金融功能观视角下的金融结构与经济增长——来自1989～2011年的国际经验

Financial Structure and Economic Growth from the Perspective of Financial Function View： International Evidence during 1989 -2011

金融结构对于经济增长有何影响？这种影响是否因金融功能不同而有所差别？本文对此进行了研究。基于1989～2011年46个国家的面板数据，考虑了金融结构等变量内生性可能的系统GMM回归结果显示，金融结构市场导向对经济增长的影响呈现倒“U”型曲线，但对于大多数国家而言，由于实际金融结构的市场导向远低于世界平均的“最优水平”，因此，金融结构市场导向的提升总体而言有助于经济增长。进一步的研究发现，在那些金融效率更高、金融稳定性更强、金融可及性更好，即金融功能相对更完善的经济体中，金融结构市场导向的提升对于经济增长的促进作用更强。因此，本文的政策含义在于，进一步提升我国金融结构的市场导向是金融改革的一个重要目标。

How does financial structure affect economic growth？ Is the influence difference among countries with different financial function？ This paper has done research on these issues. Based on panel data of 46 countries from 1989 to 2011, by using System GMM method considering the possibility of endogeneity problems of finan- cial structure and other variables, the regression result expresses that the influence of financial structure＇ s mar- ket - orientation on economic growth shows an inversed U shape, but for most of countries, financial structure is far lower than the optimized level of the world, so totally speaking, financial structure＇ s market - orientation can promote the economic growth. Furthermore, it is found that, in those economies with more efficient, more stable and more accessible financial system, that is, more excellent financial function, market -orientation of financial structure can more strongly promote the economic growth. Therefore, the policy implication of this pa- per is that further improving our financial structure ＇ s market - orientation is one of the most important financial reform targets in China.