改革开放以来，安徽经济高速发展，金融业亦有长足发展。近年中国经济处于 下行区间，而金融业却逆向高速发展，有“脱实向虚”挤压实体经济的可能。2008 年以后，安徽省金融业产值占 GDP 的比重逐年上升，金融发展规模速度快于 GDP 增 长速度。在此背景下，研究安徽金融支持实体经济发展效率，提升金融支持实体经 济发展能力，对安徽实体经济发展具有重要意义。国内外学者对于金融发展和经济 发展的关系进行理论探讨和实证研究，大部分学者认定金融发展可以有效促进经济 的发展，2008 年以后的研究则更加全面，部分学者金融规模的过快增长可能抑制了 实体经济的产出，且中国以间接融资为主的金融模式，银欧亿·体育（中国）有限公司的发展效率较之前有 所下降，影响实体经济发展。有鉴于此，本文结合以往对安徽企业调研情况，结合 安徽发展实情，对安徽金融支持实体经济发展效率进行实证测算，实证分析银行信 贷支持实体经济发展效率情况，以寻找提升安徽金融支持实体经济效率的方式。 首先对安徽实体经济发展现状和安徽金融发展现状进行描述性分析，通过分析 发现：安徽金融业发展快于经济增长，金融支持实体经济发展效率相对较低；过度 依赖银行类金融机构，阻碍金融支持实体经济效率的提升；区域金融发展不均衡， 影响金融支持实体经济的整体效率。通过实证分析可以看到：整体上，安徽省金融 效率近年呈现下降情况，未能有效促进安徽实体经济的发展，且影响安徽纯技术效 率因素相对规模效率较低，即提升安徽金融支持实体经济效率，应更注重“质”的 提升；安徽小微企业的良好发展可有效促进实体经济的增长，小微信贷投放增加可 有效促进实体经济增长。因此，可从以下四个方面提升安徽金融支持实体经济发展 效率：第一，优化信贷结构，商业银行多元发展；第二，拓宽直接融资渠道，推进 多层次资本市场发展；第三，发展小微经济体，合力促进小微企业发展；第四，区 域金融均衡发展，增强金融产业集聚。 关键词：金融；实体经济；效率；实证分析；小微企业I ABSTRACT Since the economic reform and opening up, Anhui's economy has developed rapidly and the financial industry has made considerable progress. However in recent years, China's economy has been growing in a downward slope while the overall financial industry has been sighted in a rapid growth, which may squeeze the real economy from solid to virtual. Since 2008, the proportion of financial industry output value in GDP of Anhui has been rising year by year, in a faster scaling growth than the GDP growth rate. Under this background, it is very meaningful to study the efficiency of Anhui's financial development in supporting development of the real economy and enhancing efficiency of financial support for the real economy. For scholars both at home and abroad theory, this paper discusses the relationship between financial development and economic development and empirical studies, most scholars believe financial development can effectively promote the development of economy, after 2008 is more comprehensive, some scholars of the excessive growth of financial scale output may inhibit the entity economy, and China is given priority to with indirect financing financial model, the development of banking efficiency decreased than before, will affect the development of the real economy. In view of this this paper, combined with the previous investigation of Anhui enterprises and the development of Anhui province, empirically measured the efficiency of Anhui finance in supporting the development of real economy, empirically analyzed the efficiency of bank credit in supporting the development of real economy, and looked for ways to improve the efficiency of Anhui finance in supporting the development of real economy. First, a descriptive analysis is made on the development status of Anhui's real economy and Anhui's financial industry. Through the analysis, it is found that Anhui's financial industry grows faster than the economy, and the efficiency of financial support for the development of the real economy is relatively low. Excessive reliance on banking financial institutions hinders the improvement of the efficiency of financial support for the real economy; Uneven regional financial development affects the overall efficiency of financial support for the real economy. It is concluded after empirical analysis, financial efficiency in Anhui province has declined in recent years, failing to effectively promote the development of Anhui's real economy. The factors that affect the pure technical efficiency of Anhui are relatively low in scale efficiency, that is, to improve theII efficiency of Anhui finance in supporting the real economy, focus on quality improvement .The real economy which can instead be improved by solid and steady growth of small and micro enterprises, increasing the supply of small and micro credit can effectively promote the growth of the real economy. Therefore, we can enhance the supporting efficiency of Anhui financial industry to the development of the real economy in the following four aspects: firstly, optimize the credit structure, to diversify commercial banking; secondly, expand direct financing channels ,to promote the development of multi-levelled capital market; thirdly, to develop small and micro economies, promote the development of small and micro businesses; Last but not least, to encourage balanced development across all regions and strengthen the concentration of the financial industry. KEYWORDS: financial; real economy; efficiency; empirical analysis; small micro enterprise1 目 录 第一章 绪论 ·········································································1 第一节 研究背景和意义········································································ 1 一、研究背景 ··················································································· 1 二、研究意义 ··················································································· 1 第二节 文献综述 ················································································ 2 一、国外研究综述 ············································································· 2 二、国内研究综述 ············································································· 3 三、文献评述 ··················································································· 5 第三节 研究思路与研究方法·································································· 5 一、研究思路 ··················································································· 5 二、研究方法 ··················································································· 6 第四节 可能的创新与不足····································································· 8 一、可能的创新点 ············································································· 8 二、不足之处 ··················································································· 8 第二章 核心概念和理论基础 ····················································9 第一节 核心概念 ················································································ 9 一、实体经济 ······