金融结构、资本配置效率与经济增长的中介效应

Financial Structure, Capital Efficiency and Economic Growth: Interpretation Based on Mediation Effect

文章基于新古典经济增长理论,构建了金融结构通过资本配置效率对经济增长影响的中介作用机制,并且利用我国31个省市2006~2017年的面板数据进行了实证检验。研究发现:(1)金融市场化改革或金融结构优化升级会显著促进地区经济增长;(2)金融结构对地区经济增长的显著影响,主要是通过提升地区资本配置效率来实现的;(3)只有当经济发展达到一定水平之后,金融市场化改革或直接融资比重的提升,才能显著促进经济增长。推进金融供给侧结构性改革,应重点发展资本市场,提升直接融资比重,提高资本配置效率。

Based on the neoclassical economic growth theory, this paper constructs the mediating mechanism, which introduces the financial structure’s impact on economic growth through capital allocation efficiency, and makes an empirical test using panel data of 31 provinces and cities in China from 2006 to 2017. Here are the study results: Firstly, the reform of financial market and the optimization and upgrading of financial structure will all significantly promote regional economic growth;Secondly, the significant impact of financial structure on regional economic growth is mainly achieved by improving the efficiency of regional capital allocation;Thirdly, only if the economic development reaches a certain level, the financial market reform can promote economic growth.To advance China’s financial supply-side structural reform, we should focus on developing the capital market, increasing the proportion of direct financing and improving the efficiency of capital allocation.