制度环境与地区信贷资金流动——基于山东省的实证研究

Institutional Environment and the Flow of Regional Credit Funds:Based on the Empirical Study of Shandong Province

本文以山东省64个县为样本,考察了法律保护、法律执行及信用环境对地区信贷资金流动的影响,并进一步检验了法律执行、信用环境在不同法律保护水平下的作用差异。结果表明法律保护对地区信贷资金流动的影响并不显著,但法律执行效率高、信用环境好的地区会有更多的信贷资金流入和更少的信贷资金流出。分组检验的结果显示在影响资金流入方面,作为正式制度的法律保护和法律执行存在互补关系;同时在法律保护较差的地区,信用环境对资金流动的作用相对较大,表明信用环境与法律保护存在替代关系。

Using data of 64 counties in Shandong Province,the paper inspects how legal protection,law enforcement and credit environment influence the flow of regional credit funds. And it further investigates the role of law enforcement and credit environment in different legal protection. The results indicate that legal protection fails to play a significant role in the flow of regional credit funds,but regions with better law enforcement or credit environment have more credit funds inflow and less funds outflow. The grouping tests show that there is complementary effect between legal protection and law enforcement in impacting the credit funds inflow;credit environment has more effects on the capital flow in the regions with less legal protection,which proves there is substitutive effect between credit environment and legal protection.