金融市场化进程区域差异的新政治经济学解释

摘要

The purpose of financial market reform is to eliminate unfair intervention and excessive regulation on commer-cial banks by the administrative power.It is not only beneficial to the improvement of the operational efficiency of the financial sector, but also helps to defuse financial risks accumulated over the years.Based on the provincial panel data of China and combined with a dynamic panel model system, this paper investigates obstructive factors from institutional environment in the process of financial marketization.The results show that, big size of government, high proportion of state-owned enterprises in economy, and corruption are causes of regional differences in the process of financial marketization.%金融市场化改革的目标在于消除行政权力对商业银行的不当干预和过度管制，这不仅有助于提高金融业的运作效率，还有助于化解多年来累积的金融风险。本文基于中国省级层面的数据并运用动态面板模型系统考察了金融市场化进程中的制度性阻碍因素。实证研究表明，政府规模过大、国有经济占比偏高、官员腐败等制度性因素导致了中国金融市场化进程的地区差异性。