摘要
采用衡量经济与金融关系的θ值法测算中国民间金融发展规模,并度量正规金融和民间金融之间交互影响程度的结果显示,中国正规金融的发展并不是民间金融规模壮大的原因,相反民间金融却能促进正规金融的发展。进一步的分析表明,因为被正规金融排斥的中小企业在民间金融获得融资,所以民间金融促进了中小企业的发展;但成长起来的中小企业却倾向于向正规金融融资,故民间金融又间接推动了正规金融的发展。因此发挥正规金融指导作用以推动民间金融规范发展至关重要。应尽快建立民间金融的正规借贷制度,并加速相关立法进程。
In this paper, θ-value method which can describe the relationship between economic and finance is used to measure the scale of China＇s Informal Finance and econometrics methods are used to survey the interaction between Formal and Informal Finance. The research shows that the increase of Formal Finance is not the reason of the informal financial growth; on the contrary, Informal Finance has promoted the Formal Finance development. Further Analysis showed that the SMEs turned to obtain financing from the Informal Finance due to the exclusion from the Formal Finance, so the Informal Finance promotes the SMEs＇development. But the developed SMEs tend to turn to financing in the Formal Finance. Therefore, the Informal Finance promotes formal financial development indirectly. It is important to standardize the Informal Finance through legislating and an informal financial institution should be established.
出处
《广东金融学院学报》
CSSCI
北大核心
2011年第1期110-119,共10页
Journal of Guangdong University of Finance
基金
武汉市社会科学基金项目(09029)
关键词
民间金融
正规金融
θ值法
VAR
中国实证
informal finance
formal finance
θ -value method
VAR
empirical analysis
作者简介
彭芳春（1963-），男，湖北工业大学金融学专业教授，博士，研究生导师，研究方向为金融经济学、计量经济学；
耿康顺（1986-），男，产业经济学硕士研究生，研究方向为产业金融。
