Based on 2000-2015 economic data, through the expansion of Matsuyama (2007) model , this paper studies the"finan-cial resources misallocation" in our country. This paper firstly analyzes the performance of the misallocation of financial resources and discovers China's misallocation of financial resources was aggravating after 2008. This paper studies the microscopic mechanism of the"financial resources misallcation" and find the imperfection of the credit market and government intervention is the root cause of the misallocation of financial resources. This paper also analyzes its impact on the real economy and monetary policy , and find the financial resources mismatch lead to the current real estate bubble, overcapacity in some industries and financial risk concentration, and also lead to unsmooth of the credit channel of monetary policy. In the end, this paper puts forward some policy recommendations to correct "financial resources misallocation".%基于我国2000-2015年经济数据，通过拓展Matsuyama(2007)模型，对我国的金融资源错配情况及其影响进行了研究。文章首先分析了我国金融资源错配的表现并对其进行了测度，发现2008年金融危机之后，我国金融资源错配呈“加剧”态势；其次具体研究了金融资源错配形成的微观机理，得出了我国的金融资源错配是企业“自有财富效应”和政府干预企业所带来的风险收益扭曲双重影响的结论；然后基于金融资源错配对实体经济和货币政策的影响进行了分析，发现金融资源错配带来了金融风险集聚、结构性融资难、产业结构升级难及货币政策两难困境等一系列宏观问题；最后文章提出了纠正金融资源错配的政策建议。
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