【摘要】：金融與經(jīng)濟(jì)的關(guān)系自古以來都是經(jīng)濟(jì)學(xué)術(shù)界研究的重點(diǎn)問題之一,世界各國的經(jīng)濟(jì)金融學(xué)者從不同角度不同層面對這一問題進(jìn)行過深入剖析。隨著當(dāng)代經(jīng)濟(jì)金融化進(jìn)程的加深,金融成為了經(jīng)濟(jì)增長發(fā)展中一大不可忽略的因素,其資源屬性也得到逐步顯現(xiàn),1998年遼寧大學(xué)的白欽先教授第一次在中國公開提出了金融資源這一概念,為金融經(jīng)濟(jì)關(guān)系的研究打開了另一個思路,人們開始改變以往把金融作為一種簡單工具的思路,以更全面的觀念為起點(diǎn),站在資源配置的角度,綜合考察各項(xiàng)金融資源要素對經(jīng)濟(jì)增長是否發(fā)揮作用以及作用的路徑、效果等問題,而對這一問題的研究結(jié)果則隨著研究時間和地域的不同有著較大的差別,表明金融資源和經(jīng)濟(jì)增長問題具有較強(qiáng)的地域性特點(diǎn),受此啟發(fā),本文將此問題的研究范圍限定于西部最重要的省份——四川省,圍繞著四川省經(jīng)濟(jì)增長與金融資源配置情況,利用實(shí)證的方法考察了二者之間是否具有長期均衡關(guān)系以及是誰作用于誰的問題,以期找到優(yōu)化金融資源配置的方法,更好地促進(jìn)四川經(jīng)濟(jì)的增長。 此外,本選題也緊貼中國金融工作重點(diǎn),具有一定現(xiàn)實(shí)意義。2012年1月6日-7日,五年一屆的全國金融工作會議在北京舉行,溫家寶總理在對未來金融工作重點(diǎn)進(jìn)行部署時,首先就提出了金融服務(wù)實(shí)體經(jīng)濟(jì)的基本要求,這一要求看似是對2008年那場由于金融創(chuàng)新工具過度虛擬化、脫離其所依賴的基礎(chǔ)資產(chǎn)和當(dāng)局監(jiān)管而引發(fā)的金融危機(jī)教訓(xùn)的總結(jié),但實(shí)質(zhì)上是反映了金融為經(jīng)濟(jì)而生、故需要為經(jīng)濟(jì)社會發(fā)展提供更多優(yōu)質(zhì)服務(wù)的本質(zhì)屬性：另外銀監(jiān)會主席尚福林也表示,銀行業(yè)金融機(jī)構(gòu)在今后五年的一個重要工作即為優(yōu)化信貸結(jié)構(gòu),確保信貸資金有序流入實(shí)體經(jīng)濟(jì),同時促進(jìn)經(jīng)濟(jì)結(jié)構(gòu)的調(diào)整；因此本次會議可以說是將金融經(jīng)濟(jì)關(guān)系研究問題再一次推上了臺面,同時也印證了本文研究問題的必要性和及時性。 本文以金融資源理論為研究起點(diǎn),在對金融資源及其內(nèi)涵進(jìn)行界定的基礎(chǔ)上,通過引入西方傳統(tǒng)金融經(jīng)濟(jì)理論和經(jīng)濟(jì)增長理論,將金融資源及其配置與經(jīng)濟(jì)增長結(jié)合起來,探討金融資源配置影響經(jīng)濟(jì)增長的路徑,設(shè)計(jì)出金融資源配置水平的評價(jià)指標(biāo)體系,緊接著以該指標(biāo)體系為依據(jù)考察四川省金融資源配置的實(shí)際狀況,找到不足之處,同時也利用各金融資源配置指標(biāo)與經(jīng)濟(jì)增長指標(biāo)進(jìn)行實(shí)證分析,研究四川省金融資源與經(jīng)濟(jì)增長之間所存在的不協(xié)調(diào)的部分,最后根據(jù)這些不足和不協(xié)調(diào)提出優(yōu)化建議,按此框架,本文主要劃分了六章內(nèi)容來進(jìn)行研究： 第一章,導(dǎo)論部分,主要提出本文的研究背景與意義,同時對國內(nèi)外金融資源問題及金融資源配置與經(jīng)濟(jì)增長關(guān)系問題的研究進(jìn)行了綜述,找到研究空白點(diǎn)及不足,并據(jù)此提出了本文的思路和框架,最后也對本文主要使用的研究方法及創(chuàng)新點(diǎn)和不足進(jìn)行了簡要說明； 第二章,理論部分,本部分以白欽先教授提出的“以金融資源學(xué)說為基礎(chǔ)的金融可持續(xù)發(fā)展理論”為切入點(diǎn),提出了金融資源的概念并分析了金融資源各組成層次的內(nèi)涵,指出了金融資源的特殊屬性,同時改編運(yùn)用微觀經(jīng)濟(jì)學(xué)中的生產(chǎn)可能曲線理論,來解釋了金融資源優(yōu)化配置的過程動因及評價(jià)要求,通過金融資源配置要與經(jīng)濟(jì)發(fā)展增長相適應(yīng)的評價(jià)要求來引出之后對西方金融發(fā)展與經(jīng)濟(jì)增長幾大理論的回顧,主要包括了帕特里克1966年提出的“需求追隨”和“供給引導(dǎo)”理論、戈德史密斯1968年提出的“金融結(jié)構(gòu)”理論、肖與麥金農(nóng)1973年提出的“金融抑制”和“金融深化”理論以及赫爾曼與斯蒂格利茨1996年提出的“金融約束”理論,各大理論分別強(qiáng)調(diào)了金融對經(jīng)濟(jì)影響所使用的路徑,為了使這一路徑更加清晰系統(tǒng),本文進(jìn)一步引入了內(nèi)生增長理論中的AK模型,并創(chuàng)造性地在其中加入金融因素——儲蓄投資轉(zhuǎn)化率φ,得出了金融資源配置影響經(jīng)濟(jì)增長的三大路徑,最后根據(jù)這三大路徑,設(shè)計(jì)了一套包括金融資源總量指標(biāo)、信貸資源指標(biāo)、儲蓄轉(zhuǎn)投資指標(biāo)(從間接融資和直接融資兩大角度)、投資效率指標(biāo)、金融開放度指標(biāo)等在內(nèi)的金融資源配置衡量指標(biāo)體系； 第三章,發(fā)展回顧及現(xiàn)狀描述部分,本部分選取了四川省1997-2012年的經(jīng)濟(jì)增長數(shù)據(jù)和1997-2011年的金融數(shù)據(jù),對四川省經(jīng)濟(jì)增長和金融資源配置的發(fā)展歷史進(jìn)行了回顧,也對其現(xiàn)狀進(jìn)行了描述,并從回望歷史和分析現(xiàn)狀的過程中發(fā)現(xiàn)四川在金融資源配置方面所存在的問題,為之后建議的提出奠定基礎(chǔ)： 第四章,實(shí)證部分,本部分選取了1990-2011年期間四川省GDP增長率數(shù)據(jù)與金融深化指標(biāo)(金融機(jī)構(gòu)存貸款總量/GDP)、信貸資源配置指標(biāo)(金融機(jī)構(gòu)貸款額/金融機(jī)構(gòu)存款額)、金融市場發(fā)展指標(biāo)(股票籌資額與保費(fèi)收入之和/GDP)和金融開放度指標(biāo)(實(shí)際利用外資額/GDP)四大金融資源配置指標(biāo)數(shù)據(jù),利用約翰森(Johansen)協(xié)整檢驗(yàn)法和格蘭杰(Granger)因果檢驗(yàn)法,對四川省金融資源配置與經(jīng)濟(jì)增長之間是否存在長期均衡關(guān)系及二者的格蘭杰因果關(guān)系進(jìn)行了實(shí)證檢驗(yàn),以進(jìn)一步確認(rèn)四川省哪些金融資源因素對經(jīng)濟(jì)增長產(chǎn)生作用及其作用方向等問題; 第五章和第六章分別為建議部分和結(jié)語部分,這兩部分主要是在前面理論分析和實(shí)證分析的基礎(chǔ)之上,提出的優(yōu)化金融資源配置以更好促進(jìn)經(jīng)濟(jì)增長的建議,實(shí)現(xiàn)本文最終的研究目的。 按照上述的分析框架,本文主要得到了以下幾點(diǎn)結(jié)論： 1、金融資源是一個極為寬泛的概念,包括了基礎(chǔ)的廣義貨幣資本、中層的金融組織工具體系和整體各部分的互動效應(yīng)；金融資源的“權(quán)力資源”特殊屬性使其成為了經(jīng)濟(jì)增長的關(guān)鍵影響因素,金融資源的優(yōu)化配置不僅意味著金融資源“量”的增加,更包括了“質(zhì)”的改善：金融資源配置主要通過影響儲蓄率s、儲蓄投資轉(zhuǎn)化比例φ和資本邊際產(chǎn)出A三大因素來影響經(jīng)濟(jì)增長; 2、自1997年重慶分離以來,四川省在經(jīng)濟(jì)增長和金融資源增加及其合理配置方面取得了巨大成就,但與全國平均水平相比,仍然可以發(fā)現(xiàn)一些問題的存在：金融資源總量上信貸資源占比過大、穩(wěn)定城鄉(xiāng)居民存款不斷流失、信貸資源利用不夠充分,存在“惜貸”現(xiàn)象、股票市場發(fā)展滯后,總量欠缺,分布不均、保險(xiǎn)市場深度有余,密度不足、實(shí)際利用外資穩(wěn)定性有待加強(qiáng)等；造成這些問題的原因既有宏觀制度層面的“金融抑制”,也有中觀及微觀金融機(jī)構(gòu)自身體制及發(fā)展的缺陷; 3、對經(jīng)濟(jì)增長指標(biāo)與金融資源配置指標(biāo)的協(xié)整檢驗(yàn)結(jié)果顯示：四川省經(jīng)濟(jì)增長與金融資源配置之間存在著長期的協(xié)整關(guān)系,可以將二者聯(lián)系起來,考察其互動機(jī)制；進(jìn)一步的格蘭杰因果檢驗(yàn)顯示,四川省經(jīng)濟(jì)增長與金融資源之間的關(guān)系屬于“供給引導(dǎo)”型,即金融資源總量的擴(kuò)張和配置效率的提高是經(jīng)濟(jì)增長的格蘭杰原因,而反之則不成立；由此進(jìn)一步分析協(xié)整關(guān)系式,發(fā)現(xiàn)目前四川金融資源量的增長及實(shí)際利用外資額的增加對經(jīng)濟(jì)增長起到正向的推動作用,而信貸資源的配置情況和直接金融市場的發(fā)展情況卻成為了經(jīng)濟(jì)增長的“絆腳石”； 4、根據(jù)現(xiàn)狀分析及實(shí)證分析結(jié)果,秉著加強(qiáng)對經(jīng)濟(jì)增長起積極作用部分、改革起消極作用部分的原則,本文提出了四大優(yōu)化四川省金融資源配置的建議：在金融資源總量方面,通過加快各類金融機(jī)構(gòu)的設(shè)立與發(fā)展、鼓勵產(chǎn)品的創(chuàng)新以及擴(kuò)大金融資源來源來完成保持和擴(kuò)張；在信貸資源配置方面,通過宏觀層面降低干預(yù)、中觀層面體制改革及微觀層面創(chuàng)新服務(wù)和技術(shù)來提高效率；在直接金融市場方面,通過擴(kuò)容上市公司“潛在庫”、推動證券公司擴(kuò)展業(yè)務(wù)范圍和服務(wù)深度、加強(qiáng)融資資金使用監(jiān)管、加大保險(xiǎn)宣傳力度及在農(nóng)村層面影響力來推動發(fā)展；在金融開放度方面,通過加大外資引進(jìn)力度、強(qiáng)調(diào)外資“技術(shù)溢出效應(yīng)”(特別是在對國內(nèi)金融機(jī)構(gòu)方面)來深化效果,達(dá)到促進(jìn)經(jīng)濟(jì)增長目的。 總之,四川省金融資源配置對經(jīng)濟(jì)增長促進(jìn)作用的發(fā)揮是一個長期的過程,本文通過對金融資源的界定,創(chuàng)造性地在傳統(tǒng)經(jīng)濟(jì)增長模型中加入了金融因素,分析了金融資源對經(jīng)濟(jì)增長的影響路徑,同時在指標(biāo)界定無異議且可得的前提下,盡最大可能從全面綜合的角度來考察了四川省金融資源配置對經(jīng)濟(jì)增長作用的現(xiàn)狀,并由此提出了合理可行的優(yōu)化配置意見,希望能籍此達(dá)到促進(jìn)經(jīng)濟(jì)更快更好增長的目的。
[Abstract]:Since ancient times, the relationship between finance and economy has been one of the key issues in the economic academic circles. Economic and financial scholars all over the world have made a thorough analysis of this issue from different angles and levels. With the deepening of the process of economic financialization, finance has become a major factor that can not be ignored in economic growth and development, and its resources. In 1998, Professor Bai Qinxian of Liaoning University publicly put forward the concept of financial resources in China for the first time, which opened up another way of thinking for the study of financial and economic relations. People began to change their thinking of using finance as a simple tool and to stand on the basis of a more comprehensive concept of resource allocation. From the angle of view, this paper comprehensively inspects whether various financial resources play an important role in economic growth, the path and effect of these factors. However, the results of this study vary greatly with the time and region of the study, indicating that the financial resources and economic growth problems have strong regional characteristics. The research scope of this problem is limited to Sichuan Province, the most important province in Western China. Focusing on the economic growth and financial resources allocation in Sichuan Province, this paper uses empirical methods to examine whether there is a long-term equilibrium relationship between the two provinces and who acts on them, so as to find a way to optimize the allocation of financial resources and promote it better. Enter Sichuan's economic growth.
Premier Wen Jiabao first put forward the basic requirements of financial services for the real economy when he deployed the focus of financial work in the future. This requirement seems to be for 2008. The lessons learned from the financial crisis caused by the over-virtualization of financial innovative instruments and their separation from the underlying assets on which they depend and from the supervision of the authorities in 1997 are essentially a reflection of the essential nature of financial survival for the economy and therefore the need to provide more quality services for economic and social development. In the next five years, an important task of the industry financial institutions is to optimize the credit structure, ensure the orderly flow of credit funds into the real economy, and promote the adjustment of the economic structure; therefore, this conference can be said to put the issue of financial and economic relations on the table once again, but also confirms the necessity of this study. Timeliness.
Based on the theory of financial resources and the definition of financial resources and their connotations, this paper combines financial resources and their allocation with economic growth by introducing the traditional western financial and economic theories, discusses the path of financial resources allocation affecting economic growth, and designs the allocation water of financial resources. The flat evaluation index system is followed by an investigation of the actual situation of the allocation of financial resources in Sichuan Province on the basis of the index system to find out the shortcomings. At the same time, it also uses the indicators of financial resources allocation and economic growth to make an empirical analysis to study the uncoordinated part between the financial resources and economic growth in Sichuan Province. According to these deficiencies and inconsistencies, optimization suggestions are put forward. According to this framework, this paper mainly divides into six chapters to study:
The first chapter, the introduction part, mainly puts forward the research background and significance of this paper, at the same time, summarizes the domestic and foreign financial resources problems and the relationship between financial resources allocation and economic growth, finds the research gaps and deficiencies, and puts forward the ideas and framework of this paper, and finally the research methods and methods used in this paper. Innovations and shortcomings are briefly described.
The second chapter, the theory part, this part takes Professor Bai Qinxian's "financial sustainable development theory based on the theory of financial resources" as the breakthrough point, puts forward the concept of financial resources, analyzes the connotation of the various levels of financial resources, points out the special attributes of financial resources, and adapts the production in microeconomics. Possibility Curve Theory explains the process motivation and evaluation requirements of the optimal allocation of financial resources. The review of several major theories of financial development and economic growth in the West, including "demand following" and "demand following" put forward by Patrick in 1966, is drawn from the evaluation requirements of the allocation of financial resources to be compatible with economic growth. Supply-led theory, Goldsmith's theory of "financial structure" in 1968, Shaw and McKinnon's theory of "financial restraint" and "financial deepening" in 1973, and Helman and Stiglitz's theory of "financial restraint" in 1996, emphasize the path of financial impact on the economy. In order to make this path more clear and systematic, this paper further introduces the AK model in the endogenous growth theory, and creatively adds the financial factor - savings and investment conversion rate to it, and obtains three major paths of financial resources allocation affecting economic growth. Finally, according to these three paths, a set of indexes including total financial resources is designed. Benchmark, credit resources index, savings to investment index (from the two angles of indirect financing and direct financing), investment efficiency index, financial openness index and other financial resources allocation measurement index system;
In the third chapter, the development review and the current situation description part, this part selects the economic growth data of Sichuan Province from 1997 to 2012 and the financial data from 1997 to 2011, reviews the development history of economic growth and the allocation of financial resources in Sichuan Province, describes its current situation, and finds Sichuan from the process of looking back on the history and analyzing the current situation. The problems in the allocation of financial resources lay the foundation for the following recommendations:
In the fourth chapter, the empirical part, this part selects the GDP growth rate data and financial deepening indicators (total deposit and loan amount / GDP of financial institutions), credit resource allocation indicators (loan amount / deposit amount of financial institutions), financial market development indicators (the sum of stock financing and premium income / GDP) and financial openness. Using Johansen co-integration test and Granger causality test, this paper empirically tests whether there is a long-term equilibrium relationship between the allocation of financial resources and economic growth in Sichuan Province and Granger causality between the two indicators. Which financial resources factors of Sichuan province play an important role in economic growth and its direction of action?
The fifth and sixth chapters are the suggestions and the conclusion respectively. These two parts are mainly based on the theoretical analysis and empirical analysis, and put forward the suggestions of optimizing the allocation of financial resources to better promote economic growth.
According to the above analysis framework, the following conclusions are obtained.
1. Financial resources are a very broad concept, including the basic broad money capital, the middle-level financial organization tool system and the interaction effect of the whole; the special attribute of financial resources makes it a key factor in economic growth, and the optimal allocation of financial resources not only means financial resources. The increase of "quantity" includes the improvement of "quality". Financial resource allocation mainly influences economic growth through three factors: savings rate s, savings investment conversion ratio and capital marginal output A.
2. Since the separation of Chongqing in 1997, Sichuan Province has made tremendous achievements in economic growth, the increase of financial resources and their rational allocation. However, compared with the national average, there are still some problems: the excessive proportion of credit resources in the total amount of financial resources, the steady loss of deposits between urban and rural residents, and the inadequate use of credit resources. Sufficiently, there are phenomena of "loan-avoidance". The stock market is lagging behind, the total amount is lacking, the distribution is uneven, the insurance market is deep enough, the density is insufficient, and the stability of the actual utilization of foreign capital needs to be strengthened. Defects;
3. The co-integration test results of economic growth index and financial resources allocation index show that there is a long-term co-integration relationship between economic growth and financial resources allocation in Sichuan Province, which can be linked to investigate their interaction mechanism; further Granger causality test shows that the relationship between economic growth and financial resources in Sichuan Province. It is found that the growth of Sichuan's financial resources and the increase of the actual utilization of foreign capital play a positive role in promoting economic growth. However, the allocation of credit resources and the development of direct financial markets have become "stumbling blocks" to economic growth.
4. Based on the analysis of the present situation and the results of the empirical analysis, and in accordance with the principle of strengthening the active part of economic growth and the negative part of reform, this paper puts forward four suggestions for optimizing the allocation of financial resources in Sichuan Province: in terms of the total amount of financial resources, by accelerating the establishment and development of various financial institutions, encouraging product innovation and so on. Expanding the sources of financial resources to complete the maintenance and expansion; in the allocation of credit resources, through reducing macro-level intervention, meso-level system reform and micro-level innovation of services and technology to improve efficiency; in the direct financial market, through expanding the "potential pool" of listed companies, promoting securities companies to expand business scope and kimono In the aspect of financial openness, we should deepen the effect of foreign capital "technology spillover effect" (especially for domestic financial institutions) and promote economic growth.
In a word, it is a long-term process for the allocation of financial resources in Sichuan Province to play a role in promoting economic growth. By defining the financial resources, this paper creatively adds financial factors to the traditional economic growth model, analyzes the path of financial resources'impact on economic growth, and at the same time, on the premise of no objection to the definition of indicators and availability. From a comprehensive point of view, this paper investigates the present situation of the effect of financial resources allocation on economic growth in Sichuan Province, and puts forward reasonable and feasible suggestions for optimizing the allocation, hoping to achieve the purpose of promoting faster and better economic growth.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F127;F832.7

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