民间金融和全要素生产率增长

Informal Finance and Total Factor Productivity Growth

民间金融作为正规金融部门的补充已成为中小企业外部融资的重要渠道。研究民间金融发展对全要素生产率增长的影响,对中国在未来实现经济稳定增长具有重要的意义。本文利用2000—2012年中国省际平衡面板数据,采用间接估算方法和数据包络分析方法(DEA)分别对民间金融发展规模和全要素生产率进行测量,在此基础上,采用动态面板广义矩估计方法,对民间金融与全要素生产率增长的联系及其中间渠道进行检验。研究结果表明:无论从国家层面还是地区层面,民间金融发展水平呈现稳步上升的态势;我国全要素生产率出现正增长且主要是由于技术进步而导致的;民间金融发展对全要素生产率增长产生了显著的促进作用,且对TFP增长的作用渠道为技术效率增长效应而非技术进步效应;2006—2012年期间民间金融发展的TFP增长效应显著地大于2000—2005年期间民间金融发展的TFP增长效应。

In the context of financial restraint, informal finance as a supplement to the formal finance has become an important channel to external financing. Studying the impact of informal finance on TFP has significance to seize the high ground in the new round of internationally economic competition. Based on China＇s provincial balanced panel data from 2000 to 2012, the Indi- rect Estimation Method and Data Envelopment Analysis （DEA） are used to measure the scale of informal finance and the total factor productivity （TFP）. Based on this, this paper studies how informal finance development influences TFP growth under the framework of the dynamic panel data. The empirical results show that the scale of informal finance is steadily increasing in the scope of both nation and region. The technical progress mainly contributes to the growth of total factor productivity. Informal finance has a positive impact on the growth of total factor productiv- ity, and the channel to promote the growth of TFP is the effect of technical efficiency rather than technical progress. The TFP growth effect of informal finance from 2006 to 2012 is significantly larger than that of informal finance from 2000 to 2005.