金融发展中的政府干预、资本化进程与经济增长质量

Government intervention, capitalization process and the quality of economic growth in financial development

理论和经验研究都说明金融发展对于经济增长具有重要的促进作用,良好的金融发展程度可以有效提高一国的全要素生产率。然而市场并不是无摩擦的完美世界,作为一个从计划经济向市场体制转型的发展中国家,中国正经历着一个资产价格快速上涨的资本化过程;而财政压力下政府又有很强的干预金融的动机和行为。基于动态面板数据计量模型的结果显示:政府干预、实物资产和金融资产价格的上升对金融发展促进经济增长质量提高作用有一定的抑制,当前经济资本化和虚拟经济的发展出现偏移,引起金融资源向投机领域过快集中,而政府的干预也影响了金融资源的有效配置;只有进一步明确政府边界、实行激励实体经济发展和技术创新的政策,才能更好发挥金融发展促进经济增长质量提升的效应。

Both theoretical and empirical experiences suggest that financial development can promote economic growth sig- nificantly, and that good financial development can improve a nation＇ s TFP efficiently. However, market is not a perfect world without friction. As a developing country which transits from the planned economy to market system, China is experiencing a capitalization process with a rapid increase in asset price. Considering fiscal pressure, the government has strong motivation and behavior to intervene finance. The results of the econometric model based on dynamic panel data show that government intervention and the rise of physical and financial assets could refrain the promotion role of financial developing on the quality of economic growth. At present, economic capitalization and the development of visual economy start to deviate from the normal path to some extent, which encourages financial resources to cluster in the speculative areas too rapidly. Government intervention also influences efficient allocation of financial resources. As long as we further define government boundary and implement the policy to encourage the development of the real economy and technological innovation can we get better effects of financial development on the im- provement of the quality of economic growth.