growth is also consistent. Therefore, it is obviously not enough and thorough to study the economic growth effect of direct financing only from the mechanism of action.
Therefore, based on the comparison of direct financing and indirect financing, this paper analyzes the advantages and disadvantages of direct financing relative to indirect financing. Firstly, we improve the endogenous growth model from the different social resources that the direct financing and indirect financing need to consume, and analyze the equilibrium state. We know that direct financing has a certain advantage over the long-term economic growth compared with the indirect financing, and increases the proportion of direct financing in the financing structure. It can reduce the consumption of the financial sector to the social resources, increase the total amount of production capital, and ultimately improve the steady state economic growth rate.
Further, in order to make the theoretical research closer to the reality, we analyze the advantages and disadvantages of direct financing relative to indirect financing from the perspective of information asymmetry. A simple model of "competitive economic system" based on information asymmetry is constructed and balanced under different information conditions. The development of direct financing will increase the net output of the whole society by reducing the cost of the whole society. When the development of direct financing is relatively backward, direct financing is properly developed, and the proportion of direct financing in the financing structure is improved, which is beneficial to the economic growth.
Then, it analyzes the development of direct financing in China, and uses the relevant economic data of our country on this basis, and uses a variety of empirical methods to make an empirical analysis of the theoretical analysis conclusions of this paper.
For the theoretical analysis of direct financing through capital accumulation channels to promote economic growth, this paper first empirically analyses the factors that affect China's economic growth, and then empirically tests the relationship between direct financing and capital accumulation. The results show that direct financing promotes economic growth through capital accumulation channels. Such a transmission mechanism exists in our country.
For the theory of direct financing through the technical progress channel to promote economic growth, we use previous scholars' statistical methods to calculate the rate of technological progress in China in the past 1981-2010 years, and analyze the contribution of technological progress to economic growth, and then the relationship between direct financing and the rate of technological progress is carried out. The test results show that since twenty-first Century, the mechanism of "direct financing through technological progress channels to promote economic growth" has been in a preliminary and effective operation in China.
On the theoretical point of view that direct financing has a certain advantage over indirect financing for economic growth, we use relevant data from 1986 to 2010 in China to test the relationship between the change of financing structure and the economic growth rate in China. The results of empirical test show that China is moderately raising direct financing at the present stage. The proportion of total financing will help increase the rate of economic growth.
Finally, based on the research results, we put forward some policy recommendations for the development of direct financing in China.
In a word, through a preliminary and systematic study of the economic growth effect of direct financing, this paper shows that developing direct financing at the present stage and expanding the proportion of direct financing in China's financing structure are of great benefit to the economic growth of our country.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832;F124;F224
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