金融发展对经济增长的传导机制研究——基于内生增长理论

Research on the Transmission Mechanism of Financial Development to Economic Growth

文章基于江苏省1978-2016年经济增长和金融发展的数据,对经济增长的影响因素进行了分析,并将其与金融发展指标构建模型,通过协整分析与结构模型方法,探讨了金融发展影响社会经济增长的传导渠道。研究结果表明,江苏省的金融发展通过物质资本存量、人力资本存量、制度因素这三种渠道来影响经济增长,物质资本存量是金融发展促进经济增长的最主要的影响途径;而技术进步不是金融发展促进区域经济发展主要的传导渠道,证明江苏省金融发展对GDP增长的推动较少地通过技术进步这一影响因素来实现,金融体系对技术创新的支持力度不够。因此,政府和相关部门要加快推进科技金融发展,积极引导金融市场和金融机构鼓励企业技术创新,行业结构优化调整,提升技术含量,助推地方经济转型升级,促进经济增长。

This paper examines the influencing factors of economic growth and analyzes the influence mechanism from financial development to economic growth in Jiangsu Province,through the data of economic growth and financial development from 1978 to 2016,with co-integration analysis and structural model methods.The results show that the physical capital stock,human capital and institutional factors are the three significant transmission channels between financial development and economic growth in Jiangsu,and physical capital is the main channel of financial development to promote economic growth.Technological progress is not a significant channel,which proves that financial development in Jiangsu province contributes less to GDP growth through technological progress,and the financial system has insufficient support for technological innovation.Therefore,the government and relevant departments should accelerate the development of science and technology finance,through guiding the financial market and financial institutions actively to encourage enterprises'technological innovation,so as to optimize and adjust the industrial structure by improving the technological content,to boost the transformation and upgrading of local economies and promote economic growth.