关键词: 金融发展, 实体经济, 资金依赖, ARDL模型

Abstract: Flow of funds account is an important analytic tool for the flow of funds of a nation, but it does not show the information about funds "from whom to whom", therefore, it is unable to fully demonstrate the flow of funds among different institutional sectors as well as the linkage between the financial system and the real economy. This paper adopts a method to estimate the three-dimensional structure of the flow of funds account, namely "from-whom-to-whom" account based on the traditional flow of funds account, and estimates the flow of funds among sectors of China from 1992 to 2012. The estimated results show that the real economy had high dependence on the funds from financial sector in China, and the reliance remained quite stable. Furthermore, this paper establishes an Autoregressive Distributed Lag (ARDL) model to explore the relationship between funding from financial sector and the real economy in China, and the study finds that the financial sector’s funding to non-financial corporate sector has significant negative impact on the growth of value added of non-financial corporate sector, which indicates the possibility that the financial sector lacks efficiency in allocating funds.

Key words: Financial Development, Real Economy, Funding Dependence, ARDL Model