新时期中国金融支持实体经济发展的区域差异

The Regional Differences of Finance Supporting the Development of Real Economy in New Period

在"十三五"规划以及新经济背景下,确保金融业与实体经济的协调发展是实现中国经济稳步增长的重要举措。新时期供给侧结构性改革对中国现阶段金融支持实体经济发展的状况,中国金融支持实体经济发展的有效性及区域差异都提出新要求。基于31个省份12年的实体经济融资额与实体经济增加值数据,对各省份以及东、中、西三大经济区的金融支持效率进行测算,发现中国金融支持实体经济的效率总体呈下降趋势,出现金融业过度发展而实体经济受到挤压的局面。从技术效率指数以及TFP有效性指数两个维度,运用聚类分析法将31个省份划分为7类。采用31个省份的面板数据对影响金融支持实体经济发展的主要因素加以验证,结果表明,直接融资比重对于提升金融支持的有效性作用显著。因此,应进一步提升直接融资比重,大力扶持中小企业的发展,同时也应缩小区域发展差异,提升金融服务于实体经济的效率。

With the appearance of the 13 th Five-Year Plan and structural reform of the supply front,ensuring the coordinated development of the financial sector and the real economy is an importantmeasure to achieve steady economic growth in china. Under the background of supply-side reform,this paper analyzes the current situation and shortcomings of the financial support for thedevelopment of the real economy, and discusses the effectiveness and regional differences of financialsupport. We select 12 years data of the amount of financing and the added value of the realeconomy, and measure the efficiency of financial support in 31 provinces and three economic zones.The results shows that the efficiency of financial support has a decreasing trend, the financialindustry is over-development while the real economy is squeezed. From the two dimensions oftechnical efficiency index and TFP validity index, we also divided 31 provinces into 7 categories bycluster analysis. Based on the panel data of 31 provinces, this paper measures the main factorswhich affecting the development of the financial support. The result shows that the proportion ofdirect financing plays a significant role in enhancing the effectiveness of financial support. Therefore,we should further promote the proportion of direct financing, and strongly support the development ofSMEs. In the meantime, we should also narrow the regional differences in development and enhancethe efficiency of financial support for the real economy.