市场化与中国金融业全要素生产率——基于省域数据的空间计量分析

Marketization and Total Factor Productivity of Financial Intermediation in China:A Spatial Econometric Analysis Based on Provincial Data

文章尝试性地以金融相关比率为产出变量,以金融从业人数、固定资产投资以及贷款余额为投入变量,运用DEA-Malmquist方法测算了中国金融业全要素生产率;并采用空间数据分析方法,考察了市场化对其的影响作用。实证研究的结果表明,1997-2011年间,中国金融业全要素生产率总体呈现出下降的态势,并具有显著的空间自相关;市场化在2002-2006年间并没有促进金融业全要素生产率的提高,反而呈现出与之负相关的关系;在其它时期,市场化的发展明显地促进了金融业全要素生产率的提升;技术效率是市场化发展对金融业全要素生产率产生影响的路径。

Tentatively choosing ＂financial interrelations ratio＂ to be output index,＂ number of employed persons in finan- cial intermediation＂ ,＂ investment in fixed assets in financial intermediation＂ and ＂total loans＂ to be input indices, this paper calculates the total factor productivity of financial intermediation in China by using data envelopment analysis, and studies the relationship between marketization and the total factor productivity of financial intermediation by using spatial data analysis. Empirical results show that the total factor productivity in financial intermediation tends to decrease in 1997 -2011, and it has significant spatial autoeorrelation. Marketization d^es not promote the total factor productivity of financial intermediation and shows a negative correlation with it in 2002 -2006. But, marketization generates increasing effects on it in other periods. Furthermore, technical efficiency is the path of the effects marketization on total factor pro- ductivity of financial intermediation.