金融如何服务新疆实体经济发展?

How Does Finance Serve the Development of Xinjiang’s Real Economy?

新疆作为经济欠发达地区,探究金融如何服务实体经济发展是深化其金融体制改革、增强经济发展动能的重要前提。文章在分析金融服务新疆实体经济发展作用机理的基础上,运用结构向量自回归模型(SVAR),从金融保障能力、金融融资能力与金融开放能力三个维度探讨金融服务新疆实体经济的动态影响。研究结论表明:(1)新疆整体金融服务效果呈现不稳定趋势,金融投入与实体经济发展存在不均衡现象。(2)金融保障能力多为负向冲击,表明当前新疆金融保障水平并不能有效促进实体经济的发展。(3)金融融资能力虽然能在短期内提振实体经济发展,但正向效应维持并不稳健,甚至在冲击后期呈现负向抑制作用。(4)金融开放能力对新疆实体经济发展具有持续正向拉动作用,且正向效应在金融开放积极年份尤为突出,但仍需注意金融开放所带来的外部风险。因此,创新金融服务理念、推动区域金融开放的同时,防范可能存在的内外风险应是下一步新疆金融服务实体经济的关键。

As an underdeveloped economic region,Xinjiang needs to explore how finance serves the development of the real econo⁃my,since it is an important prerequisite to deepen the reform of its financial system and enhance the economic development.Based on the analysis of the mechanism of how financial services promote the development of Xinjiang’s real economy,this paper uses a structural vector autoregressive model(SVAR)to explore the dynamic impact of financial services in Xinjiang’s real economy from three dimensions of financial security capabilities,financial financing capabilities and financial openness.The conclusions are as follows.(1)Xinjiang’s overall financial has an unstable trend,and there is an imbalance between financial investment and the development of the real economy.(2)The financial security capabilities have negative impacts mostly,indicating that the cur⁃rent level of financial security in Xinjiang cannot effectively promote the real economy.(3)Although the financial financing capaci⁃ty can boost the development of the real economy in the short term,the positive effect is not stable,and even shows a negative inhib⁃itory effect in the later stage of the shock.(4)The ability of financial openness has a continuous positive boosting effect on the de⁃velopment of Xinjiang’s real economy,and the positive effect is particularly prominent in the years of active financial openness,but it is still necessary to pay attention to the external risks brought by financial openness.Therefore,the key to develop Xinjiang’s real economy is to innovate financial service concepts and promote regional financial opening and prevent possible internal and external risks.