摘要
构建与产业结构适配的金融结构,对建设现代化产业体系和推动经济高质量发展意义重大。鉴于中日两国在产业变迁和金融演变中的相似性,论文以日本为参照,分析两国不同经济发展阶段的金融结构特点,探寻适合中国产业升级的最优金融结构体系。研究表明,在金融资源匮乏、工业基础薄弱时,政策性融资工具能高效引导资金流向关键领域;在经济高速发展期,银行主导型金融结构对产业升级助力显著;在本土生产技术接近前沿时,市场主导型结构更利于技术研发,且多层次金融服务体系能满足产业升级融资需求。然而,日本的经验表明,仅靠完善资本市场难以化解产业停滞的困境,其根源在于“金融-产业”错配及缺乏强大金融机构引导。结合中国现状,论文论证中国通过“政策性金融兜底+银行体系支持+资本市场破局”的多层次金融服务体系,可规避日本式困境。论文最后提出,培育多层次金融机构与产品、提升金融服务普惠性与多样性、完善多层次金融服务体系,对建设现代化产业体系、推动经济高质量发展具有重要意义。
Constructing a financial structure that matches the industrial structure is of great significance for building a modern industrial system and promoting high-quality economic development.Considering the similarities in the upgrading of industrial structure and the evolution of financial structure between China and Japan,this paper takes Japan as a reference to analyze the financial structure requirements of the two countries at different stages of economic development and explore the optimal financial structure system that fits China's industrial upgrading.The research shows that when financial resources are scarce and the industrial base is weak,policy-based financing tools can effectively guide the flow of funds to key areas.During the period of rapid economicdevelopment,the bank-dominated financial structure significantly facilitates industrial upgrading.When the local production technology approaches the technological frontier,the market-dominated financial structure is more conducive to technological research and development,and the multi-level financial service system helps to meet the financing needs of industrial upgrading.However,Japan's experience indicates that simply improving the capital market is difficult to resolve the dilemma of industrial development stagnation.This paper further analyzes the root causes of Japan's industrial development"stagnation"and,combined with the current situation in China,demonstrates that China will not repeat Japan's mistakes.Finally,this paper proposes that multi-level financial institutions and products should be cultivated,the inclusiveness,effectiveness and diversity of financial services should be enhanced,and the multi-level financial service system should beimproved,which is of great significance for building a modern industrial system and promoting high-quality economic development.
作者
张明源
杨明国
沈子豪
ZHANG Ming-yuan;YANG Ming-guo;SHEN Zi-hao
出处
《农村金融研究》
北大核心
2025年第10期67-80,共14页
Rural Finance Research
基金
国家社会科学基金一般项目“数字普惠金融促进乡村产业振兴的模式创新与政策研究”(编号:20BJY114)
国家社会科学基金一般项目“基于多主体博弈的‘中日韩+X’合作研究”(编号:20BJL006)的阶段性成果
中共辽宁省委党校校级课题“积极推进现代化基础设施建设对促进消费的有效性研究”(编号2024XYZB09)的研究成果。
关键词
金融结构
产业结构
多层次金融服务体系
高质量发展
Financial Structure
Industrial Structure
Multi-level Financial Service System
High-quality Development
