金融结构与经济增长的非线性门槛效应：基于最优金融结构的视角

The Nonlinear Threshold Effect between Financial Structure and Economic Growth:A Perspective of Optimal Financial Structure

基于最优金融结构视角,使用2001—2015年中国省际面板数据,利用门槛模型对金融结构与经济增长之间的非线性关系进行了实证检验。研究发现:金融结构在不同地区对经济增长的作用效果具有异质性,只有地区发展水平跨越一定的门槛值之后,金融结构市场导向的增强才能显著促进经济增长;经济发展水平与市场化水平越高、法治环境越完善,金融结构市场化的经济增长效应越显著;适度的金融发展水平有利于促进金融结构市场化的经济增长效应,金融发展过度时,金融结构市场导向的增强对经济增长促进作用不再显著。

Based on the perspective of optimal financial structure,this paper empirically analyzes the nonlinear relationship between financial structure and economic growth by using the provincial panel data from 2001—2015 in China. The results show that there exist differences of financial structural effect to promote economic growth in different regions. Only when the regional development level reaches the threshold value can the financial structural market-orientation significantly promote economic growth. Furthermore,the higher the economic development level and marketization level and the more mature the legal environment is,and the more significant the financial structural economic growth effect is. And a moderate financial development level can significantly promote the financial structural economic growth effect,when the financial development level is too high,the financial structural market-orientation can no longer significantly promote the economic growth.