金融生态、信贷资金配置与财政可持续性

Financial Ecology, Credit Fund Allocation and Financial Sustainability

采用我国2004-2014年省级面板数据,计量检验金融生态、信贷资金配置对财政可持续性的影响。研究结果表明,从信贷资金配置的期限结构来看,短期信贷资金配置不利于改善财政可持续性,长期信贷资金配置、票据融资有利于财政可持续性的提高。从信贷资金配置种类的结构来看,房地产业信贷资金配置对改善财政可持续性具有正向影响,建筑业信贷资金配置对财政可持续性影响不大。

China＇s financial sustainability has caused renewed concern in the context of the economic downturn brought about by economic restructuring and industrial restructuring. Based on the simple theoretical analysis, this paper uses provincial panel data from2004 to 2014 to measure the impact of financial ecology and credit allocation on financial sustainability. The results show that the short-term credit allocation is not conducive to improving fiscal sustainability and long-term credit allocation, and the paper financing is conducive to improving financial sustainability. In terms of the allocation structure of credit funds, the allocation of credit resources in the real estate industry is conducive to improving financial sustainability, the construction of credit funds allocation has little effect on financial sustainability; with the improvement of financial ecology, credit allocation efficiency will be higher and higher. Finally,based on the simple theoretical analysis and empirical test conclusions, the policy implications of improving fiscal sustainability are proposed.