中国金融体系效率与金融规模

China's Efficiency of Financial System and Financial Scale

金融规模适度性与金融规模增长是否带来金融发展是金融发展研究的关键问题。本文借助修正的AK模型与SVAR方法,对中国金融体系效率进行直接测算,在此基础上,基于非线性关系,选择有效金融规模指标,对中国金融规模与金融体系效率之间的关系进行检验。实证结果表明,中国金融体系效率仍然偏低,中国金融规模与金融体系效率存在非线性关系。因此,保持金融规模适度增长与提升中国金融体系效率应成为中国金融可持续发展的主线。

Study of suitable financial scale and its effect on financial develop- ment is the key to promote the theory of financial development. Efficiency of China＇ s financial system is measured by modified AK model and SVAR method. Based on discussions above and by selecting employment ratio in financial sector as the index of measuring financial scale, the relationship between financial scale and efficiency is tested. Empirical results reveal that China＇s efficiency of financial system is rela- tively low, there exists non-linear relationship between China＇s financial scale and efficiency. In order to keep the sustainability of China＇s financial system, some policy orientations to make financial scale suitable and increase China＇s efficiency of financial system are put forth accordingly.