我国金融发展与劳动生产率增长——基于面板工具变量模型的实证分析

Financial Development and Labor Productivity Growth:Empirical Research Based on Panel Instrumental Variable Model

从金融发展结构、金融发展规模、金融发展效率三方面探讨金融发展与劳动生产率增长的内在逻辑,考察1994—2014年间我国金融发展对劳动生产率的影响,结果显示:整体来看,金融发展对劳动生产率的促进作用集中在金融发展结构方面,而金融发展规模和效率的作用并不显著。从地区来看,金融发展结构和效率成为促进东部地区劳动生产率提高的重要变量,而在中西部地区,只有金融发展结构成为促进劳动生产率的重要因素,金融发展规模和效率的作用十分微弱。在此基础上就金融发展促进劳动生产率提高和协调各地区金融均衡发展提出了相关政策建议。

This paper studies the internal logic between financial development and labor productivity growth from three aspects： financial development structure, financial development scale, financial development efficiency. Then we explore the effect of financial development on labor productivity during 1994 -2014 in China. The results show： On the whole, financial development effect on labor productivity concentrated in financial development structure, while the effect of financial development scale and efficiency is not significant. From regional perspective, financial development structure and efficiency are important variables to promote labor productivity in the eastern part, while in the Midwest, only the financial development structure becomes an important factor to promote labor productiv- ity, the effect of financial development scale and efficiency is very weak. Finally, this paper puts forward some suggestions on how the financial development improves labor productivity and coordinates regional financial balanced development.