财政分权、银行信贷与全要素生产率

Fiscal Decentralization,Bank Credit and Total Factor Productivity

文章以中国财政分权改革为背景,利用1985-2008年省级面板数据分析了财政分权、银行信贷与全要素生产率之间的关系。研究发现,始于1985年的财政分权改革有效推动了全要素生产率的提高,且分权制度下政府主导的国有银行信贷总体上提升了全要素生产率;而1994年进一步分权分税改革后,政府对金融部门干预过度,使银行信贷对全要素生产率的促进作用有所减弱。进一步地,本文利用Malmquist指数法将全要素生产率分解为技术效率指数和技术进步指数,以考察银行信贷促进全要素生产率提升的内在路径。研究发现,财政分权制度背景下银行信贷主要通过技术进步路径促进全要素生产率的提高,而技术效率路径并不显著。

Based on the reform of fiscal decentralization in China,this paper analyzes the relationship among fiscal decentralization,bank credit and total factor productivity by provincial panel data from 1985 to 2008.The research finds that the reform of fiscal decentralization which began in 1985 has effectively promoted total factor productivity,and under fiscal decentralization,government-led state-owned bank credit overall raises total factor productivity.However,further decentralization and tax reform since 1994 results in undue government interference in financial sectors which has whittled away the positive effect of bank credit on total factor productivity.Furthermore,it applies Malmquist index to divide total factor productivity into technological efficiency index and technological progress index in order to study the internal route about how bank credit accelerates total factor productivity.It shows that,under fiscal decentralization,bank credit enhances total factor productivity mainly through technological progress route rather than technological efficiency route.