中国金融发展与TFP关联关系实证研究——基于技术创新和制度创新的中介效应分析

A Empirical Study on the Association Mechanism Between Financial Development and TFP Growth in China Based on the Mediation Effect of the Innovation of Technology and System

金融发展表现为规模的扩张、结构的优化和效率的提升。金融发展一方面通过资金支持、信息甄别、分散风险和创新激励来促进技术创新，另一方面通过改变成本收益结构、政府偏好、政府选择集和诱发社会认知转变来促进制度创新，进而通过技术和制度创新促进TFP增长。以1992～2011年中国的实际来看，金融规模和金融效率通过制度创新和技术创新间接影响TFP增长，但金融结构与TFP增长无显著关系。在金融发展与TFP的关联机理中技术和制度创新存在不完全的中介效应。

The development of finance is reflected in the expanding of scale, the updating of structure, and the improving of efficiency. The development of finance should promote the innovation of technology through financial supporting, information screening, risk spreading, and innovation stimulating and the innovation of system by means of changing the cost-earning structure, changing the preference and the scope of the choice of government, and by inducing the changing of social ideology at the same time. Then the innovations of technology and system should promote TFP growth further more. The empirical research based on the data of China from 1992 to 2011 found that both the financial scale and the financial efficiency have an indirect effect on the TFP growth through the innovation of technology and system, the financial structure has no significant effect on the TFP growth, and the innovations of technology and system have an incomplete mediation effect in China.