金融抑制下中国金融发展的规模和效率分析

The Size and Efficiency of Financial Development under Financial Repress in China

中国的金融发展是在政府金融管制即金融抑制下取得的。在金融规模不断扩张,有组织的金融体系把越来越多的金融剩余融通到生产部门,促进了社会资本形成的背后,由于金融抑制对市场机制的排斥,金融体系在资金分配上缺乏效率导向,导致原本短缺的资本资源过多流向国有企业,而具有高效率经营能力、对经济增长做出主要贡献的民营经济却难以获得发展所需要的资金。因此整体上金融体系在配置社会金融剩余和促进存量资本再流动方面是缺乏效率的,而这同时也对金融体系自身的安全形成了威胁。本文认为,这就需要政府减少干预,放松金融抑制,给予金融领域的市场机制以更大的作用空间。

The financial sector in China has developed rapidly, especially in terms of the financial size. However, as the Chinese government still keeps a tight control over financial development in many aspects, the market mechanism of the banking sector and the capital market cannot function well. As a result, the financial intermediary and financial market have showed low efficiency with respect to allocating social financial surplus and promoting removal of social capital stock. This has also led to the fragility of the financial system itself. The author concludes that in China the progress of financial efficiency does not keep pace with the progress of financial size.