金融中介发展、利率市场化与县域资本配置效率

The Development of Financial Intermediary,the Marketization of Interest Rate,and the Efficiency of County-level Capital Allocation

"先农村、后城市"的利率市场化改革以及县域金融中介体系的发展,共同推进了县域地区的金融深化进程,这对县域经济究竟带来了怎样的影响,是否可以通过优化资本配置效率促进经济增长?本文实证检验了金融中介发展以及利率管制放松对县域地区资本配置效率的影响。研究结果表明,金融中介的规模扩张促进了县域地区资本配置效率的改善;贷款利率上限的放开较为显著地改善了县域地区的资本配置效率,但随着利率市场化改革的推进,这种积极影响已逐步弱化。

The reform of interest rate marketization, which insists the idea of ＂Rural Area First, Urban Area Second＂, and the development of county-level financial intermediary system jointly promoted the financial deepening process in counties. What kind of effect did it bring？ Is there possible to stimulate economic growth through the improvement of efficiency of capital alloation？ The paper examines the effect of development of financial intermediary and slack interest rate management on the efficiency of county-level capital allocation. The results show that the expansion of financial intermediary has improved the efficiency of capital allocation; interest rate liberalization has significantly improved the efficiency of county-level capital allocation, but the positive influence gradually weakened as the market-based reform deepened.