金融脆弱性对实体经济影响的实证研究

An Empirical Analysis of the Impact of Financial Fragility on Real Economy

本文从金融体系的基本功能对经济增长起着至关重要的作用这一现代金融经济学的理论视角出发,利用计量经济学的分析方法,通过验证我国金融体系在不完全的市场条件下,能否发挥“投融资、价格发现、风险分散、流动性供给、信息生产和公司治理”这六大基本功能,来揭示当今中国金融体系的脆弱性及其对实体经济的影响机制,从而为现在中国金融的改革方案提供必要的政策依据。

From the theoretical perspective of modern financial economics that 'the basic function of financial system plays an essential role in economic growth', the paper employs the analytical method of qualitative e-conomics to test whether China's financial system can develop the six fundamental function of 'investment and finance, price discovery, risk diversification, liquidity provision, information production and corporate governance' under the constraint of incomplete market. It reveals the fragility of China's financial system and its transmission mechanism to real economy, thus constituting a necessary policy basis for China's current financial reform.