金融发展与全要素生产率增长——基于DEA-Malmquist指数的实证分析

Financial Development and Total Factor Productivity——Empirical Research Based on DEA-Malmquist Approach

利用1996-2016年我国省际面板数据，从整体部门和私人部门两个角度寻求准确构建金融发展指标，通过理论及实证分析我国金融深化和金融效率提升对全要素生产率的影响机制。结果表明，从水平效应看，金融深化与全要素生产率水平和技术发展程度均显著正相关，而金融效率与生产率水平负相关；从增长效应看，金融深化和金融效率对全要素生产率增长率均有显著增长效应，且主要通过技术进步渠道，金融深化对技术效率提升有显著抑制作用，金融效率提升与技术效率提升不相关。无论是从何种效应看私人部门的金融发展对生产率的促进程度都更为显著。

Based on China’s provincial panel data from 1996-2015, building financial development indicators of the overall sector and the private sector, this paper examines the linkages between financial development and TFP growth. The result indicates that no matter from the level effect or the growth effect, financial development of the overall sector does not bring the promotion to TFP. And financial development of the private sector has a significant positive impact on TFP, mainly through technological progress rather than technical efficiency growth. This means that the reform of China’s financial system should speed up to optimize the allocation of financial resources, so that financial development can effectively promote TFP growth.