中文摘要：

金融抑制体系导致我国实体经济维持发展所需资本的长期化和实际获得资金的短期化之间的错配和扭曲,对我国经济的可持续发展造成了三方面的负面效应：一是推高了我国实体经济杠杆率的持续上升,加大了实体经济的债务成本,挤压和侵占了实体经济的利润,抑制了实体经济发展的内在动力;二是对实体经济的转型升级以及自主创新能力提升形成突出的抑制效应;三是对货币政策传导机制形成了突出的扭曲效应与阻滞效应。解决资本错配与扭曲问题,应加快银行体系的混业经营,创新直接融资方式;容忍和鼓励资本市场的全面发展乃至适度的泡沫;在京津冀等核心区域板块设立新的股票市场以及创业板和新三板市场,促进区域创新能力的提升。

英文摘要：

Financial suppression system led to the mismatch and distortions of capital and the actual availability of funds between short-term and long-term development. It showed negative effects in three areas about the sustainable development of China＇s economy： Firstly, It pushed up rising leverage China＇s real economy, increased cost of debt of the real economy, which suppressing the inherent power of the real economy. Secondly, It showed inhibitory effect on the upgrading and enhancing the independent innovation capability. Thirdly, the monetary policy transmission mechanism has formed a prominent distorting effect and blocking effect. To solve the problem of capital mismatch and distortions, we should speed up the mixed operation of banking system, innovate the direct financing way,tolerate and encourage the full development of the capital market, and even moderate bubble, establish a new stock market and business sector in Beijing, Tianjin and other core area board and new board market to promote the upgrading of regional innovation capability.