本文關鍵詞：金融資源配置效率與經(jīng)濟金融化的成因——基于中國上市公司的經(jīng)驗分析，由筆耕文化傳播整理發(fā)布。

金融資源配置效率與經(jīng)濟金融化的成因——基于中國上市公司的經(jīng)驗分析

The allocation efficiency of financial resources and the cause of economic financialization - -Empirical study based on Chinese listed companies

[1] [2]

Zhang Mubin1,2, Sun Yaqiong2 （1.Post- doctoral Economic Research Institute, Nanjing University, Nanjing, Jiang Su, 210093; 2. School of Finance and Statistics, East China Normal

[1]南京大學應用經(jīng)濟學博士后流動站,江蘇南京210093; [2]華東師范大學金融與統(tǒng)計學院,上海200241

文章摘要：本文結(jié)合當前中國出現(xiàn)的經(jīng)濟金融化趨勢，，使用2005年至2011年制造業(yè)上市公司的數(shù)據(jù)，從企業(yè)資金來源和使用的角度實證檢驗了金融發(fā)展對金融資源配置的影響。結(jié)果顯示，與全行業(yè)相比，上市帶來的金融資源供給縮小了國有和民營上市公司獲得金融支持方面的差異，但金融資源錯配問題并未得到根本改善，表現(xiàn)為：資金配置的利潤導向不明確；國有上市公司預算軟約束依然存在；實業(yè)金融化主要源于金融資源供給的增加而非企業(yè)經(jīng)營利潤的增長。這種經(jīng)濟金融化并不能改善金融資源配置效率，還可能影響實體經(jīng)濟的金融環(huán)境。未來應打破銀行作為間接金融媒介的壟斷地位，加快資本市場制度改革，給民營企業(yè)更大發(fā)展空間。

Abstr：Considering the trends of economic financialization in China, this paper examines the influence of financial development on the allocation of financial resources from the aspects of sources and uses of capital by using the data of manufacturing listed companies from 2005 to 2011. The results show that, although public offerings reduce the gap between state- owned and non -state- owned enterprises in their abilities to obtain financial support, the allocation efficiency had not been improved fundamentally. For example, profits cannot be a guide index in capital allocating; soft constraints of budget still exists in state - owned corporations; and the industrial financialization has been caused by the increasing supply of financial resources rather than the increasing supply of operating profits. The revelation is that the monopoly position of banks must be changed, and the capital market reforms must be pushed on to promote the private enterprises＇ development.

文章關鍵詞：

Keyword：:Financialization Allocation efficiency of financial resources Sources and uses of capital Manufacturing listed companies State -owned and private

課題項目：上海市哲學社會科學規(guī)劃項目“GVC下的金融化趨勢對我國控制權(quán)市場的影響：基于長三角的實證研究”（編號：2010EJB005）

  本文關鍵詞：金融資源配置效率與經(jīng)濟金融化的成因——基于中國上市公司的經(jīng)驗分析，由筆耕文化傳播整理發(fā)布。