投资者保护与破坏性成长:高货币和高利率并存的微观解释

Investor Protection and Destructive Growth: A Micro-explanation on the Coexistence of High Money Supply and High Interest Rate

高货币供给和高资金利率同时并存,是中国宏观金融的独有现象,也是困扰理论研究的重大谜题。本文试图脱离就宏观论宏观的传统路径,从微观视角另辟蹊径,借鉴国外法与金融学的研究成果,构建了一个从"投资者保护—微观企业行为—货币使用效率"的逻辑解释链条,认为是投资者保护的相对缺失,导致了企业投融资行为的扭曲和"破坏性成长"现象,降低了资金的配置和使用效率,最终衍生出了高货币供给和高资金利率的同时并存。从这一角度看,完善投资者保护体系,做到有法可依,有法必依,才是更加有效的解题之道。

The coexistence of high money supply and high interest rate is a unique phenomenon in Chinese macro-finance and also a big puzzle that perplexes theoretical research. This paper tries to deviate from the traditional route of from macro to macro and find a path from micro perspective. It learns from the research results of foreign laws and finance and builds a logical explanation chain of 'investor protection- micro enterprises' behaviors- money use efficiency'. It thinks the relative loss of investor protection leads to the distortion of enterprises' behavior and destructive growth,lowers fund allocation and utilization efficiency and derives the coexistence of high money supply and high interest rate. Seen from this point,the more efficient solution is to perfect investor protection system and obey laws and take it as a must to obey laws.