隐形税收机制瓦解后,储蓄动员型的金融发展模式取代了财政投资的主导地位,通过金融支持政策为公有经济部门融资,支撑了经济的高速增长。然而,随着市场约束机制的变化,金融支持政策的收益逐渐下降,成本却在递增。本文认为储蓄动员型的金融支持政策在一定阶段促进了经济的发展,但是也伴随着一系列经济发展的成本,比如降低了资本配置效率,过度投资产生的宏观经济成本和经济持续增长的外部风险加大等。因此,中国金融体制应深化改革,提高金融体系的资本配置效率,促进技术进步和生产效率的改进。同时,通过发展消费信贷和商业保险,减少信贷约束和不确定性,推动消费型经济的增长。
After the collapse of recessive tax mechanisms,mobilizational financial development patterns has substituted leading role of the fiscal investment,and then financed for state-owned sectors through financial supporting policy,supported high speed economic growth.However,the financial supporting policy's rewards have declined gradually along with the change of market commitment mechanisms,but the cost has been ascending.This paper think that mobilizational financial supporting policy promote the economic development at some stage,but it also a range of cost of economic development,such as,reducing the efficiency of capital allocation and the macroeconomic costs arising from over-investment and the sustained increased external risk of economic growth.Therefore,financial system should deepen the reform,improve the capital's allocative efficiency,facilitate technological advancement and productive efficiency's improvement.At the same time,we should ameliorate credit constraint and uncertainty through developing consumer credit and commercial insurance,then promote the growth of consumption-based economy.