普惠金融发展、区域收敛与包容性经济增长——基于辽宁省44县(市/区)数据的实证研究

On the Development of Inclusive Finance,Regional Convergence and Inclusive Economic Growth——An Empirical Study Based on the Economic Data of 44 Counties( Municipalities/Districts) of Liaoning Province

系统构建普惠金融发展的综合评价指标体系,并基于2011—2016年辽宁省44个县(市/区)面板数据,综合采用因子分析法和系统广义矩(GMM)估计对县域普惠金融发展对地区经济增长的影响效应进行实证研究。结果显示,县域普惠金融发展水平不断提升,但仍处于发展长周期上的"初级阶段";县域普惠金融内部结构发展均衡,但存在明显的区域"俱乐部收敛"现象;县域普惠金融与地区经济增长关系呈倒U形走势,普惠金融的影响效应优于规模金融;县域普惠金融对经济增长存在明显的区域非对称性,对经济发达地区影响效果优于欠发达地区。

By systematically constructing the comprehensive assessment indicator system of the development of inclusive finance and combining the factor analysis and the GMM evaluation methods,this paper,based on the panel data of 44 counties（ municipalities/districts） of Liaoning province during the years 2011—2016,conducts an empirical study regarding the effects of the development of inclusive finance of counties on regional economic growth. Several conclusions are reached： the development level of inclusive finance in counties continue to improve but is still at the primary stage of the long development cycle; the internal structures of inclusive finance in counties develop in a balanced manner but the phenomena of marked regional ＂club convergence ＂ exist; the inclusive finance of counties and regional economic growth displays an inverted U-shape relationship and the effect of inclusive finance outweighs that of scaled finance; the effect of inclusive finance of counties on economic growth features an outstanding regional asymmetry,the effect in developed regions excelling that in less developed regions.