本文選題：金融結(jié)構(gòu)　切入點(diǎn)：金融功能　出處：《安徽大學(xué)》2014年博士論文　論文類型：學(xué)位論文

【摘要】：金融結(jié)構(gòu)是金融發(fā)展的重要特征,金融結(jié)構(gòu)調(diào)整則是金融發(fā)展的具體形式。金融結(jié)構(gòu)調(diào)整將通過(guò)風(fēng)險(xiǎn)分散、信息處理以及公司外部治理等金融功能的協(xié)同發(fā)揮,形成技術(shù)創(chuàng)新、融資約束緩解和資本配置效應(yīng),進(jìn)而影響經(jīng)濟(jì)增長(zhǎng)進(jìn)程。改革以來(lái),隨著我國(guó)金融改革漸次推進(jìn),金融結(jié)構(gòu)經(jīng)歷了持續(xù)而顯著的調(diào)整過(guò)程。以股票市場(chǎng)為代表的直接融資渠道規(guī)模占社會(huì)融資總量的比例顯著提升,融資總量結(jié)構(gòu)日趨合理。與此同時(shí),投資者結(jié)構(gòu)不斷優(yōu)化,多層次資本市場(chǎng)建設(shè)成效顯著；國(guó)有商業(yè)銀行治理結(jié)構(gòu)不斷完善,銀行業(yè)準(zhǔn)入門檻不斷降低,銀行業(yè)產(chǎn)業(yè)結(jié)構(gòu)也出現(xiàn)了顯著調(diào)整。在2007年金融危機(jī)后,全球金融結(jié)構(gòu)面臨重構(gòu)的大背景下,考察我國(guó)改革以來(lái)金融結(jié)構(gòu)調(diào)整形成的經(jīng)濟(jì)效應(yīng),對(duì)于明確金融結(jié)構(gòu)調(diào)整未來(lái)方向有著重要意義。 在有關(guān)金融結(jié)構(gòu)與經(jīng)濟(jì)增長(zhǎng)之間宏觀因果關(guān)系的諸多跨國(guó)比較研究中,廣泛采用金融結(jié)構(gòu)簡(jiǎn)單兩分法范式對(duì)銀行主導(dǎo)型與金融市場(chǎng)主導(dǎo)型兩類典型金融結(jié)構(gòu)影響經(jīng)濟(jì)發(fā)展的差異進(jìn)行分析,但對(duì)處于兩類典型結(jié)構(gòu)之間的連續(xù)金融結(jié)構(gòu)調(diào)整過(guò)程,上述研究的結(jié)論并不一致。為此,本文引入在時(shí)空上具有相對(duì)穩(wěn)定性的金融功能,構(gòu)建具有較好可比性的金融結(jié)構(gòu)調(diào)整測(cè)度依據(jù)。并基于內(nèi)生金融增長(zhǎng)理論構(gòu)建理論分析框架,剖析了金融結(jié)構(gòu)調(diào)整經(jīng)由金融功能實(shí)現(xiàn),作用于影響經(jīng)濟(jì)增長(zhǎng)的技術(shù)創(chuàng)新、融資約束和資本配置三類效應(yīng)的內(nèi)在機(jī)制。在此基礎(chǔ)上,以我國(guó)35個(gè)工業(yè)行業(yè)1996至2011年的行業(yè)專利申請(qǐng)數(shù)、行業(yè)研發(fā)投資額和研發(fā)投資強(qiáng)度為研究樣本,系統(tǒng)實(shí)證檢驗(yàn)了我國(guó)金融結(jié)構(gòu)調(diào)整的技術(shù)創(chuàng)新效應(yīng)；隨后,分別采用投資—現(xiàn)金流敏感性指標(biāo)和現(xiàn)金—現(xiàn)金流敏感性指標(biāo),以我國(guó)1997至2012年制造業(yè)上市公司為研究樣本,檢驗(yàn)了我國(guó)金融結(jié)構(gòu)調(diào)整的融資約束緩解效應(yīng)；最后,通過(guò)擴(kuò)展Wurgler模型,以1996至2007年我國(guó)35個(gè)工業(yè)行業(yè)為研究樣本,實(shí)證檢驗(yàn)了金融結(jié)構(gòu)調(diào)整的資本配置效應(yīng)。 實(shí)證研究發(fā)現(xiàn),我國(guó)金融結(jié)構(gòu)調(diào)整形成了顯著技術(shù)創(chuàng)新效應(yīng)和融資約束緩解效應(yīng),對(duì)推動(dòng)改革以來(lái)的經(jīng)濟(jì)增長(zhǎng)發(fā)揮了重要作用。具體表現(xiàn)為：(1)金融結(jié)構(gòu)調(diào)整通過(guò)促進(jìn)企業(yè)技術(shù)創(chuàng)新投資,改善企業(yè)技術(shù)創(chuàng)新投資效率,有力支持了我國(guó)企業(yè)技術(shù)創(chuàng)新；(2)金融結(jié)構(gòu)調(diào)整降低了制造業(yè)上市公司的投資—現(xiàn)金流敏感性和現(xiàn)金—現(xiàn)金流敏感性,有效緩解了企業(yè)融資約束,在一定程度上抑制了企業(yè)的過(guò)度投資；(3)1996至2007年間,金融結(jié)構(gòu)調(diào)整在一定程度上提升了資本配置效率,但作用有限。而在1996至2007年間,國(guó)有銀行的寡占貸款中較高比重的政策性貸款,則顯著抑制了資本配置效率的改善。我國(guó)金融結(jié)構(gòu)調(diào)整在以下方面制約了三類經(jīng)濟(jì)效應(yīng)的形成：(1)銀行業(yè)規(guī)模結(jié)構(gòu)不合理抑制了我國(guó)商業(yè)銀行在甄別技術(shù)創(chuàng)新機(jī)會(huì)、發(fā)現(xiàn)創(chuàng)新產(chǎn)業(yè)以及監(jiān)督企業(yè)改善技術(shù)創(chuàng)新投資效率上的動(dòng)力；(2)投資者結(jié)構(gòu)不合理弱化了股票市場(chǎng)對(duì)公司管理人的監(jiān)管與約束,難以有效抑制管理人濫用自由現(xiàn)金流從事非效率投資的傾向；(3)資本市場(chǎng)層次結(jié)構(gòu)不合理阻滯了相對(duì)高效率的新型高科技中小企業(yè)的直接融資渠道,資本市場(chǎng)尚未發(fā)揮為高效率行業(yè)高效配置資本的功能。 本文認(rèn)為,在促進(jìn)金融市場(chǎng)與金融中介均衡發(fā)展的同時(shí),改善投資者結(jié)構(gòu)和銀行業(yè)規(guī)模結(jié)構(gòu)將會(huì)有利于我國(guó)金融結(jié)構(gòu)未來(lái)調(diào)整。配合多層次資本市場(chǎng)建設(shè)與上市發(fā)審制度的改革,通過(guò)引導(dǎo)、監(jiān)督以及積極培育機(jī)構(gòu)投資者,改善我國(guó)投資者結(jié)構(gòu),將有利于促進(jìn)金融市場(chǎng)功能發(fā)揮,進(jìn)而增強(qiáng)銀行業(yè)的外部競(jìng)爭(zhēng)壓力。通過(guò)改善銀行業(yè)規(guī)模結(jié)構(gòu)可以促進(jìn)銀行業(yè)適度競(jìng)爭(zhēng)度,促進(jìn)金融中介信息處理和債權(quán)治理功能發(fā)揮。
[Abstract]:The financial structure is an important feature of financial development, financial structure adjustment is the specific form of financial development. Financial structure adjustment through risk diversification, the synergistic financial function of information processing and the external corporate governance, the formation of technological innovation, ease financing constraints and the capital allocation effect, thereby affecting the process of economic growth. Since the reform, with the China's financial reform gradually advancing, the financial structure experienced a sustained and significant adjustment process. In the stock market as the representative of the direct financing proportion of total social financing scale significantly increased, the total financing structure is becoming more rational. At the same time, investors to optimize the structure, the construction of multi-level capital market significantly; corporate governance structure of state-owned commercial banks continue to improve, the bankingindustry access threshold decreases, the banking industry structure also experienced a significant adjustment. The financial crisis in the 2007 pension After the reconstruction of the global financial structure, it is very important for us to clarify the economic effects of the financial structural adjustment since the reform.
In between the financial structure and economic growth of many multinational macro causal analysis, widely used in financial structure simple dichotomy paradigm of bank oriented and financial market oriented two typical financial structure affect the economic development of the difference, but the continuous adjustment of financial structure in the process of two typical structure. The research conclusions are inconsistent. Therefore, this paper has introduced the relative stability of the financial function in time and space, the construction has better than the financial structure adjustment measure basis. Based on the endogenous financial growth theory constructs the theoretical analysis framework, analyzes the financial structure adjustment through financial functions, acting on the impact of technological innovation economic growth the internal mechanism of financing constraints and capital allocation of three kinds of effect. On this basis, with China's 35 industries industry from 1996 to 2011 The number of patent applications, the industry R & D investment and R & D investment intensity as the research sample, the system examines the effect of technological innovation to adjust the financial structure in China; then, using investment cash flow sensitivity index and cash cash flow sensitivity index from 1997 to 2012, China's manufacturing industry listed companies as research samples, test the financing constraints of China's financial structure adjustment relief effect; finally, by extending the Wurgler model, from 1996 to 2007 China's 35 industries as the research sample, an empirical test of the capital allocation effect of financial structure adjustment.
The empirical study found that the adjustment of financial structure in China formed a significant technological innovation effect and mitigating the effects of financing constraints, which plays an important role in promoting economic growth. Since the reform of the specific performance: (1) financial structure adjustment through the promotion of enterprise technology innovation investment, improve the investment efficiency of the enterprise technological innovation, the strong support of technological innovation in China enterprise; (2) the financial structure adjustment to reduce the manufacturing listed companies investment cash flow sensitivity and cash cash flow sensitivity, effectively alleviate the financing constraints, to a certain extent, inhibit the excessive investment of enterprises; (3) 1996 to 2007 years, the adjustment of financial structure to enhance the efficiency of capital allocation in a certain degree, but the effect is limited. In 1996 to 2007 years, the state-owned bank oligopoly policy loans in a higher proportion, it significantly inhibited the improvement of capital allocation efficiency. The adjustment of China's financial structure restrict the formation of the three economic effects in the following aspects: (1) the scale of banking structure unreasonable suppression of China's commercial banks in the screening technology innovation opportunities, innovation and supervision of enterprises to improve the industry that technology innovation dynamic efficiency of investment; (2) the unreasonable structure of investors weakening stock market regulation with the constraints on the company management, management is difficult to restrain abuse of free cash flow in the tendency of non efficiency of investment; (3) the level of capital market structure is not reasonable and block the direct financing channels for new high-tech relatively high efficiency of small and medium enterprises, the capital market has yet to play for the high efficiency of the efficient allocation of capital industry functions.
This paper argues that, in promoting the balanced development of financial markets and financial intermediaries at the same time, improve the scale of investor structure and banking will be conducive to the adjustment of the future of China's financial structure reform, the construction of a multi-level capital market and public trial system through the cooperation of supervision and guidance, actively cultivate the institutional investors, improve the structure of our investors, will to promote the function of the financial market play, thus enhancing the competitive pressure of the banking sector. Through the improvement of bank size structure can promote the banking industry competition, promote the financial intermediary information processing and debt governance function.

【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.1

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