政府干预、金融深化与经济结构转型——基于“新东北现象”的考察

Government Intervention,Financial Deepening and Structural Transformation:An Examination Based on the Investigation of “New Northeast Phenomenon”

东北经济失速是源于既有的体制藩篱,抑或是结构性的"路径依赖"?基于东北经济的转型背景,本文从理论上分析了政府作用、金融深化与经济结构转型间的内在关系,并运用东北三省34个城市2003-2015年的面板数据进行了实证检验。结果表明,经济结构扭曲是东北经济失速的根本原因,产业结构服务化效果差,这一指标阻碍了经济增长;重型工业结构虽可带动经济增长,但这种作用正效率递减。本文进一步从政府干预金融深化的视角探究了阻碍经济结构转型的体制因素,金融深化有效发挥资源配置功能可以抑制工业的"粗放式"增长,有利于经济结构转型;但是在政府干预金融系统的经济体中,金融深化却抑制了经济结构转型,政府干预程度提高,经济中服务业和工业的比重都会降低,且服务业比重降低的程度要高于工业部门,这说明东北地区金融深化的资源配置功能受到政府干预的扭曲。

Is economic stall in Northeast derived from the existing institutional barriers, or structural ＂ path dependence＂ .9 Based on the background of the transformation of the Northeast economy, this paper analyzes the internal relationship among the government role, the financial deepening and the transformation of the economic structure, and does an empirical test using the panel data of 34 cities in Northeast China from 2003 to 2015. The results show that the distortion of the economic structure which hinders economic growth is the root cause of the economic stagnation in the northeast; heavy industrial structure can drive economic growth, but this effect is decreasing. Further explores the institutional factors that hinder the transformation of economic structure from the perspective of government intervention in financial deepening. Financial deepening effectively playing the function of resource allocation can inhibit the ＂extensive＂ growth of industry, which is conducive to the transformation of economic structure; but in the government intervention in the financial system economy, the financial deepening has restrained the transformation of the economic structure, the increaser of the degree of government intervention, the lower proportion of the service and industry in the economy, and the proportion of the service industry is lower than that of the industrial sector, which shows that the financial resources of the northeastern region Function is distorted by government intervention.