金融体系两种模式的运行机制及其服务效率的比较研究——基于中国金融体系发展路径的选择研究

Comparative Studies Between Two Financial System Models' Operation Mechanism and Service Efficiency——Analysis Based on China's Financial System Developing Path Selection

本文从理论和实证两个方面探究了中国金融体系服务实体经济的方式和效率,比较了储蓄支持型金融体系和金融服务支持型金融体系的差异,并提出了中国金融体系未来的发展方向。通过运用因子分析法构建金融效率指标,研究其与实体经济之间的关系,发现直接融资效率与实体经济成正向促进关系,而间接融资效率不及直接融资效率。

This paper explores the way and the efficiency of China’s financial system serving the real economy from both theoretical and empirical aspects. By comparing the differences between savings-backed financial system and financial services-backed financial system, it proposes future development direction of China＇s financial system.This paper then studies the relationship between finance and the real economy by constructing the financial efficiency index using factor analysis approach. It finds that the efficiency of the direct financing promotes the real economy while the indirect financing is not as efficient as the direct financing.