金融发展有利于中国生产技术效率的提升吗?——基于随机前沿分析方法的检验

Does Financial Development Promote Technical Efficiency in China? Evidence from Stochastic Frontier Analysis

笔者利用中国1990—2012年30个省份的面板数据,采用随机前沿分析方法,实证研究了金融发展与中国生产技术效率二者之间的关系,结果发现:中国经济增长的技术效率水平偏低,存在区域差异且近年来呈恶化趋势,而金融深化对中国技术效率的演进具有重要影响。尽管总信贷规模对生产技术效率的作用并不明显,但私人部门信贷对技术效率的改善发挥了显著的促进作用,而国有部门信贷则产生了不利影响。在此基础上,笔者通过基于"向前看"和"向后看"两种方法,测算了私人信贷和国有信贷对中国技术效率的贡献大小:从区域角度来看,相较于东部地区,私人信贷对中西部地区技术效率的促进作用更大;相应地,国有信贷对中西部地区的负面作用也要大于东部地区;从时间角度来看,私人信贷对技术效率的促进作用在2008年国际金融危机后逐渐上升,而国有部门信贷的负面作用也在危机后趋于扩大。所得到的政策启示是进一步优化信贷结构,纠正信贷的制度性扭曲对我国技术效率提升具有重要意义。

With panel data covering China＇s 30 provinces for the period of 1990—2012,this paper employs stochastic frontier analysis to study the contribution of financial development on the progress of technical efficiency in China. The result shows that overall effect of total credit has been insignificant. Furthermore,we find private credit is associated with increasing technical efficiency,whereas public credit tends to exert negative influence. In addition,we quantitatively measure the contribution of private and public credit by using＂backward＂and＂forward＂methods,and the result shows that： first,the positive effect of private credit,as well as the negative effect of public credit all turn out to be greater in central and western region than eastern region; second,the positive effect of private credit and the negative effect of public credit all tend to increase after 2008 financial crisis.