金融资本形成与经济增长

Financial Capital Formation and Economic Growth

本文基于资本分工视角,讨论了金融资本内生形成过程,并运用新古典经济增长模型,研究了金融资本形成促进经济增长的内在机制。研究表明,金融资本的形成是基于社会分工的需要从产业资本和商业资本中裂变出来的结果,金融资本适度形成是经济稳定增长的必要条件,而形成不足或过度均会损害经济的稳定增长;只要市场机制健全和制度富有弹性,偏离适度的金融资本会自动恢复到适度状态,进而促进经济稳定增长。进一步地,本文运用1952—2007年中国的数据,实证检验了金融资本形成与经济增长之间的关系。研究发现,1952年以来,外生金融深化与内生金融抑制政策的实施并没有使中国外生金融资本形成成为促进经济增长的有利因素,相反,金融资本的内生形成却有助于中国经济的稳定增长。

Basing on the perspective of capital division, this paper first discusses the endogenous formation of financial capital, and then studies the internal mechanism for the formation of financial capital promoting economic growth by employing the neo-elassical economic growth model. The result indicates that financial capital is separated from industrial capital and commercial capital to meet the needs of social division. The appropriate formation of financial capital is necessary for the stable growth of economy. While inadequate or excessive formation will damage the stable growth. As long as the market mechanism is perfect and the system is flexible, the inappropriate financial capital will automatically adjust to the appropriate level to promote the stable growth of economy. By using the relative data of 1952-2007 in China, the paper also empirically examines the relation between the formation of financial capital and economic growth. It finds that since 1952, the deepening of exogenous finance and the restraining of endogenous finance have not made the formation of exogenous financial capital the positive factor to promote economic growth. On the contrary, the endogenous formation of financial capital is beneficial to the stable growth of China economy.