我国现行融资制度功能的理论及实证分析

A Theoretical and Empirical Analysis of the Function of the Current Fund-Rai sing System in Our Country

内生于经济增长的融资制度应具备筹资功能、降低交易成本功能、价格发现功能、流动性功能和风险转移功能等五方面的功能。我国现行融资制度基本能够有效地进行储蓄动员,但在向资本转化方面存在着一定的障碍;作为公共资源的政府融资仍然发挥着相当重要的作用,但金融市场对经济的促进作用有进一步弱化的趋势;在地区间和企业间存在着资源的逆配置现象,总体上资本的运用效率较低,而非正规金融发挥了不可或缺的作用;严格的利率管制使中介的价格发现功能几乎没有,而市场的价格发现功能一直较弱;此外,存在较高的交易成本,流动性水平整体较低,风险转移功能也相对缺乏。

Fund-raising sy stem induced by economic growth should perform the following five functions-- - collect funds,lower transac-tion cost,discover price,increase liquidity and transfer risks.Although,the current fund-raising system in our country can effe ctively mobi-lize savings,problems still exist in capital transformation.As a p ublic resource,government financing continues to play an important role,whereas the function of financial market to fuel economy tends to be weakened.Resources are allocated reversely between different regions and enterprises.On the whole,c apital operation is inefficient and as a result,non-regular finance becomes indi spensable.Due to strict rate control,financial intermediaries have lost the abil ity of price discovery and market has been very weak in this respect.In addition ,the mar-ket is still baffled by high transaction cost,low liquidity level and lack of a risk transfer mechanism.