金融发展与中国生产率增长——随机前沿分析的视角

Financial Development and TFP Growth:The Perspective of SFA

采用Kumbhakar等的方法将全要素生产率分解为技术效率、技术进步和规模经济效应3部分,运用超越对数生产函数的随机前沿模型,采用1999年至2004年中国29个省份的数据,分析金融发展与技术效率之间的关系,并在此基础上利用静态面板数据模型分析中国金融发展与技术进步之间的关系。研究结果表明,金融发展促进全要素生产率的增长,但是金融深化和金融中介垄断都不利于技术效率提高;金融深化通过推动技术进步促进全要素生产率增长,但金融中介垄断并不利于技术进步。根据研究结果提出相应的政策建议。

Decomposing TFP into three parts of technical efficiency, technological progress and scale effect utilizing the method of Kumbhakar et al, the paper uses a translog production function in a general stochastic frontier specification to analyze the relationship between financial development and technical efficiency of 29 provinces in China in 1999-2004, using static panel data model to analyze the relationship between financial development and technological progress. The results show that： first, financial development promote the growth of TFP, but two indicators of financial development lower technical efficiency. Secondly, financial deepening through the promotion of technological progress leads to TFP growth, but financial intermediation monopoly is not conducive to technological progress. Therefore the study gave corresponding suggestions to the government.