我国金融体系发展对全要素生产率的空间影响研究——基于动态空间计量模型的实证分析

The Spatial Impact of China’s Financial System Development on Total Factor Productivity——An Empirical Analysis Based on Dynamic Spatial Econometric Model

本文基于我国省级面板数据,利用动态空间计量模型就金融体系对我国全要素生产率的影响进行研究。研究发现:(1)银行业发展对我国全要素生产率产生抑制作用,而保险业和证券业主要发挥促进作用;(2)三种金融体系都主要通过影响技术效率对经济效率产生影响;(3)金融体系对全要素生产率的影响在中东西部省份间存在差异。基于以上结论,本文提出应针对区域异质性因地制宜,促进金融服务实体经济作用的发挥等建议。

Based on China’s provincial panel data,this paper uses dynamic spatial econometric model to study the spatial impact of banking,securities and insurance on China’s total factor productivity.The results show that:(1)the development of the banking industry has a restraining effect on my country’s total factor productivity,while the insurance and securities industries mainly play a promoting role;(2)the three financial systems mainly affect economic efficiency by influencing technical efficiency(3)The impact of the financial system on total factor productivity differs among the provinces in the Middle,the East and the West.Based on the above conclusions,this article proposes that government should actively guide the development of the financial system in response to regional heterogeneity and promote the role of financial services in the real economy.