金融开放提升了金融服务实体经济效用吗?——基于空间溢出效应视角

Does Financial Openness Enhance the Contributions of Financial Services to the Real Economy?The Perspective Based on the Spatial Spillover Effects

本文以2005~2020年中国省级面板数据为样本,以金融服务实体经济产出和效率指标衡量金融服务实体经济的效用,运用广义空间嵌套(generalizednestedspatial,GNS)模型和非动态面板门槛(panelthreshold regression,PTR)模型实证检验金融开放对金融服务实体经济效用的影响。本文结果表明,金融开放有助于提升金融服务实体经济的效用且存在正向空间溢出效应,金融结构则对这种影响具有非线性的空间调节作用和门槛效应。在直接融资比重较低或银行业集中度较高的区域,金融开放对金融服务实体经济效用具有削弱作用;在直接融资比重较高或银行业集中度较低的区域,金融开放对金融服务实体经济效用具有促进作用。本文研究结论拓展了现存文献的相关研究,不仅有助于深化空间溢出效应视角下金融服务实体经济的作用机制,也为金融开放以促进金融服务实体经济的相关制度制定提供了决策参考依据。

Using a panel dataset of economic outputs and total factor productivity indicators at the provincial level from 2005 to 2020,we examine the effects of financial openness on the contributions of financial services to the real economy.Both Generalized Nested Spatial(GNS)model and Non-Dynamic Panel Threshold regression(PTR)model are employed in our empirical investigations.Our results show that financial openness helps to enhance the contributions of financial services to the real economy and induces a positive spatial spillover effect.In particular,a region’s financial structures exert a nonlinear spatial adjustment effect as well as a threshold effect on the region’s real economy.In the regions with a low level of direct financing through capital markets relative to indirect financing through bank loans,financial openness has a weaker positive effect on the contributions of financial services to the real economy.In contrast,in regions with a high level of direct financing relative to indirect financing,financial openness has a particularly strong effect on the contributions of financial services to the real economy.Our results not only deepen the understanding of the role of economic and financial environment in facilitating the contributions of financial services to the real economy through spatial spillover effects,but also have implications for formulating future economic and financial policies related to financial openness in that the usefulness of financial openness largely depends on the regional financial structures.