从“失衡”走向“均衡”:金融与实体经济共生发展的非对称性

From “Imbalance” to “Balance”: Asymmetry of Symbiotic Development between Finance and Real Economy

由于共生利益分配的不对称,金融与实体经济在共生发展中存在非对称性,这是导致金融和实体经济失衡的深层原因。基于面板联立方程模型的实证研究发现,总体而言,我国的金融与实体经济实现了共生发展,但在共生利益分配中偏向金融部门,呈现金融对实体经济的促进效应明显弱于实体经济对金融的贡献的"失衡"状态;金融与实体经济共生发展的非对称性及其所引发的失衡程度在不同地区、不同时期和不同行业有所区别。为此,应着力矫正金融与实体经济的非对称共生发展关系,推动二者向对称互惠共生模式演化,促使金融和实体经济从"失衡"走向"均衡"。

Due to the asymmetric distribution of symbiotic benefits,there is asymmetry in the symbiotic development of finance and real economy,which is the deep reason for the imbalance between finance and real economy.The empirical study based on the panel simultaneous equation model shows that,China’s finance and real economy have achieved symbiotic development,but the financial sector is preferred in the distribution of symbiotic benefits. The promotion effect of finance on the real economy is significantly weaker than the contribution of the real economy to finance. Moreover,the asymmetry of the symbiotic development of finance and real economy is different in different regions,periods and industries. Therefore,China should correct the asymmetry of the symbiotic development of finance and real economy,promote their evolution to the symmetrical and mutually beneficial symbiotic model,and promote finance and real economy from “imbalance”to “balance”.