论我国金融深化过程的滞后——基于履约承诺与金融转换成本视角的研究

Disadvantages in China's Financial Deepening:From the Perspective of Contract Enforcement and Financial Conversion Cost

从履约承诺和金融转换成本两个视角来看,我国金融深化进程表现为信用缺失和转换成本高。对两个指标的量化研究显示,我国金融深化过程滞后,其负面影响是经济增长的低效率、储蓄—投资之间的低转化率和国民福利的损失等。通过制度建设来提高当事人的履约承诺和通过金融创新来降低金融转换成本,是加快我国金融深化过程的有效路径。

From the perspective of contract enforcement and financial conversion, we can find that China＇s financial deepening is suffering from the lack of trust and high cost of financial conversion. The two indices, θ and Ψ, show that there are still some disadvantages in China＇s financial deepening, which have led to the loss of national welfare, the inefficiency of economic growth and conversion between savings and investment, etc.. The process of China＇s financial deepening will be accelerated if contract enforcement is promoted by institutional construction and financial conversion cost is cut down by financial innovation.