CAJ | 학술논문

本文运用广义矩估计方法（GMM）及1996—2007年的省级面板数据检验了金融自由化改革后中国金融体系的功能。结果表明：金融自由化改革后，金融体系开始逐渐发挥资源配置功能，通过资本积累和技术进步双渠道促进了经济增长，然而金融市场化程度还不高，以金融发展水平衡量的技术吸收能力较差，没有起到促进技术进步和经济增长的作用。
본문운용엄의구고계방법（GMM）급1996—2007년적성급면판수거검험료금융자유화개혁후중국금융체계적공능。결과표명：금융자유화개혁후，금융체계개시축점발휘자원배치공능，통과자본적루화기술진보쌍거도촉진료경제증장，연이금융시장화정도환불고，이금융발전수평형량적기술흡수능력교차，몰유기도촉진기술진보화경제증장적작용。
The paper uses the generalized method of moment estimation （GMM） and provincial panel data between 1996 and 2007 testing the functions of financial system of China after the financial liberalization. It demonstrates that financial system begins to exert the function of allocation gradually after financial liberalization, and promotes economic growth through the twin channel of capital formation and technology progress. However, due to low degree of financial marketization, technological absorptive capability measured with the level of financial development couldn＇t facilitate technological progress and economic growth.