CAJ | 학술논문

理论和经验研究都说明金融发展对于经济增长具有重要的促进作用，良好的金融发展程度可以有效提高一国的全要素生产率。然而市场并不是无摩擦的完美世界，作为一个从计划经济向市场体制转型的发展中国家，中国正经历着一个资产价格快速上涨的资本化过程；而财政压力下政府又有很强的干预金融的动机和行为。基于动态面板数据计量模型的结果显示：政府干预、实物资产和金融资产价格的上升对金融发展促进经济增长质量提高作用有一定的抑制，当前经济资本化和虚拟经济的发展出现偏移，引起金融资源向投机领域过快集中，而政府的干预也影响了金融资源的有效配置；只有进一步明确政府边界、实行激励实体经济发展和技术创新的政策，才能更好发挥金融发展促进经济增长质量提升的效应。
이론화경험연구도설명금융발전대우경제증장구유중요적촉진작용，량호적금융발전정도가이유효제고일국적전요소생산솔。연이시장병불시무마찰적완미세계，작위일개종계화경제향시장체제전형적발전중국가，중국정경력착일개자산개격쾌속상창적자본화과정；이재정압력하정부우유흔강적간예금융적동궤화행위。기우동태면판수거계량모형적결과현시：정부간예、실물자산화금융자산개격적상승대금융발전촉진경제증장질량제고작용유일정적억제，당전경제자본화화허의경제적발전출현편이，인기금융자원향투궤영역과쾌집중，이정부적간예야영향료금융자원적유효배치；지유진일보명학정부변계、실행격려실체경제발전화기술창신적정책，재능경호발휘금융발전촉진경제증장질량제승적효응。
Both theoretical and empirical experiences suggest that financial development can promote economic growth sig- nificantly, and that good financial development can improve a nation＇ s TFP efficiently. However, market is not a perfect world without friction. As a developing country which transits from the planned economy to market system, China is experiencing a capitalization process with a rapid increase in asset price. Considering fiscal pressure, the government has strong motivation and behavior to intervene finance. The results of the econometric model based on dynamic panel data show that government intervention and the rise of physical and financial assets could refrain the promotion role of financial developing on the quality of economic growth. At present, economic capitalization and the development of visual economy start to deviate from the normal path to some extent, which encourages financial resources to cluster in the speculative areas too rapidly. Government intervention also influences efficient allocation of financial resources. As long as we further define government boundary and implement the policy to encourage the development of the real economy and technological innovation can we get better effects of financial development on the im- provement of the quality of economic growth.