金融技术效率的异质性特征与产业传导机制:省际面板的实证

Heterogeneity and Industrial Transmission Mechanism of Fintech Efficiency: Empirical Study of Interprovincial Panel

金融效率会制约其服务实体经济能力,也是金融供给侧结构性改革的重要支点。但现有对金融体系的效率测算及其影响因素、产业传导的研究仍存在诸多观点分歧。从金融体系"投入-产出"出发,基于中国2008-2016年分省面板数据,通过对金融技术效率的整体测算和结构分解,在此基础上对其异质性特征与形成传导机制进行相应的统计计量,研究发现:(1)改善金融技术效率的关键在于增强金融体系对金融制度改革与金融技术创新的实际吸收利用能力;(2)提升金融技术利用效率的关键又在于整体经济的市场化改革,包括经济主体多元化、促进产业集聚、加速产业升级、扩大市场开放、鼓励科技创新;(3)金融技术效率改善有助于缓解工业部门的融资约束并提升其投资效率,是推动工业部门降成本、去杠杆、增效率的关键;(4)民营经济发展则对上述机制存在门槛效应,有助于促进金融效率改善到产业效率提升的正反馈循环。综合上述逻辑传导,在金融供给侧改革和工业部门转型升级的政策实践中,应当以深化改革开放和推动民营经济发展作为核心抓手,依托整体性市场化改革推动金融技术效率尤其是金融技术利用效率的提升;依托金融体系的投入产出效率提升来推动工业部门的转型升级和区域经济协调发展。

The input-output efficiency of financial system will restrict its ability to serve the real economy,so it is an important fulcrum of financial supply-side structural reform.However,there are still many differences and gaps on the efficiency measurement of the financial system and its influencing factors and industrial transmission.Based on China’s 2008-2016 provincial panel data,through the measurement and decomposition of financial technology efficiency,and the selection of system equations to comprehensively test the internal and external transmission mechanism of financial technology efficiency.The study found that:(1)To improve the efficiency of financial technology is the key to strengthen the financial system reform of financial system and financial the absorb ability of technology innovation;(2)The key to improve the efficiency of financial technology utilization lies in the market-oriented reform of the overall economy,including the diversification of economic subjects,the promotion of industrial agglomeration,the acceleration of industrial upgrading,the expansion of market opening,and the encouragement of scientific and technological innovation;(3)The improvement of finance tech efficiency is conducive to easing the financing constraints of the industrial sector and improving its investment efficiency,which is the key to promoting the cost reduction,deleveraging and efficiency increase of the industrial sector;(4)the development of private economy has threshold effect on the above mechanism,which is helpful to promote the positive feedback cycle from the improvement of financial efficiency to the improvement of industrial efficiency.