企业盈利能力、金融竞争程度与最优金融结构

Corporate Profitability, Financial Competition and Optimal Financial Structure

本文考察了不同经济发展阶段下金融结构的最优安排以及金融竞争对最优金融结构边界的影响。研究发现,经济发展阶段决定了金融结构的演化趋势,而企业盈利能力的分布决定了特定发展阶段下企业最优融资方式的选择与最优金融结构的具体形式,且金融竞争会改变金融机构的业务边界,进而导致最优金融结构的边界发生迁移。经验分析结果表明,本文的模型对发达经济体的金融结构及演化具有很好的解释力,本文同时分析了中国金融结构与理论上最优金融结构产生背离的原因。

This paper examines the optimal financial structure arrangement at different stages of economic development and the impact of financial competition on the boundaries of the optimal financial structure.The research concludes that the economic development stage determines the evolutionary trend of the financial structure,and that the corporate profitability distribution determines the choice of optimal financing methods and the specific form of optimal financial structure at a specific developmental stage.Financial competition also alters the business boundaries of financial institutions,which in turn leads to boundary migration of the optimal financial structure.Empirical evidence confirms that the model used in this paper offers significant clarity and depth in explaining the financial structure and evolution of developed economies,specifying why China s financial structure deviates from the theoretical optimal financial structure.