金融发展与经济增长效率的关系实证研究

Empirical Research on the Relationship between Financial Development and Efficiency of Economic Growth

在国内外,金融发展与经济增长关系的争论由来已久。从国内的研究现状来看,大多数实证研究侧重于金融的资本积累功能,较少讨论金融的要素配置功能。为了间接度量我国金融发展的资源配置效率,利用Battese & Coelli(1995)提出的随机边界模型以及中国1978—2004年的跨省份面板数据研究了我国金融发展与经济增长效率之间的关系。研究发现,我国金融发展与经济增长效率的关系具有明显的时空特征;金融发展只是通过资本积累促进了经济增长,但是并未促进我国技术效率的全面提升,这一结论与Rioja和Valev(2004)等人的发现基本一致。

There is no consensus on the relationship between financial development and economic growth either domestically or abroad. From the domestic research, the majority of empirical studies focus on the function of capital accumulation of finance and scarcely discuss the function of capital allocation of finance. In order to indirectly measure the allocation efficiency of finance, the authors investigate the relationship between financial development and efficiency of economic growth by using Battese ＆ Coelli （1995） model and Chinese panel data from 1978 to 2004. Conclusions drawn are as follows. Firstly, the relationship alters with different periods or different regions. Secondly, financial development of China has promoted economic growth only through capital accumulation, but not through improving the efficiency of economic growth. The second conclusion is consistent with results of Rioja and Valev （2004）.