CAJ | 학술논문

宽松的信贷政策推动了中国经济的快速增长，但也让地方政府背负了沉重的债务负担，严重威胁金融系统的安全。本文采用2003-2012年年度数据，综合分析经济增长的影响因素，检验地方政府信贷竞争的经济增长效果。结论显示地方政府的投资冲动导致大量信贷资金被低效率利用，贷款产出率在下降，贷款产出效率的省际差异显著。财政收支缺口的扩大在一定程度上也刺激了地方政府的银行信贷需求。
관송적신대정책추동료중국경제적쾌속증장，단야양지방정부배부료침중적채무부담，엄중위협금융계통적안전。본문채용2003-2012년년도수거，종합분석경제증장적영향인소，검험지방정부신대경쟁적경제증장효과。결론현시지방정부적투자충동도치대량신대자금피저효솔이용，대관산출솔재하강，대관산출효솔적성제차이현저。재정수지결구적확대재일정정도상야자격료지방정부적은행신대수구。
Easy credit policy has promoted China’s rapid economic growth,but also let the local government bear a heavy debt burden, which has severely threatened the safety of financial system. This paper adopts the data from 2003 to 2012 to makes a comprehensive analysis on the influencing factors on economic growth, test the economic growth under the local government credit competition. The result shows that local government’s impulsive investment has led to inefficient use of large credit funds. The loan production rate is on the decline and has significant difference among provinces. The expansion of financial revenue and expenditure gap has to a certain extent stimulated the credit demand of local governments.