金融分权、国有企业与产业升级——金融分权地区差异的一个经验解释

Financial Decentralization, SOEs and Industrial Upgrading: An Empirical Explanation for Regional Differences of Financial Decentralization

基于金融机构的所有权结构,在省级层面上可以构建出能够准确反映金融分权的两个层次指标,即中央政府向地方政府分权(金融分权Ⅰ)以及地方政府向市场分权(金融分权Ⅱ),弥补了金融分权缺乏准确度量指标的问题。经过多维度对比指标并分析发现:金融分权Ⅰ逐年提高,金融分权Ⅱ地区差异显著,东部最高,中西部较低;金融民营化逐步加深,但大量地方金融资源控制权依然在地方政府手中;地方国有企业是地方政府控制金融资源的主要中介。中介效应检验发现,地方政府通过国有企业助推产业升级从而影响金融分权,是造成金融分权地区差异的主要渠道之一,尤其在经济相对落后地区。地方政府应积极发挥地方国有企业优势,适度引导产业升级,优化金融资源分配,实现经济快速发展和金融稳定。

Based on the ownership structures of the financial institutions,this paper constructs the two-level indexes that can accurately reflect financial decentralization at the provincial level,i.e.,the decentralization of the central government to the local governments(Financial DecentralizationⅠ),and the decentralization of local governments to the market(Financial DecentralizationⅡ),thus the problem of lacking accurate measure index for financial decentralization is recovered.Through multi-dimensional comparison of indicators and analysis,it is found that as Financial DecentralizationⅠincreases year-by-year,Financial DecentralizationⅡwill have significant regional differences:the highest is in the eastern region,while the central and western regions are relatively lower.Although the financial privatization is gradually deepening,a mass of local financial resources is still controlled in the hands of local governments.The local state-owned enterprises(SOEs)are the main intermediary in the control of financial resources by the local governments.The findings of the mediating effect test indicate that the local governments promote industrial upgrading through SOEs and thereby affect the financial decentralization,which is the major channel leading to the regional differences of financial decentralization,especially in the regions with relatively backward economies.The local governments should give full play to the advantages of local SOEs,appropriately guide industrial upgrading,and optimize the allocation of financial resources,so as to achieve rapid economic growth and financial stability.