金融结构、产业结构与经济增长——基于新结构金融学视角的实证检验

Financial Structure,Industrial Structure and Economic Growth:An Empirical Test From the Perspective of New Structural Finance

本文利用中国2001—2008年的省际面板数据,采用面板门限模型,分别检验了金融结构、产业结构与经济绩效之间的关系。研究表明,金融结构只有与产业结构相适应时,才会促进产业增长;而金融结构只有与特定发展阶段要素禀赋及其结构内生决定的产业结构相适应时,才能够促进经济增长,最好地服务于实体经济。这意味着,最优的金融结构安排,不仅要满足产业的融资需求,还必须与特定发展阶段的要素禀赋结构及其内生决定的产业结构相适应。

Based on the panel data of China in 2001—2008,this paper uses the panel threshold model to test the relationship between financial structure,industrial growth and economic growth.This study shows that only when financial structure is compatible with industrial structure will it promote industrial growth.In addition,only when financial structure is compatible with the factor endowment structure of the specific stage of development and its endogenous industrial structure, will financial structure promote economic growth and best serve the real economy.