金融研究
金融研究
금융연구
Journal of Financial Research
2009年
12期
201~206
,共null页
融资成本 国有银行信贷主导 信用膨胀 资本市场发展
融資成本 國有銀行信貸主導 信用膨脹 資本市場髮展
융자성본 국유은행신대주도 신용팽창 자본시장발전
financing cost, credit dominated by state-owned banks, credit expansion, capital market development
关于中国融资成本的研究主要沿着两个方向展开。第一，国内经济学界大多肯定了国有银行信贷主导的企业投融资体制具有降低融资成本，加速投资推动型经济增长的作用。不过，国内经济学界同时也提出国有银行信贷主导的企业投融资体制可能引发信用膨胀和融资成本的周期性波动。第二，国内经济学界大多认为中国资本市场发展尚未发挥降低融资成本的作用。
關于中國融資成本的研究主要沿著兩箇方嚮展開。第一，國內經濟學界大多肯定瞭國有銀行信貸主導的企業投融資體製具有降低融資成本，加速投資推動型經濟增長的作用。不過，國內經濟學界同時也提齣國有銀行信貸主導的企業投融資體製可能引髮信用膨脹和融資成本的週期性波動。第二，國內經濟學界大多認為中國資本市場髮展尚未髮揮降低融資成本的作用。
관우중국융자성본적연구주요연착량개방향전개。제일，국내경제학계대다긍정료국유은행신대주도적기업투융자체제구유강저융자성본，가속투자추동형경제증장적작용。불과，국내경제학계동시야제출국유은행신대주도적기업투융자체제가능인발신용팽창화융자성본적주기성파동。제이，국내경제학계대다인위중국자본시장발전상미발휘강저융자성본적작용。
There are two major opinions in the research literature of financing cost. First, most of the domestic economy scholars affirmed that corporate investment and financing system dominated by state-owned banks has reduced the financing cost and accelerated the investment-driven economic growth. However, some scholars also argue that this financing system may lead to credit expansion and cyclical fluctuations of financing cost. Second, most of the domestic economy scholars believe that capital market development has not yet play an important role in reducing financing cost in China.
