金融结构市场化转型对中国经济发展质量的影响研究

Research on Effects of Marketization of Financial Structure on Quality of China's Economic Development

基于经济高质量发展的时代要求,探讨中国金融结构市场化转型对经济发展质量提升的重要影响。首先,分析金融结构市场化转型的内在逻辑,揭示其对经济发展质量提升的影响机理。其次,利用2001—2017年中国省级层面数据,构建固定效应面板模型实证考察金融结构对经济发展质量的影响。分析结果表明,金融结构的市场化转型能够显著促进中国经济发展质量的提升,但这种作用仅在东部地区显著,而在中西部地区并不明显。进一步对东部地区样本进行中介效应检验后发现,金融结构的市场化转型可以通过提高创新能力和加快产业升级两类影响机制促进经济发展质量提升。最后,从加强资本市场制度建设、推动多层次资本市场发展和完善银行部门治理体系等方面提出相应的政策建议。

To meet the requirements of high-quality economic development,how does China's marketization of financial structure affect quality of economic development is studied.Firstly,the intrinsic logic of marketization of financial structure is analyzed and the mechanisms of the effects on quality of economic development are revealed.Secondly,by constructing fixed effect panel model,the relationship between marketization of financial structure and quality of economic development is empirically tested using provincial data during 2001—2017.It is showed that financial structure has a positive effect on economic development.While the effect is significant in the eastern region,it is not obvious in the middle and western regions.By further testing of mediation effect in the eastern region sample,it is revealed that marketization of financial structure can benefit quality of economic development by enhancing innovation capacity and accelerating industrial upgrading.Finally,in terms of strengthening the institutional construction of capital market,promoting the development of multi-level capital market system,and improving the governance of banking sector,some policy suggestions are put forward.