金融发展、技术进步与中国非正规经济——来自中国微观企业的经验证据

Financial development、technological progress and China's underground economy ——evidence from micro enterprises in China

与既有的文献不同,本文从市场因素角度估计了金融发展和技术进步对中国非正规经济的影响。在企业科技水平选择模型基础上,运用两阶段GMM估计方法对中国的非正规经济进行了实证研究后发现,金融发展和技术进步对非正规经济规模有明显的抑制作用;市场化和企业民营化的过程能够放大这种作用。要有效降低中国非正规经济规模,当前的信贷市场结构必须改变以消除非国有企业的"信贷歧视"。同时,国有企业应该逐步退出某些竞争性的领域。

Unlike the existing literature,we estimate the financial development and technological progress on China＇s underground economy from the perspective of market factors.Based on our theoretical framework,we employ two-step GMM to estimate China＇s underground economy.The major findings are：financial development and technological progress have a strong negative effect on China＇ s underground economy; market-oriented and enterprise privatization process can amplify this effect.To effectively reduce the size of China＇ s underground economy,the current credit market structure must be changed to eliminate the non-state-owned enterprises＇ credit discrimination.Meanwhile,state-owned enterprises should gradually withdraw from some competitive fields.