关于中国金融系统“存差”的金融分析

A Financial Analysis on Deposit Surplus of China’s Financial System

中国金融系统“存差”的经济含义已经由传统金融体制下的货币回笼和银根紧缩转变为目前市场金融体制下的金融资产多元化和融资方式的多元化。存差在单个金融体系和整体金融体系中反映的分别是资金运用效率和资金投向渠道的转移 ,因此它具有不同的微观和宏观经济效应。另外 ,本文在认真分析存差总量和结构的基础上得出 :存差并不表明资金在金融机构的闲置 ,相反具有不少积极作用。例如 ,存差是实施国债政策和收购外汇储备的主要资金来源 ,对抑制通货膨胀因素积累、减轻中央银行增加货币供应量压力有积极作用。尽管如此 ,我们仍然应该采取疏导的措施减少巨额存差所产生的一些负效应 ,发挥“存差”促进经济增长的积极效应。

The economic signification of deposit surplus in China’s financial system has t ransferred from recalling currency and financial stringency to the diversificati on of financial assets and financing approaches. Whereas deposit surplus reflect s the efficiency of capital investment in the bank system, it embodies the trans formed channel of fund flow for the whole financial system, i.e. its microeconom ic and macroeconomic effect are different. Furthermore, after detailed analysis on the volume and structure of deposit surplus, the article concludes that depos it surplus does not mean leaving capital unused in the financial institutes, on the contrary, it has several positive functions. For example, deposit surplus is the main financing resource for the treasury bond issuing and building the fore ign capital reserve. Besides, it can also restrain the accumulation of the infla tion factors and lessen the burden of central bank to increase currency supply. However, we still have to take positive measures to reduce the negative effects of large deposit surplus and exert its positive function for the economic growth .