CAJ | 학술논문

本文通过建立金融生态演进作用于实体经济增长的分析模型,对金融生态演进影响资本配置效率与经济增长的内在作用机制与传导渠道进行了数理分析。研究结果显示,金融发展对经济增长促进作用的有效性受其所在外部金融生态环境的影响。政府对经济的干预有助于增加资本积累,但会削弱法制因素和金融发展改善资本配置效率的作用;法制环境的改善有助于资金更多的流向集约型产业,减轻政府干预对资金配置的扭曲;一个企业家精神盛行、勇于创新的文化信用环境可以弥补法制环境的不足,约束资金使用者的道德风险,优化金融资源的配置效率。
본문통과건립금융생태연진작용우실체경제증장적분석모형,대금융생태연진영향자본배치효솔여경제증장적내재작용궤제여전도거도진행료수리분석。연구결과현시,금융발전대경제증장촉진작용적유효성수기소재외부금융생태배경적영향。정부대경제적간예유조우증가자본적루,단회삭약법제인소화금융발전개선자본배치효솔적작용;법제배경적개선유조우자금경다적류향집약형산업,감경정부간예대자금배치적뉴곡;일개기업가정신성행、용우창신적문화신용배경가이미보법제배경적불족,약속자금사용자적도덕풍험,우화금융자원적배치효솔。
In this paper we make a mathematical analysis of the endogenous interaction and transmission mechanism about the evolution of the financial ecology on the capital allocation and the real economic growth,based on the analysis model of the financial ecology on the real economic growth.The study shows that,the effectiveness of the stimulation from the financial development to the real economic growth is bounded by the external financial ecological environment.The government＇s intervention helps to the capital accumulation,but ruining the positive effect brought by the legislation and the financial development to the capital allocation.The improvement of the legislative environment will make more capital flow to the intensive Industry,and also decrease the distortion brought by the governmental intervention to the capital allocation.The widespread of entrepreneurship and the positive and innovative cultural credit environment together can eke out the incompleteness of the legislative environment,limit the risk of moral hazard of the capital users,and optimize the allocation of the financial resource.