中国经济的金融化趋势

The Financialization Trend of China’s Economy

中国经济运行中出现了金融化趋势。作为最大的发展中国家,中国在过去几十年经历了经济和金融的全面发展。通过分析中国泛金融业扩张的典型事实,从非金融企业通过金融渠道获利和持有金融资产的视角研究金融化在微观层面的发展趋势;提出一些非金融层面的间接金融化指标,如金融从业考试的报名人数、学术期刊中对金融化词汇的引用频率等,从侧面反映经济金融化的趋势。研究结果表明:宏观层面,中国金融行业存在较为明显的金融化趋势,具体表现为泛金融行业利润占比大幅上升;从企业财务数据的微观层面看,相较于传统的生产活动,非金融企业金融投资活动的利润占比持续上升,金融资产占总资产的比重也在近20年呈现出震荡上升的趋势;此外,无论是金融相关考试的报名人数,还是学术期刊对金融化关键词的关注度,都反映出金融重要性的提升。当前,中国经济的金融化趋势仍在持续,金融也表现出“脱实向虚”的特征。中国经济金融化典型事实,从宏观和微观视角反映了经济金融化的现状、特征和趋势,应加强宏观、微观经济政策制定的协调和配合,防止过度金融化对实体经济和金融系统可能造成的危害。

This paper analyzes the financialization trend in China’s economy.As the largest developing country,China has experienced economic and financial development in the past decades.This paper presents the typical facts of the expansion of the pan-financial industry in China and studies the development trend of financialization at the micro level from the perspective of non-financial enterprises’making profits through financial channels and holding financial assets.This paper also proposes some indirect financialization indicators at the non-financial level,such as the number of applicants for the financial profession examination and the frequency of quoting financialized words in academic journals,which reflect the trend of economic financialization from this side.The results of this paper show that at the macro level,there is an obvious financialization trend in China’s financial industry,which is represented by a sharp rise in the profit proportion of pan-financial industry.From the micro level of corporate financial data,compared with traditional production activities,the profit proportion of financial investment activities of non-financial enterprises continues to rise,and the proportion of financial assets in total assets also shows a trend of fluctuating increase in the past 20 years.In addition,the increasing importance of finance is reflected both in the number of finance-related exam entries and the attention paid by academic journals to financialization keywords.At present,the financialization trend of China's economy is still continuing,and the economy is also showing the characteristic of“moving from substantial to virtual”.The typical facts of China's economic financialization described in this paper reflect the current situation,characteristics and trends of economic financialization from the macro and micro perspectives,and have reference value for the formulation of macro and micro economic policies.The coordination of economic policies should be strengthened to prevent possible harm to the real economy and financial system caused by excessive financialization.