转型经济中融资制度绩效的经济分析

An Economic Analysis of Efficiency of China′s Financial Institution in Transforming Economy

经过 2 0多年经济体制改革 ,我国基本实现了传统财政供给型融资制度向现代市场型融资制度的有力切换。然而 ,在经济转轨过程中 ,经济体制的转换与融资制度的发展之间产生的矛盾与摩擦 ,造成金融资源逆配置 ,融资制度的内在效率相对低下 ,这必然对中国经济持续发展产生一定的制约和阻滞 ,导致中国现实经济增长率低于潜在经济增长率。由于金融资源逆配置的根源是融资制度本身存在的三重内在缺陷 ,即结构性缺陷、体制性缺陷和功能性缺陷 ,因而提高融资制度绩效、克服融资制度缺陷的根本路径就在于中国融资制度的市场化创新。

After more than twenty years' economic system reform, financial institution in China has been transformed from the traditional fiscal supply-oriented financial institution to a modem market-oriented one.But in the course of economic transition, there are some contradictions and frictions between the transition of economic system and development of financial institution, which result in financial resources layout in a counter-allocation way. The inefficient financial institution, is sure to restrain the sustained development of China's economy, and lead to the lower rate of real economic growth than potential economy growth rate. As the cause of counter-allocation of financial resources lies in the three interior deficiencies of financial institution, that is:the structural deficiency,system deficiency and functional deficiency. Therefore the fundamental way to enhance efficiency and overcome deficiencies of financial institution, lies in market-oriented institutional innovation.