CAJ | 학술논문

本文从金融危机后中国金融业利润上升而制造业利润下降这一现实问题出发，探究了金融业对制造业利润的影响。我们建立了金融业净利润、制造业净利润与经济景气指数的向量自回归模型．进行了脉冲响应函数与方差分解分析．探寻了金融业影响制造业净利润的机理，以识别支持制造业发展的政策选择。研究发现：整体金融业和细分金融业都侵占了制造业的利润。整体金融业应当打破国家对利率的垄断以降低制造业的融资成本。加大对制造业的补贴以缩小行业工资差距，并且增加对制造业的技术补贴以提高其获利能力。对于细分金融业。根据制造业的不同特点．货币金融服务业应当完善不同规模银行对不同类型制造业的贷款支持：资本市场服务业应当完善多层次的制造业融资平台及其配套机构建设；保险业可以降低制造业的缴费率以让利制造业：其他金融业的金融创新应当助力制造业规避生产风险。
본문종금융위궤후중국금융업리윤상승이제조업리윤하강저일현실문제출발，탐구료금융업대제조업리윤적영향。아문건립료금융업정리윤、제조업정리윤여경제경기지수적향량자회귀모형．진행료맥충향응함수여방차분해분석．탐심료금융업영향제조업정리윤적궤리，이식별지지제조업발전적정책선택。연구발현：정체금융업화세분금융업도침점료제조업적리윤。정체금융업응당타파국가대리솔적롱단이강저제조업적융자성본。가대대제조업적보첩이축소행업공자차거，병차증가대제조업적기술보첩이제고기획리능력。대우세분금융업。근거제조업적불동특점．화폐금융복무업응당완선불동규모은행대불동류형제조업적대관지지：자본시장복무업응당완선다층차적제조업융자평태급기배투궤구건설；보험업가이강저제조업적격비솔이양리제조업：기타금융업적금융창신응당조력제조업규피생산풍험。
We built vector auto-regression model with financial sector＇s net profits, manufacturing＇s net profits and economic prosperity index to research whether China＇s financial sector took away manufacturing＇s net profits after the financial crisis. Through impulse response function and variance decomposition tests we found that both overall and segmental financial sectors took away manufacturing＇s net profits. Overall financial sector should not monopolize interest rate, increase subsidy to manufacturing to reduce salary gap with other sectors and improve manufacturing＇s technology. As to segmental financial sectors, monetary financial service should promote credit support of different scaled banks to related manufacturing corporate. Capital market service should accelerate the establishment of multi level financing platform for manufacturing. Insurance should cut down the payment rate to give profits to manufacturing. And other financial service＇s innovation should help to hedge risks for manufacturing.