中国混合所有制经济效率提升与金融发展“阈值效应”——基于中国省际面板数据的实证分析

The Mixed Ownership Economy Efficiency and Financial Development“Threshold Effect”——An Empirical Analysis on Provincial Panel Data in China

利用2002—2011年省际面板数据，测算了混合所有制经济效率变化指标和金融发展指数，并以此为基础检验了金融发展对混合所有制经济效率变化的影响。结果发现：（1）金融发展对混合所有制经济效率提升呈“倒u型”影响，即“阈值效应”，短期金融发展有利于提高混合所有制经济TFP，但过度发展则有负面影响，中国适度金融发展水平为1．3左右；（2）金融发展推进混合所有制经济TFP增长率提升韵中间途径为技术进步而非技术效率改善，且在推动技术进步的路径上同样呈“阈值效应”；（3）金融发展推动混合所有制经济TFP增长率效应大小的区域差别显著，呈现中部、西部、东部递减特征，中部地区金融发展水平最低，在推动作用上边际效用最为显著。本文的研究架起了金融发展与混合所有制经济TFP增长率提升的联系桥梁，切合了国家两大重要改革的时效性，具有重要的理论价值和现实意义。

Using the provincial panel data from 2002 to 2011, this paper estimates the efficiency of the mixed ownership economy change index and financial development index. On this basis, the paper examines the influence of financial development on the efficiency of the changes of the mixed ownership economy. The results show that： （ 1 ）financial development of the mixed ownership economy efficiency is ＂inverted U＂, namely, ＂threshold effect＂, moderate level of financial development in China is about 1.3; （2） the middle way of the financial development to promote the mixed ownership economy＇ s TFP growth rate is technical progress, not technical efficiency improvement, and promoting technology progress＇s path also conforms to ＂threshold effect＂; （3）the differences about the effect on financial development＇s promoting the mixed ownership economy＇ s TFP growth in different regions are significant. The financial development level in middle region is the lowest, and the marginal utility is the most significant role in promoting. This paper sets up the bridge between financial development and the mixed ownership economy TFP growth rate, which meets the country＇ s two most important reform timelines, and has important the- oretical value and practical significance.