金融漏损、效率修正与“反哺效应”——中国转轨经济金融低效率与经济高增长研究的新视角

Financial Leakage,Efficiency Correction and "Back-Feeding Effect":An New Research Perspective on Low Financial Efficiency Relative with High Economic Development in the Course of Chinese Transition Economy

在我国渐进式的转轨经济过程中,在政府强控制金融与高额储蓄条件下,体制内经济体发生金融漏损并由体制外经济顺守,修正了金融初次配置效率,形成了金融低效率与经济高增长并存的结果。理论与实践表明,体制内金融的外向漏损间接支持了体制外经济的成长发展,形成了"反哺效应",构成了一个非正规的经济增长良性循环模式。文章从金融效率与经济增长角度分析了我国转轨过程中的金融漏损、效率修正与经济增长,对我国转轨经济中金融低效率与经济高增长现象进行了分析。文章认为应通过进一步推进国有企业与国有银行产权改革、加快民间金融发展等措施改进与提高我国的金融效率。

In the course of Chinese gradual transition economy, on the condition of governmental strong financial control and high savings, financial leakage occurs in inner-system enterprises, and transferred into the production in the external-system enterprises, which correct the efficiency of the first allocation of financial resources, form the coexistence result of low financial efficiency relative to high economic development. Leakage outward of inner-system finance have indirectly sustained the development of external -system economy, which theories and demonstration have indicated, formed one effect of ＂Back-feeding＂, and made an irregular benign-cycle mode of economic development. From the perspective of financial efficiency and economic development, this paper analyzes the financial leakage, financial efficiency and economic development in the course of transition economy, make an analysis of low financial efficiency relative to high economic development in the course of transition economy, and puts forward to the advices on ameliorating the financial efficiency in China.