中国经济结构变迁中的金融支持效应——基于产权视角的研究

The Monopoly Effect and Discrimination Effect on Economic Structural——The Empirical Research Basing on Regional Panel Data

国有金融机构"偏爱国有"和"追求政绩"的行为偏好,通过其在金融市场中的独占地位对经济结构产生了"垄断效应"和"歧视效应",最终导致经济结构变迁。结合我国各个地区的面板数据,采用固定效应面板模型分析上述两种效应对产业结构的具体影响,结果发现:当垄断效应和歧视效应同时存在时,有促进第三产业并抑制第二产业的效应。建议加快金融业向民营资本和外部资本开放,完善国有金融企业治理结构,加强金融市场竞争机制建设。

China’s financial sector is in the nature of state-owned monopoly. Differenced from the general causing of price distortion, the financial sector monopoly will lead to the behavior preferences, such as caring about SOEs and the pursuit of achievements. Therefore, when it concerns to the supporting on industries, China’s financial sector has significant monopoly effect. Besides that, the discrimination effect that is caused by its monopoly has affected the financial support for the industry from other paths. Both of them generated the insufficient supports on the second industry and excessive supports on the tertiary industry. Basing on the panel data of each region in our country, using fixed effect panel model, the paper analyzes the effect of the two on the industrial structure of the specific impact. The results showed that, when there is monopoly effect and discrimination effect at the same time, promote the third industry and suppress the second industry. So it suggests that speed up the financial sector opening up to the private capital and external capital, improve the governance structure of state-owned financial enterprises, strengthen the construction of financial market competition mechanism.