中国式金融分权与区域金融部门债务效率

Chinese-style Financial Decentralization and Regional Financial Sector Debt Efficiency

本文采用2011—2017年中国除港澳台、西藏以外的30个省、自治区、直辖市的面板数据,基于空间动态面板模型分析中国式金融分权对区域金融部门债务效率的影响。研究发现,我国区域金融部门的债务效率仍有比较大的改善空间,且其改善并不具有收敛性,金融显性集权能显著提高区域金融部门的债务效率。虽然近年来地方性金融机构和地方金融市场发展较快,金融隐性分权趋势日渐明显,但其对区域金融部门债务效率的影响力却难以凸显。因此,为优化区域金融部门效率,决策层一方面应该加快金融体系改革,从制度层面规范金融分权;另一方面需要依据区域财政实力、区域金融发展水平、产业结构调整、区域资源禀赋等因素因地制宜制定差异化政策,注重高质量发展而非简单量的提升,以达到提高区域金融部门债务效率的政策目标。

This paper uses the panel data of 30 provinces, municipalities and autonomous regions in China from 2011 to 2017 and analyzes the impact of Chinese financial decentralization on the debt efficiency of regional financial sectors based on the dynamic spatial panel model. The study finds that the debt efficiency of China’s regional financial sector still has a relatively large room for improvement, and its improvement does not have convergence. Financial explicit centralization significantly improves the debt efficiency of the regional financial sector. Although local financial institutions and local financial markets have developed rapidly in recent years, the trend of financial implicit decentralization has become increasingly apparent, but its influence on the debt efficiency of regional financial sectors is difficult to highlight. Therefore, in order to optimize the efficiency of the regional financial sector, the decision-making level should accelerate the reform of the financial system on the one hand, and regulate the financial decentralization from the institutional level、on the other hand, it needs to release differentiation policies according to local conditions,focus on high-quality development rather than simple upgrades, in order to achieve the goal of improving the efficiency of regional financial sector debt efficiency.