我国各省区市金融发展的经济增长效应分析——基于面板数据的时变趋势与区域特征分析

Analysis on Economic Growth Efficiency of Finance Development in China

基于31个省区市1994—2005年的经济金融面板数据的实证分析发现,金融规模扩张、结构优化、效率提升确实有助于促进经济增长,且效率提升比规模扩张更有助于促进地区经济增长。金融发展的经济增长效应存在着区域差异,且受各省区市的地区性基础或禀赋因素的影响较大。随着金融体制改革的推进,各地区金融发展对经济发展的适应性逐步增强,但仍受到金融体制的约束,需要进一步深化改革,加快发展。为此,要充分发挥中央政府主导金融制度供给与创新、地方政府主导当地金融生态建设和市场主导金融资源配置的基础性作用,将统筹区域金融协调发展与部分省区市金融率先发展有机统一起来。

This paper uses panel data model to analyze empirically the data from the 31 provinces in order to reveal the relationship between provincial finance development and economic growth in China during the period of 1994-2005. We find that provincial development of financial scale, structure, and efficiency has a large impact on provincial economy growth, and what＇s more, a rise in financial efficiency has a larger impact on provincial economic growth than financial scale. There lies provincial difference in the effects on economic growth from provincial finance development. Thus, the central government should play the key role of supplying and renovating the financial regimes, the provincial governments should strengthen building financial ecosystem and at the same time, we must let the market play the basic role of financial resources allocation.