What is the basic information and definition of financial resources?

Financial resources refer to the sum or aggregate of a series of objects about the structure, quantity, scale, distribution, effect and their interaction of financial service subjects and objects in the financial field.

Basic information

Basic meaning

The term financial resources frequently appears in practical departments and academic research, but there is little research on how to scientifically regulate its meaning. Perhaps there is no need for pedantic norms, as long as it is generally recognized, then its contents mainly include money as funds and securities, and the acceptance of credit between members of society and between members of society and the government can also be called financial resources. Their similarity lies in that both of them can be used as elements of economic development and can bring added value. The government's macro-control must grasp resources, including financial resources; The allocation of financial resources is closely related to economic macro-control. At the present stage, in addition to policies and regulations, China government actually holds two kinds of resources, namely monetary funds and land. Therefore, it is of great significance to analyze and study the allocation of financial resources in China.

financial structure

At present, China's financial structure is still that the state or the government holds financial resources, which is not only manifested in the fact that wholly state-owned commercial banks and state-owned policy banks occupy the vast majority (more than 70%) of China's financial market, but also in the fact that financial institutions such as joint-stock commercial banks and local commercial banks are also controlled by the state or the government. Their business activities are not only supervised by the government, but also guided by the government. Some people say that the regulatory authorities have successively issued documents to guide the business operations of commercial banks, which has simply become the "business director" of banks. In this case, the business operation of the national financial system is a "national chess game". The allocation of financial resources is "tight if it matters, loose if it is loose", which is basically unprincipled.

The reason for this situation is ultimately determined by the nature and system design of China's financial system. China's financial system has changed for so many years. what has changed? The establishment and name of the organization have changed, but the nature and mechanism have not changed, that is to say, the nature of the state or government's unified control of financial resources has not changed, and a set of mechanisms operating at different levels has not changed. In this case, the person in charge of a commercial bank is not only a boss, but also an official. He should not only achieve the profit target, but also achieve the government target. In some cases, he even gave up his goal of pursuing profits and first obeyed the needs of the whole. Some people say that there is no real commercial bank in China because it is not entirely aimed at maximizing profits. Whether this statement is realistic can be discussed. However, one thing is certain: China's commercial banks are not completely commercialized, and it is impossible to operate completely commercialized. In other words, it takes a process to operate completely according to "commercialization".

In practice, the performance of non-commercial operation is: loan mistakes are not handled according to market principles, but are punished by the government and superiors; The risk of doing business in private economy is greater than that in state-owned economy; If the loan to the state-owned economy is not recovered, it can be said that it is safe and sound, while the loan to the private economy is not recovered, it is suspected of accepting bribes and should be investigated for responsibility. Although this practice is rare, it strongly proves that commercial banks do not have full operational autonomy under the condition that the state or government has financial resources.

The foundation of governance

Why in our country, the state or government's grasp of financial resources cannot be changed? Generally speaking, it is to protect the state-owned economy. Because the state-owned economy (including the economy controlled by the state) is the foundation of the socialist economy, in other words, it is the "foundation of governance". The formation of China's state-owned economy, except the confiscation of the Kuomintang bureaucratic capitalist economy and the transformation of the national capitalist economy, is mostly based on state financial investment. Over the years, state-invested projects have paid attention to the availability of construction funds and lacked supporting operating funds, which makes state-owned enterprises lack operating funds. Working capital depends on bank loans, and most enterprises have high debt ratio. It should be said that this situation cannot be changed. First of all, it is misleading in theory: banks accumulate funds for the country; Secondly, there are serious defects in the investment and financing system. The reality is that the state-owned economy and the state-controlled economy are overburdened and for other well-known reasons, they can't make money or make more money, or even suffer serious losses. In this case, they are not allowed to go bankrupt. To survive, we must continue to maintain and develop, which makes the state-owned economy in a difficult state for a long time. To alleviate the plight of state-owned enterprises, only external assistance, including external financing, mainly depends on banks, not only on bank loans, but also on the stock market. Do you still remember that authoritative sources clearly pointed out that the priority listing of state-owned enterprises should be an important channel to alleviate the plight of enterprises? To put it bluntly, it is "listing money". Relying on external assistance and financing to ensure survival, development and sustained performance, while the "burden" has not been alleviated, losses continue, while enterprises continue to lose money, the value of listed stocks tends to decline, and financing loans are difficult to repay, resulting in a large number of financial non-performing assets, which is inevitable. It can be said that in order to maintain the development of the state-owned economy, the government has stuck finance and economy together under the condition that the country has financial resources, and "success is also finance, and failure is also finance". Here, we have reason to make such a prediction: if the system for protecting the state-owned economy is not reformed, and it is difficult for the state to change the situation of mastering financial resources, then the non-performing assets of state-owned banks are not optimistic.

Allocation of resources

Finance is the core of modern economy, but in China, finance has become the "purse" of state-owned economy. Not only do enterprises need money to find banks, but the government also needs banks. Banks have become a "reservoir" to fill the funding gap. It seems that this "reservoir" will not be exhausted. In fact, the amount of this "reservoir" is limited, because the resources it accumulates are mainly the money of "ordinary people", and the money of "ordinary people" comes from the monetary savings of "ordinary people". In the case of limited monetary income and limited monetary savings of ordinary people, banks can only become a reservoir, which can fill the funding gap by increasing the money supply and invoices, thus leading to currency depreciation.

At present, it is worth noting that ordinary people's investment has no return, ordinary people's operation has no return, and the stock market continues to fall. Ordinary people did not make money by investing in the stock market, but lost money as a whole. In this case, why do people still deposit in banks, so that bank deposits continue to grow? The usual explanation is for safety, but this explanation alone is not enough. A more comprehensive and reasonable explanation is: (1) The common people have a weak pursuit of profit and a strong pursuit of safety; (2) I didn't realize the invisible devaluation of the currency (because the deposit didn't become a real purchasing power); (3) It can make up for the extra monetary income. Some people say that China has entered the era of negative interest rates. Under the condition of market economy, negative interest rate is not conducive to the transformation from savings to investment, to people's choice, to the innovation of financial products, to the development of financial markets and to the operation of financial industry. However, such negative effects are not obvious in China. How to explain it? It should be said that the allocation of financial resources does not need market price under the condition that the state or government has financial resources, and the role of interest rate in the allocation of financial resources can be ignored. This shows that the distribution of financial resources in China is still basically unaffected by the relationship between market supply and demand. You can't talk about benefits.

Financial correlation ratio

When people study the relationship between finance and economy, they often use the financial correlation rate (rpe/GDP) to express the degree of economic monetization. In fact, what "m2/GDP" can explain and what it can't explain need to be studied. Fir (Financial Correlation Ratio) was put forward by RaymondW. American economist goldsmith. Goss believes that "the responsibility of financial theory is to find out the main economic factors that determine a country's financial structure, the stock of financial instruments and the flow of financial transactions, and explain how these factors interact to form financial development." He believes that a country's financial development should be measured by its financial structure, which is a country's financial superstructure. The economic foundation of a country is reflected in the national wealth, and the relationship between the financial superstructure and the economic foundation is reflected in the financial correlation rate. The basic formula for calculating FIR designed by Goldsmith is not simple, but for the sake of simplification, it is expressed by m2/GDP. Such a formula:

First of all, the degree of marketization of financing under the conditions of market economy.

That is to say, when families, enterprises and governments are short of funds, the extent to which they need external financing and rely on internal financing is investigated through FIR. External financing depends on issuing bonds and bank loans. For example, the higher the ratio of issuing bonds and bank loans to the national output value, the more obvious the separation between savings and investment, and the more obvious the separation between them, the higher the degree of marketization of financing. Marketization is closely related to money, and economic monetization means the degree of correlation between real economy and monetary economy and the degree of dependence on the market, so the financial explanation of economic monetization should mean the marketization of financing. The degree of financing marketization reflects the development of the financial industry. So FIR represents the development of financial industry rather than the degree of economic monetization. Economic development is related to the marketization of financing.

Secondly, economic development is related to the market value of financial assets.

The market value of financial assets depends on supply and demand, and supply and demand depend largely on interest rates. The increase in the market value of financial assets means that the interest rate falls, which is conducive to investment, and the expansion of investment increases the national output value; On the contrary, interest rates rise, the market value of financial assets falls, interest rates rise, which is not conducive to investment, investment shrinks, and national output decreases. So, to sum up, this correlation is the interaction of asset price, interest rate, investment and economy. Under the condition of market economy, the interaction of economic variables (including the market value of financial assets) depends on people's psychological expectations. In this sense, FIR reflects the change of people's psychological expectation, with a high proportion, reflecting that people's psychological expectation is "good", and the intensity of financial instruments on tangible wealth increases, on the contrary, the intensity decreases. It can be said that FIR is a confidence index of people.

Third, it is necessary to show the degree of utilization of financial resources.

Over the years, China's m2/GDP ratio has been rising, and the value has far exceeded the level of developed countries. Some people think that the degree of monetization of China's economy has increased rapidly. In fact, this is just a misunderstanding. The rapid growth of m2/GDP can hardly truly reflect the degree of economic monetization in China. On the contrary, it reflects the waste of financial resources allocation in China. Krugman, an American economist, put forward an index, namely the incremental capital output rate (ICOR). The denominator of this indicator is GDP growth, and the numerator is capital growth, that is, investment, which means an increase of 60%. If m2/GDP is expressed by increment, and it is assumed that the increment of tons is converted into investment, then the meanings of financial correlation rate and incremental capital output rate are similar. China's m2/GDP is about 5-8, that is, 0 yuan's GDP is increased by 65,438+,and 8 yuan's investment is increased, while the ratio in western developed countries is generally kept at around 1-2.5, which shows that China's investment efficiency is low, and the allocation of financial resources is not economical, but wasteful.

maximization of utility

Generally speaking, China's economic and financial operation is obviously unbalanced. On the one hand, there is excess liquidity in the financial system, on the other hand, it is still difficult to obtain sufficient financial support in rural areas, small and medium-sized enterprises and other economic fields. A useful idea is to explore the path and principle of maximizing the efficiency of financial resources by promoting the balance between supply and demand of financial resources.

Finance is the most attractive and unpredictable field in modern economy, and it has become the survival foundation of human society to some extent. In 2007, the launch of innovative financial products, the entry of foreign banks, the liberalization of rural finance and other major events made financial issues one of the most striking topics, and the central government also put the importance of financial reform at an unprecedented height. Undoubtedly, in the process of marketization for more than 20 years, the road of financial development in China is fast and chaotic, and there are many things that need to be reformed urgently.

Nonequilibrium characteristic

Unbalanced characteristic

Generally speaking, China's economic and financial operation is obviously unbalanced. This shows that there is something wrong with the financing mechanism. In urban and rural areas, regions and enterprises, the allocation of financial resources also reflects various structural imbalances. Judging from the demand for financial resources, this imbalance mainly includes three aspects.

Residents' side

First, the imbalance of residents' financial resources supply. We often envy the wealth of Americans, because Americans can get unprecedented wealth of financial products, thus maximizing their own welfare in time and space. For modern market economy countries, the continuous improvement of social welfare is the goal, and residents' access to financial resources is an important means. However, in China's financial system, the financial resources available to residents are limited, which is manifested in the extreme lack of financial products and services that can be used for personal investment, wealth management and economic convenience. In addition, the government's financial policy does not pay enough attention to residents. For example, in the reform of the stock market and the design of financial products, the interests of enterprises and the government are still the most important. As a result, the wealth effect that finance should bring is seriously insufficient, and it is difficult for individuals to share the benefits of economic and financial development. Only by strengthening residents' interest-oriented financial reform and policy choice can finance have more modern service characteristics.

Enterprise aspect

The second is the imbalance of financial resources to the supply of enterprises. First of all, on the whole, the production of enterprises still lacks stable long-term credit supply. In the middle and late stage of industrialization, both economies of scale and industrial upgrading make enterprises often need large-scale long-term investment. Under the condition of undeveloped capital market in China, they still mainly rely on the credit funds of "short-term deposits and long-term loans" from commercial banks. In this regard, there are two issues that cannot be ignored. On the one hand, special long-term credit banks are needed to provide stable financial support for long-term investment. Such long-term credit banks often have policy characteristics and are supported by specialized governments, such as development banks and residential savings banks. We know that the current reform of policy banks is based on commercial transformation, and we must pay attention to avoiding policy extremes, because we must preserve and develop the policy financial system. On the other hand, we should start to develop corporate financing products from corporate bonds. The experience of various countries shows that corporate bonds are an important source of financing for enterprise growth. Neither the supervision of the bond market nor the scale of corporate bonds can meet the basic needs of enterprises. Only by rationalizing the mechanism of developing corporate bonds as soon as possible can we create conditions for the sustainable development of enterprises and lay the foundation for other innovations. In addition, private enterprises, small and medium-sized enterprises and rural enterprises have insufficient financial supply and demand. In this regard, an important entry point is innovation institutions. A sound financial system needs diversified institutions, and banks should have different scales and business areas to allocate different levels of financial resources. Rural financial liberalization is an important starting point. In the future, we should further change our ideas and develop all kinds of non-governmental financial institutions.

local government

Third, the imbalance between supply and demand of financial resources of local governments. In the period of rapid urbanization, it is necessary to constantly improve urban infrastructure investment and the existing government performance evaluation mechanism, so the financing demand of local governments is naturally great. Due to the imperfect tax system and the lack of creditor's rights, local governments can only obtain construction funds through bank loans, land sales or various investment companies. The first two ways will be limited by the central government's regulatory policies, and raising funds through trust, securitization, investment company project financing and other ways will also bring about a certain degree of economic disorder and financial risk accumulation. It should be said that this financial imbalance will not only affect the current economic stability, but also have far-reaching negative consequences by affecting the urbanization process. We insist on giving local governments the right to issue creditor's rights as soon as possible, making local hidden liabilities explicit, and the advantages always outweigh the disadvantages. In addition, we should develop diversified urban investment and financing products according to the needs of urbanization, including structured financial products including packaged loans.

Strengthen effective supply

From the perspective of financial resources supply, we should strengthen the effective supply of indirect financial resources and direct financial resources at the same time.

First, promoting the optimal allocation of credit funds requires various supporting reforms. Apart from institutional and policy factors, from a technical point of view, while standardizing and supervising the primary credit market, it is also necessary to develop and improve the secondary credit market as soon as possible. Credit asset transfer is very common in developed countries, and has become an important means of bank asset management and risk control, which objectively makes credit resources get better allocation efficiency in high-speed flow. Since 2002, China has approved the transaction of inter-bank credit assets, and trust and finance companies have gradually stepped in. But overall, the scale of transactions is limited, the quality of assets is not high, and many transactions are only based on the goal of evading supervision. In the long run, the gradual establishment of a standardized secondary trading market for credit assets in China is conducive to both bank reform and indirect financial structure optimization.

Second, to increase the effective supply of direct financial resources, in addition to continuing to develop traditional markets such as stocks and bonds, it is also necessary to accelerate the innovation of various financial derivatives. What we want to emphasize is that financial innovation should pay attention to both internal innovation and external innovation. First of all, a typical feature of domestic financial innovation is government-led. Under the circumstances that the independent innovation ability of financial institutions is generally insufficient and the financial market is imperfect, this kind of government-led innovation embodies the characteristics of low cost and high efficiency, which is reasonable in a certain period of time. This kind of government-led innovation is usually concentrated in the banking market, because this market includes the largest financial entities such as banks and insurance, and at the same time absorbs securities companies, investment funds, financial companies and even many corporate enterprises. In addition, the government should give more space for private financial innovation outside the system, because private independent innovation is the source of financial liberalization, such as private equity funds and cooperative housing financing, which is more worthy of tolerance.