金融约束政策下的金融发展与经济效率

Financial Development and Economic Efficiency:A Perspective of Financial Constraint

通过建立两部门模型,本文首先分析在租金分配的所有制偏好和国有企业的预算软约束特征下,我国金融规模扩张和金融效率提升对不同部门的资本形成和技术创新速度的影响,进而探讨金融约束政策下金融发展对经济效率的影响;接着以2000-2007年的省级面板数据为样本,采用系统广义矩估计方法考察了金融规模扩张和金融效率提高对我国经济效率的影响。实证结果表明,金融规模扩张对经济效率的影响不显著,金融效率提高对经济效率则有显著的促进作用。

Based on the characters of ownership preference among rent allocation and the soft budget of state-owned enterprises, this paper analyzes the impact of the expansion of financial scale and the improvement of financial efficiency on capital formation and technological innovation by constructing a two-sector model, so as to analyze the impact of financial development on China＇s economic growth in theory under the financial constraint policy. With province-level data from 2000 to 2007 as a sample, this paper also uses the method of system GMM to explore the impact of the expansion of financial scale and the improvement of financial efficiency on economic growth. The empirical results show that the improvement of financial efficiency is positively associated with economic efficiency, while the expansion of financial scale is not significant associated with economic efficiency.