社会资本、金融发展与经济增长——基于中国东中西部省际数据的实证检验比较

Social Capital,Financial Development and Economic Growth:an Empirical Study Comparison Based on Chinese Provincial Data

社会资本对理解转轨情境下的当代中国金融发展与经济增长问题十分重要。采用中国东、中和西部的省际面板数据研究中国转轨时期不同制度水平下社会资本、金融发展及其联合效应对经济增长的影响。实证研究表明,正规金融的发展促进了经济增长,而社会资本对中国经济增长则具有显著的负影响。社会资本与正规金融发展的联合效应在东部和西部地区有利于经济增长,但非正规金融与社会资本的联合效应则不利于经济增长,并且制度越完善,这种负面效应越明显。因此,在深化制度改革和金融发展的同时,应注重社会资本结构优化和平衡,规范非正规金融发展。

Social capital is very important for understanding financial development and economic growth in con- temporary China. This paper uses the panel data of Chinese provinces to research social capital, financial develop- ment and their combined influence effect on economic growth under different levels of System. Empirical study shows that formal financial development promotes economic growth, but social capital has significant negative im- pact on the economic growth of China. In the Eastern Region and the Western Region, the combined effect of social capital and financial development is beneficial to economic growth. The combined effect of informal finance and so- cial capital is not conducive to economic growth , and the more perfect the system, the greater the adverse effects. Therefore we should pay attention to social capital structure optimization and balance in deepening the finan- cial system reform and financial development, and regulate the development of informal finance.