金融深化与经济效率负相关:基于信贷配置扭曲的解释

The Deviation of Financial Deepening from Economic Efficiency: An Interpretation Based on the Distortion of Credit Allocation

金融深化过程中 ,银行在我国金融体系中居主导地位 ,对社会资金配置功能加强。但由于政府对国有经济的保护和倾斜 ,使得银行将更多的资金贷给低效经济部门 ,这种信贷配置扭曲降低了经济效率。

This paper provides an interpretation for the empirical phenomenon that financial deepening deviates from the economic efficiency from a perspective of distortion of bank credit allocation. In the process of financial deepening, bank plays a dominant role in the financial system of China, and the function of bank capital allocation will be strengthened greatly. The banks provide more and more loans to the low efficient state-owned sectors due to the government's favorable policies to state-owned economy. As a result, the distortion of credit allocation debases the economic efficiency.