我国经济效率形成中金融发展的作用研究——基于空间计量模型的实证分析

Research on the Role of Financial Development in the Formation of China's Economic Efficiency ——An Empirical Analysis Based on Spatial Econometric Model

选取2005—2016年省域宏观经济数据,采用空间计量模型对我国经济效率形成中金融发展的作用进行了测度。实证结果表明:金融发展对我国经济效率的提升,尤其是全要素生产率的提升具有重要影响;现有的银行体系发展模式总体上不利于经济效率的提升,而金融市场的发展对经济效率的引导性作用初显;金融发展对我国经济效率作用在区域间的差别较大,原因也各不相同。基于此,金融发展应成为当前供给侧结构性改革和金融服务于实体经济的重要抓手。

Using provincial macroeconomic data from 2005 to 2016 and the spatial econometric model,this article measures the function of financial development in the formation of economic efficiency. The results show that: 1) Financial development has an important impact on the improvement of China’s economic efficiency,especially on the increase of total factor productivity. 2) The existing development pattern of banking system is generally not conducive to the overall improvement of economic efficiency,and the development of the financial market begins to reveal its guiding effect on economic efficiency. 3) Financial development has a significant effect on China’s regional economic efficiency,which varies greatly among different regions due to varied reasons. Based on the these,this article proposes that financial development should be the key of current supply-side structural reform and financial services for the real economy.