中国金融中介配置效率的实证研究

An Empirical Research on the Allocation Efficiency of Chinese Financial Intermediary

运用协整关系检验法和格兰杰因果关系法等研究方法,利用金融中介的规模指标和效率指标,从宏观与微观结合的层面,对中国金融中介的发展与经济增长的关系进行分阶段实证研究,并从整体视角出发,考虑中国金融发展的特殊轨迹和转型特征,探寻转轨前后金融中介与经济增长两者之间关系发展的内在脉络及影响因素,恰当地评价金融中介与经济增长二者之间的关系,克服对金融中介的研究集中在传统的货币银行这一宏观领域的局限性。结果表明:二者之间存在相关关系,但金融中介的配置效率难以发挥对中国经济的推动作用,由此,金融中介的配置效率仍有很大的改进空间,同时,建立一个能有效分担风险与资金配置任务的资本市场、引导民间融资的健康发展也是当务之急。

On the basis of the measures on the scale and efficiency of financial intermediaries, the paper made an empirical test of the relationship between the development of Chinese financial intermediary and economic growth at different stages of the transition in the mixed micro and macro economic context, by the means of co-integration analysis and Granger＇s causality test in finance literature. It tried to assess appropriately the relationship between the financial intermediary and the economic growth on the whole approach, which explored the intrinsic mechanism and influences of the association between the financial intermediary and economic growth before and after the transition while taking the special tracks and transition- al characteristics of the development of Chinese finance and banking into account, that overcame the defects in the studies of financial intermediary which focus on the traditional ones of money and banking. The result demonstrates that they both are relevant and yet the allocation efficiency of the financial intermediary can hardly put forward China＇s economic growth. Thus there still is much Pareto improvement room for financial intermediaries＇s efficiency. It is imperative to establish a capital market which can effectively share risk and allocate funds as well as lead the healthy development of civilian financing.