摘要
不同产业具有不同的特征,需要不同的金融服务。拥有较多固定资产的工业企业更容易获得银行贷款,以无形资产为主的服务型企业更适合借助资本市场直接融资。可见,产业结构可决定和影响一国的金融结构。运用38个国家1992—2011年的相关数据可以建立固定效应模型对金融结构与产业结构的匹配度对经济增长的影响情况进行分析,分析结果表明:银行主导型的金融结构更有利于以第二产业为主的国家,市场主导型的金融结构更适合以第三产业为主的国家。随着我国产业结构的转型升级,新兴产业、服务业、小微企业迅速发展,这就对金融结构的调整提出了新的现实要求。随着产业发展对直接融资的需求越来越大,以银行间接融资为主的金融结构将不能满足经济发展的要求,因此扩大以股票市场为代表的直接融资是我国金融业改革的当务之急。
Various industries with different characteristics need different financial institutions. Firms of the industry sector with more fixed asset acquire loans from banks much more easily while firms of service sector with more intangible assets are apt to receive financial support from the capital market. It means that the industrial structure can determine and affect the financial structure. Using the data of 38 countries from 1992 to 2011 to establish a fixed effect model,we found that the bank-based financial structure is more conducive to the second industry oriented countries,while the market-based financial structure is more appropriate for the third industry oriented countries. During the transformation and upgrading of industrial structure,emerging industries,service industries and small enterprises were growing rapidly. This puts forward new requirements for the adjustment of financial structure. As the demand for direct financing is becoming larger and larger,the bank-based indirect financial structure is unable to meet the requirements of economic development. Thus,the expansion of the direct financing including the stock market is a priority of the financial reform.
出处
《北华大学学报（社会科学版）》
2016年第1期112-119,共8页
Journal of Beihua University(Social Sciences)
关键词
金融结构
产业结构
匹配度
经济增长
固定效应模型
股票市场
直接融资
Financial structure
Industrial structure
Matching degree
Economic growth
Fixed effect model
Stock market
Direct financing
作者简介
焦成焕，上海大学社会科学学院副教授，经济学博士，主要从事经济学和金融学研究；
唐凯，上海大学社会科学学院硕士研究生，主要从事经济学和金融学研究。（上海）
