笔者从融资的规模、融资的工具结构、融资的主体结构三个角度构建融资服务水平,建立协调发展度模型验证中国的融资服务水平与经济发展水平的匹配程度,形成对已往的以“VAR模型”为主的研究成果的有力补充。结果显示:其一,2002—2012年中国的融资服务水平与经济发展水平间的确存在相互反馈的互动发展关系,两者间的协调发展经历过2002—2005年的失调阶段、2006—2010年的基本协调阶段、2011—2012年的优良协调阶段。其二,融资服务与经济发展的相对发展水平存在以2008年为临界点的阶段性,2008年的拐点效应明显。其三,2013年31个省份中融资服务与经济发展协调发展失调的有12个,占比高达38.71%,整体情况有待进一步提高。其四,中国融资服务水平与经济发展的协调发展度在空间分布上整体上表现为东部沿海地区强于中西部地区,协调失调地区集中于西部地区,但融资服务水平与经济发展间的相对发展程度高低在空间分布上无明显的“板块聚集效应”。

On the construction of financial service level from the scale of financing,the structure of major participators,the mainly tools of financing, establishing the coordinated development model to verify whether the level of financing service and the level of economic development are coordinated or not,the research methods are strong supplement to the past, which mainly includes the VAR model. The results show that:Ⅰ.The relationship of mutual feedback interaction indeed exists between the level of financing service and economic development in China from 2002 to 2012 ,having experienced the stage of discordant(2002—2005),basic coordination(2006—2010) and excellent coordination(2011—2012).Ⅱ.Based on the vertical analysis from 2002 to 2012, 2008 is verified as a inflection point according to the level of relative development between financing services and economic development,and the effect of the inflection point in 2008 is obvious.Ⅲ. In the year of 2013 among 31 areas of China,there are 12 areas have experienced the discordant stage of coordinated development degree between financing services and economic development,which accounted for 38.71%,the overall situation needs to be improved in the future.Ⅳ.Based on the analyze of space distribution, the degree of coordinated development of the eastern coastal areas is higher than the middle and west areas on the whole,the disorder areas are concentrated in the western region. However, there is no plate aggregation effect in space distribution according to the relative level between the level of financing services and economic development.