信贷资金对区域产业经济配置效率实证分析

Empirical Analysis on Credit Funds to Allocation Efficiency of Regional Industy

我国是典型的银行主导型金融体制国家,信贷在推动现代经济发展方面具有"天然"优势。通过理论推导得出,当信贷资金投入于非劳动力密集型生产方式的新兴规模经济区域时,资金在促进产业发展方面具有正向促进作用。选取天津滨海新区为实证案例,使用Jeffrey-Wurgler模型研究了区域产业结构与信贷投入的效率问题。结果表明,第二产业的信贷资本配置内生性强,间接融资程度低;第三产业具有非对称性,传统服务业的配置效率高,现代服务业效率低。在经济新常态下,应致力于通过科学、合理的资金配置机理,引导信贷资金真正流入实体经济和主导产业亟需的关键环节。

China＇s financial system is bank-dominated,thus credit funds have natural advantages in improving the development of modern economy. Through the theoretical deduction,credit funds are found to play an active role in industrial development when funds are invested into emerging economic area with non-labor intensive production mode. Based on Jeffrey-Wurgler model,the thesis conducted the research on the capital allocation relationship between industrial structure and loan efficiency in Tianjin Binhai New Area. The result shows that： The endogenous of capital configuration of the second industry is obvious,and undirected financing of it is low. The third industry exists ＂non-symmetry＂. The loan efficiency of traditional service industry is high while modern service industry is low. Therefore,credit funds should be invested into the key part of real economy and leading industry through scientific and reasonable capital allocation.