市场化改革中的资金配置机制、结构及其影响

The Mechanism of Funds Disposition, Funds Structure and the Effects in the Market -Oriented Reform

我国实行的市场化改革政策使资金配置机制发生了变化,导致资金结构有所调整,并对地区经济发展产生了深刻影响。本文在分析我国改革开放以来资金配置机制变革的基础上,探求资金结构变化的特点,通过平面数据回归证明,资金配置与经济发展之间存在密切联系,而且资金集中化及其结构失衡会阻碍经济协调发展。针对我国资金配置中存在资金集中以及直接融资比例过低等问题,本文提出以下政策建议:防范融资集中化风险,疏通直接融资渠道,提高金融调控效率,优化经济发展环境,形成资金的有效、安全配置,促进地区经济的协调发展。

The market- oriented reform in China leads to a mechanism change of funds allocation, which gives a rise to adjustment of funds structure, so as to exert an influence on the economic growth. In this paper, by using panel data regression, the author analyzes the mechanism of funds allocation and the change of funds structure. The regression result shows that there is a close relationship between funds volume and economic development, and concentration and unbalance of funds allocation will impede sustainable economic growth. To solve the problems of financial concentration and low level of direct financing, the author proposes some comprehensive policies such as dredging the channel of direct financing, perfecting risk countermeasures, strengthening financial regulations, optimizing the environment of economic development and promoting the efficient disposition of financial resources.