金融发展促进中国经济增长的微观非平衡效应

The Micro and Unequal Effects of Financial Development on China's Economic Growth

本文的研究目的在于探索金融发展驱动经济增长的微观途径与机制,同时分析异质性企业对金融发展的差异性反应。文章以中国工业企业数据库为样本,利用非四大行占地区银行业总贷款比重构建金融发展指标。实证结果显示:金融发展虽然能够推动微观企业整体的产出增长和资本投入,并且对高外部融资依赖行业中的企业作用更明显,但却存在着企业间的非平衡性。首先并非所有企业都因为金融发展而受益,其次盈利能力和生产率水平越高的企业受益越多。总体来说,高生产率、高利润率的民营制造业企业是中国金融发展最大的获利群体。这表明我国渐进式的金融改革不仅缓解了企业融资约束的困境,还能优化资本的配置效率,导致金融要素在工业企业间进行再分配。

The purpose of this paper is to explore the micro path and mechanisms of financial development on china＇ s economic growth. Meanwhile analyzes heterogeneous enterprise＇ s different reaction on financial development. We use Chinese industrial enterprises database as the sample and use non 4-SOCBs in total bank credits to build the financial development indicators. The results show that the financial development can promote the micro enterprises＇ growth and capital investment, and it＇ s impact on firms＇ production growth is higher in sectors where firms require more external finance. But there is a unequal effect on firms. Firstly not all firms benefit from financial development. Secondly the firms with higher levels of profitability and productivity benefit more. Overall, the manufacturing enterprises with high- productivity and high TFP private are the biggest beneficiaries. It indicates that China＇s gradual financial reforms do not only optimize the allocation of capital, but also lead to the redistribution of financial resources among industrial enterprises.