从攫取到共容：金融改革的逻辑(FROM EXTRACTION TO CO-EXISTENCEEXISTENCE)
Book ID/图书代码： 00000216B86846
English Summary/英文概要： Since the financial crisis in 2008, the relationship between financial system and real economy has been a global concern. This book is a rare one that analyzed the relationship between Chinese financial system and real economy after the crisis. This title could help you with a better understanding of real Chinese economy. Based on the framework of William Baumol’s pay-off structure of factors, the authors analyzed the allocation of factors, including the entrepreneurship，between financial sector and non-financial-sector. Chinese financial system has a paradox of "overdeveloped" and "undeveloped", which led to extraction from real economy. The conclusion is fairly consistent with the many facts observed in Chinese economy. This title provides detailed data; it is a great help for readers to have an overview on Chinese financial industry. The authors also discussed financial reform in the future, which could help readers to understand the directions of China’s financial policies.
This title argues that economic growth performance that depends on innovation elements, including entrepreneurship, capital and employee talent, should be configured to the real economy, productive area or in financial and unproductive field, and the key factors in deciding the configure direction is the compensation structure. In recent years, the most important reason for China’s economic growth is excessive development in financial industry, which constituted the real economy ‘grab’ - embodied with high profit in financial industry, high financial workers income, and thus leads to innovation elements and resources continuously flowing from the real economy to the financial sector, and decrease of the resource allocation efficiency for the general economic system. Therefore, building a high efficient, harmonious coexistence in real economy and financial industry rather than simply improving financial efficiency is the core and logical starting point of financial reform in China.
Chinese Summary/中文概要： 本书认为，经济增长的绩效取决于包括企业家才能、资本和优秀人才在内的创新要素是配置到实体经济或生产性领域，还是配置到金融业或非生产性领域，而决定配置方向的关键因素便是报酬结构。近年来，中国经济增速下滑的一个重要原因便是金融“发展过度”，构成了对实体经济的“攫取”，具体表现为金融业利润高、金融从业者收入高，使创新要素和资源“脱实向虚”，源源不断地由实体经济流向金融业，从而降低了整个经济体系的资源配置效率。因此，构建一个金融与实体经济和谐共生的高效率、共容性金融体系，而非仅仅提高金融效率，是中国金融改革的核心和逻辑起点。
Awards/获奖情况：
About the Author/作者介绍： 赵昌文，经济学博士，国务院发展研究中心产业经济部部长，研究员。曾任国务院发展研究中心企业研究所所长，四川大学副校长、教授。主要研究方向为产业政策、国企改革、金融改革、科技金融与公司金融。
朱鸿鸣，公司金融博士。2012年7月起供职于国务院发展研究中心金融研究所，主要研究方向为金融改革、科技金融与货币政策。
Zhao Changwen, research fellow, Director-General of the Research Department of Industrial Economy of the Development Research Center of the State Council (DRC), and a member of the Academic Committee of DRC.
He is the chief editor of China Journal of Finance and referee for many Chinese and foreign magazines, including Journal of Business, China Economic Review. His research field covers State-owned enterprises, industrial economy, science and technology finance, corporate finance and development economics.
Zhu Hongming, co-writer of this title, is from the Research Institute of Finance, the Research Department of Industrial Economy of the Development Research Center of the State Council (DRC).
Format:HARDCOVER
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