The Analysis Of Financial Supports For The Real Economy-from The Perspective Of Banks And Financial Market Chu Xiaoguang

At the present stage,China is promoting supply-side structural reform to deepen the reform of the economic system comprehensively,which means to adjust the structure and encourage reform in order to make the market could truly determine the allocation of resources.In such a transitional period,the upgrade and transformation of traditional industries,the development of strategic emerging industries,the emergence of new economic forms and the balance of labor force employment will inevitably put forward new requirements for finance.At present,the rhythm inconsistency of China's financial and real economic development and the structural imbalance is prominent,which mainly shows in insufficiency of financial services to private,small and micro enterprises,the underutilization of financial markets function,and the "competition for profits" between finance and the real economy,etc.,meanwhile some companies has been widely concerned for idle arbitrage problem caused by the oversupply of capital.The underlying causes behind these problems are excessive financial regulation,the exist of double-track interest rate system,ownership discrimination,inadequate protection of property rights,and insufficient market competition,etc.The problems mentioned above lead us to ponder over the relationship between finance and the real economy,and how finance could better support the real economy.In foreign countries,the relationship between finance and the real economy is mostly equal,but the term for financial support of the real economy has distinct Chinese characteristic,reflecting that finance is in an advantageous trading position compared with the real economy as well as the will and action of the government to guide the optimal allocation of financial resources.It can be seen that the finance in our country is not only the functional body for supporting the real economy,but also the transmission medium for national policy.Judging from the current situation of the financial support for the real economy,there are still many deficiencies in its effectiveness,both in equity and structural;The pattern of financial support for the real economy is not only the same as that of Britain,America,Japan,Germany and East Asian countries,but also has its own characteristics.Financing through bank credit channels is still the main channel for the real economy,and the proportion of funding through financial market channels keeps increasing,while policy intervention is to promote the balanced development of finance and the real economy,so that finance can serve the real economy better.Based on this background,with the understanding of the connotation and the present situation of financial support to the real economy in our country,the author chooses the title of “the analysis of financial supports for the real economy-from the perspective of banks and financial market”.By analyzing the most prominent problems faced by current financial support for the real economy,the author discussed the effect of it and put forward corresponding countermeasures and suggestions,which are of great theoretical and practical significance.This thesis focuses closely on the mainline of the effect of financial support on the real economy,and conducts the study according to the idea of "concept definition and analysis framework construction-analysis of literature review-historical environment and influencing factors-domestic effect test-international experience-conclusion and suggestions".The main content is divided into four parts,six chapters in total.The first part is the first chapter,including the theoretical basis and literature review,which defines the basic concepts such as the real economy,describes the banking channel of financial support on the real economy and functional structure of the financial market channel,and systematically teases and evaluates the existing literature,laying a foundation for the follow-up analysis.The second part is the second chapter,which describes the environment and influencing factors of financial support to the real economy.It gives a general description of China's market-oriented financial reform process,the factual characteristics of the imbalance between financial supply and the demand of the real economy,and the factors influencing the effect of financial support to the real economy.The third part is the core of this thesis,which consists of the third,fourth and fifth chapters.Since banks and the financial market are the main channels for China's financial services to the real economy,the third and fourth chapters analyze the effect of financial support to the real economy from these two channels respectively.The analysis of the impact of bank channels answers the question of whether there is ownership discrimination in financial support for the real economy and how to use financial policies to ease the financing constraints of private enterprises.The thesis analyzes the effect of the financial market and discusses the mechanism of the stock market,the bond market and the currency market,the existing problems and the retardation of the double-track interest rate system for the interest rate transmission in the financial market.In these two chapters,combined with the role of banks and financial markets,the analysis of the two macro policies of monetary and interest rate liberalization reform interspersed in this thesis.Chapter five evaluates the policy for supporting small and micro enterprises,which is the national policy with the most effort,and uses the fuzzy comprehensive evaluation method to measure and test its effectiveness.The fourth part is the sixth chapter,which expounds the experience of specific countries and regions.In order to analyze the problem of financial support for the real economy more comprehensively,the sixth chapter summarizes the three models of financial support to the real economy in foreign countries,and makes a comparative analysis with China to obtain useful reference.Finally,the conclusions and countermeasures of this thesis have been formed.The research findings are as follow.Firstly,China's financial reform fully embodies the market-oriented characteristics,and the direction of the transformation of financial and the real economic transactions is changing from personification to non-personification,which determines that the financial and the real economy trade should follow the principle of equality,mutual benefit and cooperation,and determine the decisive role of market discipline as well.In the face of the imbalance between the financial sector and the real economy,the Chinese government has mobilized more financial resources to participate in the service for the real economy through monetary environment creation,interest rate liberalization reform and structural policy support.Secondly,there is an obvious problem of ownership discrimination for financial support of the real economy under the banking channel.Compared with the state-owned enterprises,financing constraint index of private enterprises is significantly higher,the main reason is that private enterprises face higher loan transaction cost.However,the existence of shadow banking has not significantly improved the financing environment of private enterprises.The transmission effect of monetary policy is different for enterprises of different ownership,which can alleviate all discrimination in bank credit.Thirdly,there are also problems of financial support for the real economy under the financial market channel,which including the deficiency of direct financing function and poor policy transmission of interest rate.As a result,the function positioning of the stock market should be clarified,and the direct financing promotion function of high-level market,as well as the enterprise cultivation and indirect financing promotion function of low-level market should be given full play.The protection of property rights should be strengthened,and maintain the credit environment of the bond market.Meanwhile,the interest rate transmission role of the financial market is expected to be brought into full play,so as to realize better the requirement of surrendering part of the profits to the real economy,and we need to break the double-track interest rate system.Fourth,the small and micro sectors are the most systematic areas where the state has issued the most policies to support the real economy,a series of particular policies for improving our country's financing environment of small and micro enterprise play a proper role.But there are still weaknesses,further improvement is particularly needed in the optimization of financial ecological environment,construction of multi-level financial organizations and financial market support for small and micro enterprises.Fifth,we should learn from the experience of other countries and choose the pattern of financial support for the real economy suitable for China's situation.Based on specific culture,law and system,there are three typical models in the world,namely the market-oriented model represented by The UK and the US,the government-market-balanced model represented by Japan and Germany,and the government-oriented model represented by South Korea and India,etc.In terms of financing structure and development stage,China is closer to the government-market-balanced model of Japan and Germany,bank loan is still the most critical financing channel,and the function of the financial market has not been fully exerted.In the future,China should continually absorb advanced international experiences,so as to make financial development more compatible with the development of the real economy and achieve long-term growth.In short,in the context of China's socialist market economy,financial institutions and the real economy are a community of common destiny.A market-oriented trading relationship and win-win cooperation should be established between the two.Meanwhile,the financial policies and methods should be continuously balanced and amended,the relevant policies should be dynamically optimized,and the optimal local solution should be sought in a specific period,so as to match the domestic financial reform with the long-term development process of the real economy.Compared with the previous researches,the innovations of this thesis mainly include:first,on the research angle of view,there are distinct Chinese attributes of financial support for the real economy,with the dual characteristics of marketability and policy.The existing researches pay more attention to the role of finance for the real economy,less to combine the policy factors,and more from the financial support of the real economy in a certain way or the total level.When studying the effects of financial support for the real economy,this article internalizes monetary policy,interest rate market-oriented reform policies,and small and micro-specific policies,it systematically analyzes multiple channels such as financial support for the real economy,banks,and financial markets.Carry out detailed analysis according to the form of ownership in order to fully demonstrate relevant issues.This further enriches the existing research results.Secondly,in terms of research techniques,domestic researches on the construction of corporate financing constraint indicators refer to methods such as the KZ index designed by Kaplan and Zingales(1997),which lack reasonable corrections based on the situations of Chinese enterprises,especially for the enterprises with different ownership.This thesis optimizes the KZ financing constraint index based on the actual situation,adjusts and adds two indicators reflecting the collateral capacity and financing cost,and uses the financing constraint index model to evaluate the effect of the constraint index of state-owned enterprise and private enterprise,as well as different monetary policy tools.The calculation makes the research method more scientific and comprehensive.At the same time,research on financial support for real economic policies is mostly limited to qualitative description,lacking systematic construction and quantitative analysis of relevant policy indicator system.Based on a comprehensive and detailed analysis of financial support policies for small and micro enterprises,this thesis creatively designs a three-level evaluation index system for policy effect,and uses fuzzy mathematics to transform the qualitative evaluation into the quantitative evaluation,broadens the research methods of policy evaluation,and makes the research of this article get closer to reality.Third,in terms of the research scope,existing studies have tested the causal relationship between finance and the real economy,but mostly ignored the influence factors of the system,legal,cultural,economic and financial structure and other transnational differences,and lack of systematic summary and analysis of the models of financial support for the real economy in various countries,this thesis summarizes three typical models of international financial support for the real economy.It makes a comparative study with China to supplement the relevant research.Fourth,in terms of research theory and practical value,the existing research mostly analyzes the matching relationship and interaction between finance and the real economy from the financial structure theory,while seldom uses the institutional theories such as property rights and contracts to analyze the transaction relationship between finance and the real economy as the main body of market transactions and study the role of policy incentives in promoting financial support for the real economy under different economic and financial development stages and environments.This article will use relevant theories to systematically analyze the practical problems that need to be solved in our country's financial support of the real economy,deepen the relevant research,and combine the solution of related problems with policies.Finally the author puts forward targeted policy recommendations,which makes the systematicness and applicability of this thesis more prominent.