中国产融结合：演进路径、宏观效应与产融政策

Combination of Industry and Finance in China:Evolution Path,Macro Efects and Policy

中国经济正处于转型升级和增长动能新旧转换的结构换挡期。受"三期叠加"效应影响,银行信贷资金进入实体经济的激励正在减退,货币资金的"脱实向虚"正在酝酿资产泡沫。金融是实体经济的命脉,是现代经济的核心,是资源配置的枢纽,是推动现代经济增长的重要引擎。产融实践将货币资金引回实体经济,提高了金融服务实体经济效率,顺应了中国经济分化的大趋势,已成为助力供给侧结构性改革的重要举措。中国的产融实践在现有金融制度下形成了以银企合作为基础的产融合作和以金融控股为基础的产融结合两种不同路径。两种路径相互交织、相互影响,逐步对中国的经济增长与波动、国家经济治理结构、金融自由化改革和货币政策传导机制产生了深远的影响。金融监管部门应从明晰产融结合发展的战略方向,加强产融结合政策顶层设计和紧密结合管理会计改革三个方面更好地促进产融结合健康有序发展,促进供给侧结构性改革的顺利推进。

China＇s economy is in the period of structural shift. The economy transformation and the kine- tic energy conversion is obvious. By the Influence of third-phase superposition, the bank credit funds are brew- ing asset bubbles instead of getting into the real economy. Finance is the lifeblood of the real economy and the core of the modern economy. Finance is also the hub of the allocation of resources and the important engine to the growth of modern economy. The integration of industry and finance will lead the money back to the real economy and enhance the efficiency of financial services. The integration of industry and finance has been used to meet the trend of China＇s economic differentiation and has already become an important measure of structural reform of the supply side. In the existing financial system, China has formed two different mo- del. One is called cooperation of industry and finance based on the ＂bank enterprise cooperation＂, and another is called integration of industry and finance with ＂＇ financial holding＂. By intertwining and influencing each oth- er, the two paths have a profound impact on China＇s economic growth and volatility, the national economic governance structure, the financial liberalization reform and monetary policy transmission mechanism. For promoting the supply side structural reform and improving the development of combination of industry and fi- nance, the financial supervision department needs to take three actions. One is to choose a clear strategic di- rection. The second is to strengthen the top-level design. The third is to combine the reform of management ac- counting to promote the development of the combination of industry and finance.