金融服务贸易开放、人力资本积累与经济增长——基于PUA模型的实证分析

Trade openness in financial services,human capital accumulation and economic growth: empirical analysis based on PUA model

利用PUA模型对金融服务贸易开放通过影响人力资本积累促进经济增长的实现机理进行理论研究,并以中国金融服务贸易为样本进行实证检验。研究发现,人力资本协同效应处于稳态时,金融服务贸易开放与经济增长之间存在最优关系。以此为基础,选取1985—2015年中国金融服务贸易相关数据,采用可行广义最小二乘法(FGLS)进行实证检验。研究结论表明:中国金融服务贸易开放(滞后四期)、金融业R&D投入对中国经济增长产生显著的促进作用;中国国有金融企业人力资本投入率和人力资本积累率对中国经济增长产生消极作用,而人力资本积累率对中国经济增长的消极作用呈随时间衰减的趋势。

Based on the PUA model,the realization mechanism of the trade opening of financial services is theoretically studied to promote economic growth through influencing the human capital accumulation.And empirical test is conducted with financial services trade of China as the sample.It is found that there is an optimal relationship between the trade opening of the financial services and the economic growth when the synergistic effect of human capital is in the steady state.On the above basis,the relevant data of financial services trade of China from 1985 to 2015 is selected as a sample,and the empirical test is carried out using the feasible generalized least square method(FGLS).The conclusion shows that Chinese financial services trade liberalization(lag four period),and the financial industry R&D investment have a positive effect on Chinese economic growth;Chinese state-owned financial enterprises human capital investment and human capital accumulation rate have a negative effect on Chinese economic growth,and the negative effect of the accumulation rate of human capital on Chinese economic growth tends is declined with time.