新常态下金融服务实体经济发展效率研究——基于省级面板数据实证分析

A Study on the Efficiency of Financial Support for the Real Economy in the “New Normal” State:An Empirical Analysis Based on the Provincial Panel Data

新常态下如何提升金融服务实体经济发展效率是当前突出问题之一。近年来我国经济发展中出现金融与实体经济发展严重错配现象,金融服务实体经济效率降低,极大地影响了金融与实体经济增长的协调性与均衡性,且其在不同省份之间也存有较大的差异。以2008-2015年全国31个省份面板数据为基础,运用SBM方向性距离函数和Luenberger指数法分别测度及分解各省份金融服务实体经济发展的无效率和全要素生产率值,实证分析影响金融服务实体经济效率的主要因素及其差异性,在此基础上提出优化金融资源配置、提高金融服务实体经济发展效率的对策建议。

In the ＂New Normal＂state of China’s economy,it is of great importance to improve the efficiency of financial support for the real economy. However,in recent years,there has been serious mismatch between finance and the real economy. The financial activities boom and transactions prosper within the financial system,while the real economy are negatively affected by and suffered from financial constraints. Taking into account the differences among provinces,this paper empirically analyzes the efficiency of financial system’s support for the real economy using panel data consisting of 31 provinces from 2008 to 2015. The SBM directional distance function is employed to measure the inefficiency of financial system in different provinces and Luenberger index method is applied to decompose the total factor productivity（ TFP）. Based on the empirical results,some policy suggestions are provided to optimize the allocation of financial resources and promote the development of the real economy.