金融发展与全要素生产率增长——基于中国省际面板数据的实证分析

FINANCIAL DEVELOPMENT AND TOTAL FACTOR PRODUCTIVITY GROWTH——Empirical Research Based on China's Provincial Panel Data

本文以2000—2012年中国省际平衡面板数据为样本,从金融规模发展和金融效率发展两个维度衡量金融发展水平,实证检验金融发展与全要素生产率增长的联系以及中间渠道。研究结果发现,2000—2012年中国全要素生产率出现正增长且主要是由技术进步推动的;无论是从金融规模发展角度还是从金融效率发展角度去分析,都证实了金融发展显著地促进了全要素生产率的增长,金融效率发展的全要素生产率增长效应显著地高于金融发展规模的全要素生产率增长效应,且金融发展促进全要素生产率增长的中间渠道是技术进步效应而非技术效率增长效应;通过引入衡量金融发展缺陷程度指标(民间金融发展规模),证实了中国金融发展体系效率低下。民间金融发展具有TFP增长效应,且民间金融发展TFP增长效应要显著地大于正规金融发展的TFP增长效应。

By using the dynamic panel model with balanced panel data of 30 provincial level units from 2000--2012 in China, this paper analyzes that the influence of financial development on total factor productivity （TFP） growth. This paper applies the two-dimensional index to measure the financial development, including financial scale and financial efficiency. The indirect estimation method and data envelopment analysis （DEA） is used to measure the scale of informal finance and the total factor productivity （TFP）. The empirical results show that technical progress mainly contributes to the growth of total factor produc- tivity from 2000--2012. Both financial scale and financial efficiency significantly promote total factor pro- ductivity （TFP） growth. The TFP growth effect of financial efficiency is larger than that of financial scale. The channel to promote the growth of TFP is the effect of technical progress rather than technical efficiency. Informal finance has a positive impact on the growth of total factor productivity. The TFP growth effect of informal financial surpasses that of formal finance.