民间金融对经济高质量发展影响的空间差异研究

Study on the Spatial Differences of the Impact of Informal Finance on High Quality Economic Development

民间金融迅速发展,现已成为金融体系的重要组成部分,对于实现经济高质量发展具有举足轻重的作用。聚焦于民间金融对经济高质量发展影响的空间差异,应用中国2000—2017年的省际面板数据进行实证研究。研究发现,中国东中部区域民间金融促进经济高质量发展的效应存在,而西部民间金融促进经济高质量发展的效应不存在。从作用渠道看,投资路径对于东中西部地区而言均是民间金融影响经济高质量发展的主要路径,其中中部地区投资路径的中介效应最大;在消费路径方面,东中西部各地区民间金融对消费水平的影响均不显著,各地区消费水平主要受正规金融的影响。其中,西部地区民间金融的发展还会导致该地区消费水平下降。就贸易路径而言,东中西部各地区民间金融的发展均能促进该地区贸易水平的提升,然而不同的是,东部和中部地区贸易水平对经济高质量发展没有明显影响,而西部地区对外贸易的发展对经济高质量发展产生了负向作用,因此西部地区民间金融影响经济高质量发展的贸易路径产生了负向中介效应。依据研究结论,提出政策建议。

The rapid development of informal finance has become an important part of the financial system and plays an important role in achieving high-quality economic development.The spatial differences of the impact of informal finance on high-quality economic development are focused on.Taking the panel data of China's provinces from 2000 to 2017 as samples,an empirical study is made by using an econometric model.It is found that the effect of informal finance on promoting high-quality economic development exists in the eastern and central regions of China,while it does not exist in the western region.From the perspective of function channels,the investment path is the main path for the East,the middle and the western regions to influence the high-quality development of economy,among which the intermediary effect of the investment path in the central region is the largest.In terms of consumption path,the impact of informal finance on consumption level is not significant,and the consumption level of each region is mainly affected by formal finance.Among them,the development of informal finance in the western region will also lead to the decline of consumption level.In terms of trade path,the development of informal finance in the eastern,western and central regions can promote the improvement of the regional trade level.However,the difference is that the trade level of the eastern and central regions has no obvious impact on the high-quality economic development,while the development of foreign trade in the western region has an impact on the high-quality economic development The development has produced negative effect,so the trade path of informal finance affecting the high-quality economic development in the western region has produced a negative intermediary effect.According to the research conclusion,some policy suggestions are put forward.