中国的金融发展、所有制结构调整与经济增长

Toward Financial Development,Restructuring of Ownership, and Economic Growth of China

本文利用中国分省面板数据证明:银行虽然将大部分资金贷给了国有企业,但是通过所有制结构调整,主要包括合法的国有企业改制,和不合法的国有资产流失等形式的资金漏损,使得银行信贷资产从国有企业手中转移到民营企业手中,提高了信贷资金的使用效率和资本边际生产率,促进了经济增长。"拨改贷"使得银行贷款成为国有企业的主要外部资金来源,银行贷款的偿还压力推动了国有企业的改制,而政府出于保护银行信贷资产安全的需要也会催促国有企业加快改制。本文的结论为财政、外汇资金补充银行资本金和国有银行体制改革提供了理论和经验支持,为转轨国家的经济改革次序提供了启示。

Chinese banking system extends credits mainly to state-owned enterprises(SOEs).However,the legal ownership restructuring and illegal bank loan leaks consist of the two channels of bank credit to the private sector.These two ways indirectly enhance bank credit efficiency,promote capital marginal productivity,and boost the economic growth.In early 1980 s,when the financing of SOEs was changed from government grant to the bank system,the debt-asset ratio was increasing rapidly.The heavy loan burden of SOEs res...