金融资源错置会带来全要素生产率减损吗?

Does Financial Resources Misallocation Bring the Total Factor Productivity Loss?

在资源环境约束下,改善金融资源配置效率是促进全要素生产率增长,实现地区经济可持续发展的关键。以一个改进的三部门内生增长模型为基础,通过构建金融资源扭曲度与全要素生产率关系的非线性动态面板回归模型,探究金融资源错置对全要素生产率带来的直接效应和间接效应。结果显示,金融资源错置并不一定完全导致全要素生产率的减损,这取决于本地经济发展状况;在我国,金融资源错置通过直接效应引致全要素生产率减损0.802 1%,并分别通过对人力资本市场、外商直接投资市场和对外贸易市场产生抑制作用,间接带来全要素生产率的减损,减损度分别为-0.324 0%、0.633 5%、0.122 0%。

Under the constraints of resources and environment, how to improve the financial allocation efficiency is the key to promote TFP and to realize the sustainable development of regional economy. Based on a hybrid endogenous growth model, this paper establishes a nonlinear and dynamic panel regression model in order to explore the impact strength of financial allocation distortion on TFP. The result shows that the financial resources misallocation will not necessarily lead to a decline in TFP, just depending on the local econorc, ic development. In China, TFP loss caused by the financial resources misallocation is 0. 802 5% through direct pathway. Meanwhile, The financial resources misallocation stunts the growth of the human capital, foreign direct investment, foreign trade, which result in the loss of TFP are -0. 324 3%, 0. 633 9% and 0.122 6% respectively through indirect pathway.