要素替代、资本循环与金融风险的生成机制

Factor Substituting, Capital Circulating and the Creation Mechanism of Financial Risk in China

从要素替代视角出发．通过分析企业融投资行为和商业银行贷款行为，探讨资本循环过程中的金融风险生成机制问题。资本过度替代劳动是影响金融风险生成机制的一个重要因素。应推进市场化改革，加强股权和债权约束．努力打破现有的信贷配给格局．抑制资本对劳动的过度替代，避免过度向资本密集型产业发展．进而达到经济金融平衡。

From a new perspective of substitution among factors, this essay tries to discuss the creation mechanism o financial risk among the process of capital circulation by analyzing the behavior of enterprises and commercla banks. The conclusion is that ＂capital substituting labor excessively＂ is a main cause, which should be highly regarded. We should deepen market-oriented reform by increasing the tough constraints from equity and claims breaking distorted credit distribution,restraining＂capital substituting labor excessively＂ to avoid developing capitaloriented industries excessively, achieve equilibrium of economy and finance.