金融开放对地区间资本错配的影响及矫正

The Influence and Correction of Financial Openness on Capital Misallocation between Regions

金融开放不仅对一国或地区内资本错配具有改善作用,还可以通过竞争效应、结构效应和创新效应改善地区间资本错配。利用2004-2017年省际数据,构建动态空间杜宾模型,研究发现金融开放与资本错配均存在显著的空间相关性,金融开放对资本错配的直接效应和空间溢出效应都显著为负,资本错配的改善不仅与本地区金融开放水平有关,还会受到其他地区金融开放水平的影响。为了矫正地区间资本错配,应坚持对外开放主基调,深入推动金融改革试点,深化区域金融合作,推动区域协调发展。

Financial openness can not only improve capital misallocation within a country or region but also improve capital misallocation between regions through competition effect,structural effect and innovation effect.Based on the data of 2004-2017,this paper empirically examines the impact of financial openness on capital misallocation by constructing a dynamic spatial Durbin model.The study shows that there is a significant spatial correlation between financial openness and capital misallocation.Meanwhile,the direct effect and spatial spillover effect of financial openness on capital misallocation are both significantly negative.The improvement of capital misallocation in the region is not only related to the level of financial openness in the region but also affected by the level of financial openness in other regions.In order to correct capital misallocation between regions,we should adhere to the main tone of opening-up policy,further promote the financial reform pilot,deepen regional financial cooperation and promote coordinated regional development.