市场失灵还是政府失灵?——基于主成分分析的金融漏损实证研究

Market Failure or Government Failure?——The Empirical Study of Financial Leakage Based on Principal Component Analysis

金融漏损现象在中国经济转轨过程中长期存在,其引致的金融风险逐步累积,一旦引发系统性风险势必阻滞中国经济金融改革与发展的步伐。文章基于2001-2012年间金融漏损的相关指标,利用主成分分析法验证了市场失灵与政府失灵视角下金融漏损的形成机理。研究表明:金融漏损的市场失灵因素主要是信贷资源错配下的低效率运营,政府的持续扩张行为是政府失灵引致金融漏损的主要原因;市场失灵引致的金融漏损不断下降,政府失灵下的金融漏损却不断上升。消除金融漏损应打破金融垄断,增强市场机制作用,并解决政府激励与约束的非均衡性,使政府恪守"守夜人"职能。

The phenomenon of systemic financial leakage has existed for a long time in China economic transition and the financial risks caused by this phenomenon have been gradually accumulating. Once they trigger off systemic risks, they will in- evitably hinder China economic reform and the pace of development. Based on the related indicators of financial leakage in 2001 - 2012, this paper uses principal component analysis to verify the two failures about systemic financial leakage. The arti- cle argues that low operation efficiency under the resources mismatch in credit markets is the main cause of market failures leakage, and the government~ continued expansion the main reason for financial leakage caused by government failure. While the financial leakage caused by market failure is on the decline, the financial leakage caused by the government failure is on the increase. The paper suggests that in order to eliminate systemic financial leakage we should break up the financial monop- oly and deepen financial reform to strengthen the role of market mechanisms ; furthermore, the government should address the imbalance between incentives and constraints, strictly performing its function as ＂night watchman＂