金融发展、产业结构升级与包容性增长——基于民生与发展视角的分析

Financial Development,Industrial Structure Upgrading and Inclusive Growth:Analysis Based on the People's Livelihood and Development

在世界经济包容和开放式发展的趋势与机遇下,包容性增长实践路径的研究热潮不断升级。通过固定效应回归模型与两步法系统GMM回归模型验证了金融发展与产业结构升级的互动对包容性增长带来的积极影响。其中金融配置效率与产业结构升级的结合对包容性增长的促进作用最为显著,在两步法系统GMM回归结果中,金融效率与产业结构的互动每增加1%,包容性增长水平将上升0.68%,金融资产规模扩张与金融结构优化调整的作用力度虽依次递减,但仍显著有效。总而言之,金融发展与产业结构的良性互动有助于推动我国经济、社会、生态包容性发展。

Inview of the trend and opportunity of the inclusive development and open development of the world economy,the research upsurge of the practice path of inclusive growth has been continuously upgraded.Based on the data from 30 provinces in 2000-2013 years,the paper employs FE regression model and two-step system GMM regression model to test the impact of financial development and industrial upgrading on inclusive growth.Overall,financial development and industrial structure upgrading in the two models in the three interaction can pass the significance test,and the sign is positive,the upgrading of financial allocation efficiency and industrial structure combined with the promotion of inclusive growth is the most significant,in the two step GMM regression results,each increase of financial efficiency and interaction the industrial sector 1%,inclusive growth level will rise 0.68%,the expansion of the scale of financial assets and financial structure optimization adjustment is decreasing,but still significant.In a word,the benign interaction between financial development and industrial institutions will help promote the inclusive development of China's economy,society and ecology.