CAJ | 학술논문

中国市场化取向的所有制改革使得非国有经济对经济的贡献日益增加,但与此不相称的是在此过程中金融资源配置仍以国有部门为主,非国有经济难以通过银行中介和金融市场获得充足的支持。文章首先对中国金融抑制及其对所有制效率的影响状况进行了经验分析,在此基础上分别通过经典回归和VAR模型下的动态分析（包括格朗杰因果检验和脉冲响应函数）框架对这一问题进行了实证检验,表明中国的金融抑制对所有制经济效率产生明显的影响,最后从协调资产结构、利率市场化和发展银行中介与金融市场三个方面提出改善建议。
중국시장화취향적소유제개혁사득비국유경제대경제적공헌일익증가,단여차불상칭적시재차과정중금융자원배치잉이국유부문위주,비국유경제난이통과은행중개화금융시장획득충족적지지。문장수선대중국금융억제급기대소유제효솔적영향상황진행료경험분석,재차기출상분별통과경전회귀화VAR모형하적동태분석（포괄격랑걸인과검험화맥충향응함수）광가대저일문제진행료실증검험,표명중국적금융억제대소유제경제효솔산생명현적영향,최후종협조자산결구、리솔시장화화발전은행중개여금융시장삼개방면제출개선건의。
Chinese ownership reform has made nonstate-owned economy contributed more and more in economy,which is not in proportionate to financial resource allocation,since state-owned econmy monopolies most financial resource nowadays while nonstate-owned economy is hard to get sufficient support from banks and financial market.The paper firstly makes empirical analyses on financial depression and its＇ influence to ownership structure,secondly builds classical regression and dynamic analyzed frame in the VAR model（including Granger causality tests and Impulse response function） to discuss the relationship and internal influence between ownership economic efficiency and financial repression.in the end it puts forward three policy proposes involving coordinate asset structural,interest rate marketalization（financial deepen）,the development of bank medis and financial market to improve such situation.