金融体制改革与经济效率提升--来自省级面板数据的经验分析

Financial System Reform and Economic Efficiency Improvement in China:Some Evidence from Provincial Panel Data

经历了长时期的市场化改革,中国金融体制依旧存在着众多非市场因素。信奉金融自由化信条的新古典经济学家倾向认为,中国金融体系必定存在严重的低经济效率。本文采用非径向方向距离函数测算了2000~2013年中国的省级绿色发展效率,并分解为纯技术效率和规模效率,随后构建Tobit模型从规模扩张和结构调整两方面全面考察了金融体制改革对经济效率的影响。效率测算结果显示,绿色发展效率和纯技术效率整体较为低下且呈现"U型"的演化趋势,而规模效率较高并呈现先上升后稳定的态势。进一步的计量模型发现,金融发展显著改善了纯技术效率,并足以弥补其对规模效率造成的损失,从而促进绿色发展效率的增长。特别地,金融结构与经济效率显著相关,股票市场较银行业更有利于提升经济效率。此外,2008年金融危机强化了金融体制改革对经济效率的积极作用。本文的研究结论表明,坚持市场化改革导向,大力发展直接融资市场并辅之以合理的金融资源分配政策,将有助于实体经济的长期增长。

After a long period of market reform, a series of non-market factors still exist in China 's financial system. Neoclassical economists believing in financial liberalization deem that serious allocation inefficiency must exist in Chinese financial system. In this paper, we conduct a non-radial directional distance function to measure green development efficient(GDE) in Chinese provinces over 2000-2013, and then decompose GDE into pure technical efficiency(PTE)and scale efficiency(SE). Further, we employ Tobit models to explore the effects of financial system reform on economic efficiency from the views of scale expansion and structure adjustment. Results indicate that GDE and PTE are still at relatively low levels and manifest a' U-shaped 'pattern, while SE is at a high level and now presents a stable trend after an increasing period. Moreover, financial development benefits PTE in a huge magnitude which could make up for the SE losses due to financial development, which thereby boosts GDE. Particularly, financial structure also has a significant impact on economic efficiency, and the positive effect of stock markets is stronger than that of banks. In addition, the 2008 financial crisis strengthens the active effects of China 's financial system on economic efficiency.Our findings suggest that, adhering to market-oriented reform, developing the direct financing market, and providing a more reasonable allocation policy for financial service will be conductive to long-term economic growth in China.