金融信用发展与物质资本积累——基于CIA模型和对中国的实证分析

Financial Credit Development and Physical Capital Accumulation——Based on CIA Model and Empirical Analysis on Chinese Situation

文章考察了金融信用发展水平对物质资本积累的影响。模型分析表明金融信用发展降低了企业外源融资成本,有利于物质资本积累。实证分析表明中国金融信用发展显著促进物质资本积累,但短期影响大于长期影响。最后提出了政策含义,指出金融抑制和过快的金融信用发展都不利于物质资本积累。

Based on cash in advanced model, this paper studies the influence of financial development on physical capital accumulation. Model Analysis shows that financial credit development decreases the cost of external financing, and does good for physical capital accumulation. Empirical analysis shows that financial development is more beneficial to physical capital accumulation in the short run than in the long run. At last, the paper puts forward some policy suggestions, and points out that financial repression and over speed financial development are harmful to physical capital accumulation.