Abstract: The phenomenon of systemic financial leakage has existed for a long time in China economic transition. Its financial risks arising from the gradual accumulation of systemic risk once bound will be inevitable to block China's economic reform and the pace of development. Based on 2001-2012 years and 18 leakage related indicators, this paper uses principal component analysis verifying the two failures about systemic financial leakage. The article argues that resource allocation failures in credit markets are the main factor of market failures leakage, and the government's continued expansion is the main cause of financial leakage of government failure. As far as the systemic financial leakage developing trend to be concerned, the market failure trend is declining and the government The phenomenon of systemic financial leakage has existed for a long time in China economic transition. Its financial risks arising from the gradual accumulation of systemic risk once bound will be inevitable to block China's economic reform and the pace of development. Based on 2001-2012 years and 18 leakage related indicators, this paper uses principal component analysis verifying the two failures about systemic financial leakage. The article argues that low operation efficiency under the resources mismatch in credit markets are the main factor of market failures leakage, and the government's continued expansion is the main cause of financial leakage of government failure. As far as the systemic financial leakage developing trend to be concerned, the market failure trend is declining and the government failure trend is increasing. The paper suggests that in order to eliminate systemic financial leakage we should break up the financial monopoly and deepen financial reform to strengthen the role of market mechanisms; the other hand, the government should address the unbalanced incentives and constraints, making the government abide by the "night watchman" in their own functions.

摘要： 体制内金融漏损现象在中国经济转轨过程中长期存在，其引致的金融风险逐步累积，一旦引发系统性风险势必阻滞中国经济金融改革与发展的步伐。文章基于2001-2012年间金融漏损的相关指标，利用主成分分析法验证了市场失灵与政府失灵视角下体制内金融漏损的形成机理。研究表明，金融漏损的市场失灵因素主要是信贷资源错配下的低效率运营，政府的持续扩张行为是政府失灵引致金融漏损的主要原因；市场失灵引致的金融漏损不断下降，政府失灵下的金融漏损却不断上升。消除金融漏损应打破体制性金融垄断，增强市场机制作用，并解决政府激励与约束的非均衡性，使政府恪守“守夜人”职能。