“攫取性”金融体系及其危害——一个基于金融竞合观的分析框架

Extractive Financial System and its Harm to Real Economy——A Framework Based on Cooperation- competition Financial View

本文的目的在于弄清"攫取性"金融体系对创新及经济增长的负向作用机制。当前中国的金融体系有较强的"攫取性"属性。金融竞合观下,资源配置可以分为两个环节。一是"初次分配",即要素在金融与实体经济间的分配。二是"再分配",即金融体系可支配的资源在不同实体经济部门间的分配。"攫取性"金融体系下,"初次分配"存在严重扭曲,过多创新要素"脱实向虚",被过度配置到金融业,即存在"虹吸效应",而"再分配"又无法消除这种扭曲,从而使得经济系统的资源配置效率下降。除此之外,"攫取性"金融体系还通过利益集团机制、侵蚀效应、公司金融机制和金融不稳定机制等渠道负向作用于创新及经济增长。

The aim of this paper is to clarify the negative mechanism of extractive financial system to innovation and eco- nomic growth. At present, the financial system is an extractive one. Based on the cooperation - competition financial view, re- source allocation can be divided into two parts. One is primary allocation, that is, the allocation between financial system and re- al economy. The other one is reallocation, that is, the allocation among different real economy department by financial system. Under an extractive financial system, primary allocation is distorted. In other words, siphon effect exists ; too many factors of in- novation are allocated to financial system. Unfortunately, relocation could not erase the distortion and therefore the whole econo- mic system＇s allocation efficiency decreases. In addition, other mechanisms of extractive financial system include interest group mechanism, erosion effect, corporate finance mechanism and financial instability mechanism.