| As a basic part of the financial system,commercial banks play an important role in supporting the real economy.In recent years,China's growth power shift and upgrading,industrial structure optimization and adjustment make the real economy face greater downward pressure.The phenomenon of financial development deviating from serving the real economy is constantly emerging.The relationship between finance and the real economy shows separation and imbalance,and China has a tendency of excessive financilization.In the process of financial separation from the real economy,the supporting role of commercial banks to the real economy has also been questioned.Financial system can play a role in promoting the real economy,but also has a negative impact.In order to give full play to the role of financical system in supporting the real economy,it is necessary to comprehensively consider the impact of financial system on the real economy and explore the realization mechanism of commercial banks supporting the real economy.Traditional economic theory holds that finance can play a role in optimizing resource allocation and improving investment efficiency,so as to promote the development of real economy.Before the financial crisis,the views represented by financial development theory and financial repression theory always occupied the mainstream of financial theory.Deposit and loan mechanism can optimize resource allocation,credit can improve investment efficiency,credit intermediary function can reduce moral hazard,and the development of commercial banks is conducive to economic growth.With the deepening of the development of financialization,more and more attention has been paid to the different influence of financial system on the real economy.Especially after the outbreak of the 2007-09 financial crisis,more and more scholars began to pay attention to the adverse effects of financial system on the real economic growth.Financial investment will crowd out real investment,excessive development of financialization will increase the burden of consumers,and excessive financialization will cause economic stagnation.In the process of supporting real economy,commercial banks also have many problems,such as insufficient support for key areas,excessive development of interbank business and so on.Based on the perspective of political economics,the essence of financialization is the process of modern financial capital accumulation leading various kinds of social capital,including bank capital,industrial capital and various kinds of income such as family and government.In the current period of financialization,the connotation of modern financial capital is very rich.Modern bank capital has become a manifestation of modern financial capital.The great development of virtual capital has replaced the importance of loan capital.With the formation of modern financial capital in the period of financialization,modern bank capital,as a component of modern financial capital,also shows a different form of movement with traditional bank capital.Bank capital is still a major component of financial capital,but virtual capital is increasingly showing the form of movement away from bank capital,and bank capital increasingly shows the deep integration with virtual capital.On one hand,the unity of modern bank capital and industrial capital has not changed,bank capital is still an important support for the development of industrial capital,and the development of industrial capital is still an important basis for the proliferation of bank capital;on the other hand,modern bank capital and industrial capital have begun to show a certain degree of antagonism,and the continuous transformation of bank capital to virtual capital has resulted in the continuous development of bank capital away from the movement of industrial capital,bank capital gains value through the movement of virtual capital,which erodes industrial capital.As the realistic manifestation of modern bank capital and industrial capital,the relationship between commercial banks and real economy also has the relationship of unity and opposites.Commercial banks and the real economy promote each other,but also show mutual contradictions and deviations under certain conditions.On one hand,the deposit and loan business of commercial banks can provide strong support for the development of the real economy.The investment business can promote the development of the real economy in many ways.The development of the intermediate business conforms to the needs of the development of the real economy.The off balance sheet business is an effective means to promote the development of the real economy.The function of interbank business on financing,monetary policy transmission and resource allocation optimization can serve the real economy.On the other hand,the disconnection between the deposit and loan structure and the real economy is not conducive to the development of the real economy.Excessive financial investment will crowd out the real investment.The development of intermediate business,off balance sheet business and inter-bank business will separate from the real economy and increase the financing cost of the real economy and bring financial risks.To give full play to the important role of commercial banks in supporting the real economy,we need the long-term support role of loan business for the real economy,the liquidity support role of investment business for the real economy,the guarantee role of interbank business for the stability of the financial system,and the convenience role of intermediary business for the real economy.With the accumulation of international financial capital and the development of international financialization,China has also begun the financialization process.Especially after the financial crisis,China adopted financial and monetary policies to stimulate the economy,and the financialization tendency of China has become prominent.At present,China's commercial banking system is composed of national commercial banks,local commercial banks and foreign-funded commercial banks,which are characterized by high degree of nationalization,limited mixed operation,and single core business.With the accelerating process of financial marketization in China,the commercial banking system has been continuously improved,the operation scale has been continuously expanded,and the ability to serve the real economy has been continuously enhanced.However,the development process of commercial banks is accompanied by many problems,such as the structural imbalance between large commercial banks and small and medium-sized commercial banks,state-owned commercial banks and private banks,serious homogenization of commercial banks' business and products,insufficient risk prevention,regulatory mechanism to be improved,and the functions of serving the real economy to be strengthened.With the continuous development of the commercial banking system,China's real economy has grown rapidly and made remarkable achievements.The manufacturing industry is the foundation of the real economy,the development of small and medium-sized enterprises provides an important support for the development of the real economy,science and technology enterprises provide the impetus for the development of the real economy,and the development of private enterprises has become the focus of the development of the real economy.However,there are some problems in the real economy,such as hollowing out of industries,overcapacity in traditional industries,unreasonable industrial structure,unbalanced industrial profits,lack of competitiveness in manufacturing,high enterprise costs and high level of enterprise leverage.Small and medium-sized enterprises have weak technical innovation ability,narrow financing channel,low management level and short life cycle.Private enterprises have unreasonable financing structure,backward management mode,unclear property rights and unequal legal status.Manufacturing industry is highly dependent on foreign trade,its cost advantage is weakened,its competitive pressure is increased,and its development momentum is insufficient.Commercial Banks provide important support for the development of the real economy,but the problems are also relatively prominent.Commercial Banks continue to increase their loans to non-financial sectors,but the proportion of loans to non-financial sectors keeps falling,and their support for small and micro enterprises has not improved significantly.Commercial Banks' investment business accounts for an increasing proportion in the use of various funds,and its support for the real economy has declined,but it has improved in recent years.The intermediary business of commercial banks provides convenience for the development of real economy.The inter-bank business of commercial banks develops rapidly.Inter-bank investment and financing business meets the financing needs of different financial institutions and promotes the continuous development of the financial system,but it also tends to break away from the development of real economy.The empirical research shows that the loan business and investment business of domestic commercial Banks maintain a significant positive correlation with the development of the real economy on the whole,but with the deepening of financialization,the correlation between the loan business of commercial Banks and the real economy has changed,while the investment business can still maintain a positive correlation with the real economy.The empirical results show that under the background of financialization,the orientation of commercial Banks' loan business has caused the loan business to be separated from the real economy,and the financial market business,including the investment business,can provide important support for the development of the real economy.Problems such as misallocation of resources in the real economy,lack of unified functional supervision and implicit guarantee in the financial system lead to the tendency of commercial banks to break away from the real economy,reduce the use efficiency of funds,and bubble financial assets.The high-quality development of real economy in the future needs the transformation of the credit supply structure of commercial banks,the standardization of credit supply channels and the improvement of credit supply quality.However,it faces such obstacles as stricter requirements for risk prevention and control,stronger capital constraints and rigid demand for credit scale.Internationally,countries have taken various measures to promote commercial banks to support the real economy.The small and medium enterprises administration of the United States provides ordinary loans,special loans and small loan guarantees for small and medium enterprises.Germany has a sound financing system for small and medium-sized enterprises,policy banks to provide long-term preferential loans for small and medium-sized enterprises,with a sound risk sharing and compensation mechanism.Japan promotes sme financing through policy financial institutions,private financial institutions,credit guarantee institutions and venture capital institutions.Silicon valley bank of the United States,the growth fund for small and medium-sized enterprises of the United Kingdom and other countries also promote the financing of small and medium-sized enterprises through the combination of industry and finance mode.The commercial bank credit system in America,Britain and Japan facilitates the financing of real economy.The United States,Europe and Japan promote real economy financing through different forms of asset securitization.Based on the current background of financialization in China and the development status of commercial banks and the real economy,it is necessary to improve the relationship between commercial banks and the real economy from several aspects to promote commercial banks to support the real economy.To optimize the mechanism of all kinds of commercial banks business support for the real economy,building support system of credit business support the real economy,give full play to the state-owned commercial bank's role in optimizing the credit structure,give full play to the joint-stock commercial banks in support of the role of emerging industry,give full play to the city bank support the role of regional small and medium-sized enterprises.To build innovation and development of financial markets business support system of the real economy,give full play to the commercial banks in the market of direct financing function of support to the real economy,give full play to the financial market for direct financing system of commercial banks,give full play to the trading function of support for corporate entities involved in the financial system.To build a rational division of inter-bank business to support the real economy,give full play to the investment and financing support of large state-owned commercial banks for small and medium-sized banks,give full play to the role of inter-bank business in supplementing the capital of commercial banks,and give full play to the complementary role of inter-bank business for various types of financial institutions.To further strengthen commercial banks' support for key areas of the real economy,attach great importance to the development of small and medium-sized enterprises,set up special financial institutions,and improve the financing credit guarantee system.To foster the development of science and technology enterprises,establish specialized science and technology banks,set up debt-for-equity implementation agencies,strengthen cooperation with venture capital institutions,and upgrade "creditor's rights" to "creditor's rights & option" financing mode.To give priority to supporting the development of private enterprises,restart and expand the pilot program of hosting banks,and encourage private enterprises to set up financial companies.To steadily promote the development of the manufacturing sector,establish a high-standard social and environmental risk assessment system,build a green banking system,design diversified securitization products,develop industrial investment funds,open up channels for venture investment in the manufacturing sector,and establish a capital supply support system.In order to guarantee the supporting role of commercial banks in the real economy,it is necessary to further optimize the financial policy.To strengthen financial supervision,return commercial banks' business to its original source,adhere to the basic role of deposit and loan business,promote the development of intermediary business,and encourage commercial banks to identify the development direction of investment business and inter-bank business.To increase support for the financial market business of commercial Banks,continue to guide the development of financial market business,and give full play to the role of financial market business in supporting the real economy.To promote financial science and technology,establish a high-level risk prevention and control mechanism,and put in place a comprehensive risk prevention and control system for large and innovative enterprises,small and micro businesses,and inter-bank financial institutions.To innovate capital tools,explore multi-level channels for capital replenishment,meet the capital replenishment needs of commercial banks,implement regulatory measures that adapt to the capital replenishment of commercial banks,and adapt to changes in the international regulatory environment.To encourage financial innovation,provide diversified and comprehensive financial services,and establish a financial innovation mechanism aimed at serving the real economy.To improve the market system,create a sustainable risk management environment,and constantly improve the information disclosure mechanism of the direct financing market,the third-party credit evaluation mechanism and the risk management mechanism. |
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