摘要
在经济发展的过程中 ,金融结构的演变主要取决于实体经济活动对金融服务的要求 ,以及不同的金融中介在企业融资中相应的比较优势。本文从金融结构在经济增长中所起作用的角度 ,通过对全球制造业 1 980 - 1 992年数据的经验分析 ,试图证明一国的金融结构必须要和产业规模结构相匹配。我们主要考察了金融结构的两个主要内容 :一个是银行业的结构 ,即信贷资产在不同规模等级的银行间的分布状况 ;另一个是金融市场的融资结构 ,即金融资产在银行和股票市场之间的分布状况 ,或者说是直接融资和间接融资之间的比例关系。研究结果表明 ,只有当金融结构和制造业的规模结构相匹配——即在一个以大企业为主的经济中 ,存在一个市场型的金融结构 ,或存在一个较高的银行集中度时 ,才能有效地满足企业的融资需求 。
In the process of economic growth, the evolution of financial structure is mainly determined by the demand of physical economy on financial service and the comparative advantage of different financial agencies in providing financial service. By using a new dataset on international manufacturing industries spanning from 1980-1992, we conduct empirical analysis on the relationship between financial structure and economic growth in order to test that wether the financial structure should match the structure of firms' size. We mainly analyze two make\|up of financial structures: one is banking structure, namely the ratio of the asset of several biggest banks to the asset of the whole banking industry; the other is the financing structure of firm, namely the financing choice from bank or from share market. Our research concludes that only when the financial structure matches the firms' size structure of the manufacturing industries, firms' financial demand can be effectively satisfied which would conversely spur the growth of firms.
出处
《世界经济》
CSSCI
北大核心
2003年第1期3-21,共19页
The Journal of World Economy
