金融包容性发展的产业结构优化效应及区域异质性

Industrial Structure Optimization Effect and Regional Heterogeneity of Financial Inclusive Development

本文从金融服务可获得性、使用效用、可持续性、创新性和经济金融协同性5个维度构建金融包容性发展的评价指标体系,利用中国2005—2015年的省际面板数据测算金融包容性发展指数,并实证研究金融包容性发展的产业结构优化效应及其异质性。研究结果表明:中国金融包容性发展对产业结构合理化和高级化的作用效应存在明显的区域异质性,在全国和东部地区显著为正,而在中、西部地区显著为负,主要原因是金融包容性发展的产业结构优化效应存在基于自身水平、政府干预和市场化程度的门槛效应;金融包容性发展的产业结构优化效应主要通过金融服务的可获得性、使用效用和可持续性来实现。

This paper builds a financial inclusive development evaluation system fi＇om five dimensions, namely financial service availability, effectiveness, sustainability, innovation and synergy of economy and finance, then calculates the level of financial inclusive development based on the panel data from 31 provinces in China between 2005 and 2015. Then,this paper empirically studies the industrial structure optimization effect and its heterogeneity of financial inclusive development by using the dynamic panel data model and the panel threshold model. The results indicate that the effect of financial inclusive development on industrial structure rationalization and advancement has significant regional diffel^nces, which is positive in eastern alias and the whole national but negative in middle and western areas because of the threshold effect based on financial inclusive development, government intervention and marketization. Besides, the industrial structure optimization effect of financial inclusive development is realized by the availability, utility and sustainability of financial services.