[1]韩磊.金融与实体经济的关联逻辑及匹配度解析——以江苏为例[J].常州大学学报(社会科学版),2020,21(04):62-70.[doi:10.3969/j.issn.2095-042X.2020.04.007]
 Han Lei.An Analysis of the Relational Logic and Matching Degree between Finance and Real Economy:Taking Jiangsu Province as an Example[J].Journal of Changzhou University(Social Science Edition),2020,21(04):62-70.[doi:10.3969/j.issn.2095-042X.2020.04.007]
点击复制

金融与实体经济的关联逻辑及匹配度解析——以江苏为例()
分享到:

常州大学学报(社会科学版)[ISSN:2095-042X/CN:32-1821/C]

卷:
第21卷
期数:
2020年04期
页码:
62-70
栏目:
经济·管理学研究
出版日期:
2020-08-31

文章信息/Info

Title:
An Analysis of the Relational Logic and Matching Degree between Finance and Real Economy:Taking Jiangsu Province as an Example
作者:
韩磊
Author(s):
Han Lei
关键词:
金融 实体经济 关联 偏离 匹配度
Keywords:
finance real economy correlate deviate the matching degree
分类号:
F015
DOI:
10.3969/j.issn.2095-042X.2020.04.007
文献标志码:
A
摘要:
金融和实体经济都是国民经济的组成部门,存在着既依存并进又冲突制约的双重逻辑关系。它们通过信贷供给、资本市场、金融服务创新等渠道关联,实践中金融偏离实体经济的情况比较突出。金融资源滞留于金融系统内部,实体经济部门的金融资源需求受制于供给短缺,导致金融与实体经济匹配度不高的结果。利用实体经济强省江苏的数据,构建金融与实体经济匹配度的“数量-结构-发展”三维分析框架。研究发现,金融与实体经济在数量、结构、发展等三个方面均存在不匹配问题。因此,突破金融资源配置中的制度局限,建立多样性金融资源供给与多元化实体经济需求的对接机制是十分必要的。
Abstract:
Finance and the real economy are both components of the national economy, having a dual logical relationship of interdependence and conflict, which are correlated through credit supply, capital market, financial service innovation and other channels. In practice, the deviation of finance from the real economy is quite prominent. Financial resources stay in the financial system, which makes the financial resource demand of the real economic sector restrained by the supply shortage, resulting in low matching degree between finance and real economy. Based on the data of the powerful real economy, Jiangsu Province, a three-dimensional analytical framework of “quantity-structure-development” for the matching degree of finance and real economy is constructed. It is found that there is a mismatch between finance and real economy in three aspects: quantity, structure and development. In this regard, it is necessary to break through the systematic limitation to the allocation of financial resources and construct the docking mechanism between the supply of diversified financial resources and the demand of the diversified real economy.

参考文献/References:

[1] PALLEY T I. Financialization: what it is and why it matters[J].SSEN electronic journal, 2007,26(9): 9-15.
[2] ORHANGAZI O. Financialisation and capital accumulation in the non-financial corporate sector: theoretical and empirical investigation on the US economy: 1973-2003[J].Cambridge journal of economics, 2008, 32(6): 863-886.
[3]刘小玄,周晓艳.金融资源与实体经济之间配置关系的检验:兼论经济结构失衡的原因[J].金融研究,2011(2):57-70.
[4]张成思,张步昙.再论金融与实体经济:经济金融化视角[J].经济学动态,2015(06):56-66.
[5] 杨筝, 王红建, 戴静, 等. 放松利率管制、利润率均等化与实体企业“脱实向虚”[J]. 金融研究, 2019(6): 20-38.
[6]范方志,张立军.中国地区金融结构转变与产业结构升级研究[J].金融研究,2003(11):36-48.
[7]靳庆鲁,孔祥,侯青川.货币政策、民营企业投资效率与公司期权价值[J].经济研究,2012,47(5):96-106.
[8]贾高清.金融发展对实体经济的影响:基于社会融资规模的视角[J].工业技术经济,2020,39(1):77-86.
[9] BERNANKE B, GERTLER M, GILCHRIST S. The financial accelerator and the flight to quality[J]. The review of economics and statistics, 1996, 78(1): 1-5.
[10] KIYOTAKI N, MOORE J. Credit cycles[J]. Journal of political economy, 1997, 105(2): 211-248.
[11]GERTLER M, KIYOTAKI N. Financial intermediation and credit policy in business cycle analysis[M]//Handbook of Monetary Economics. NY: Elsevier, 2010: 547-599.
[12]陈雨露,马勇.泡沫、实体经济与金融危机:一个周期分析框架[J].金融监管研究,2012(1):1-19.
[13]邱兆祥,安世友.金融与实体经济关系的重新审视[J].教学与研究,2012(9):48-53.
[14]王永钦,高鑫,袁志刚,等.金融发展、资产泡沫与实体经济:一个文献综述[J].金融研究,2016(5):191-206.
[15]何青,钱宗鑫,刘伟.中国系统性金融风险的度量:基于实体经济的视角[J].金融研究,2018(4):53-70.
[16]苏冬蔚,毛建辉.股市过度投机与中国实体经济:理论与实证[J].经济研究,2019,54(10):152-166.
[17] 李扬. “金融服务实体经济”辨[J]. 中国经济报告, 2017(6): 76-77.
[18] 江苏省金融办课题组, 查斌仪, 聂振平, 等. 江苏新金融发展研究报告[J]. 群众, 2017(20): 27-29.
[19]宾斯维杰.股票市场、投机泡沫与经济增长[M].张建森,译.上海:上海三联书店,2003:71-73.
[20] 韩磊. 实现金融服务供给与实体经济需求的有效契合[J]. 群众, 2020(6): 50-51.

备注/Memo

备注/Memo:
作者简介:韩磊,江苏省战略与发展研究中心宏观经济研究所高级经济师。
更新日期/Last Update: 2020-08-31