Abstract: Based on the provincial panel data of China and combined with dynamic panel model system, this paper investigates obstructive factor from institutional environment in the process of financial market. The results showed that, the bigger size of government, the state-owned enterprises, and corruption could affect the process of financial market.

摘要： 金融市场化改革的目标在于消除行政权力对商业银行地不当干预和过度管制，这不仅有助于提高金融业的运作效率，还有助于化解多年来累积的金融风险。本文基于中国省级层面的数据并运用动态面板模型系统考察了金融市场化进程中的制度性阻碍因素。实证研究结果表明，政府规模过大、国有经济占比偏高、官员腐败等制度性因素导致了中国金融市场化进程的地区差异性。