结构性去杠杆对金融与非金融企业经济高质量发展的影响研究

Impact of Structural De-leveraging on High-quality Economic Development of Financial and Non-financial Enterprises

以我国长江经济带11个省市2008—2017年的金融企业与非金融企业数据为研究样本,分析结构性去杠杆对经济高质量发展的影响效果。通过构造门槛模型,研究得出金融企业的金融规模和金融结构具有显著的门槛效应,非金融企业的金融杠杆不存在门槛效应;运用广义矩估计模型进一步缓解内生性问题,研究结果与前文一致。建议应采取结构性去杠杆的手段降低金融企业杠杆率水平,推动经济高质量发展。

Based on the data of financial and non-financial enterprises in 11 provinces and cities of the Yangtze River Economic Zone from 2008 to 2017, this paper analyses the effect of structural deleveraging on high-quality economic development. By constructing the threshold model, we can conclude that the financial scale and structure of financial enterprises have significant threshold effect, while the financial leverage of non-financial enterprises does not have threshold effect. The generalized moment estimation model is used to further alleviate the endogenous problem. The research results are consistent with the previous ones. Structural de-leverage should be adopted to reduce the leverage level of financial enterprises and promote high-quality economic development.