金融供给侧结构性改革与经济高质量发展研究--基于金融结构与金融效率视角

Research on Financial Supply-side Structural Reform and High-quality Economic Develop‐ment:Based on the perspective of financial structure and financial efficiency

我国经济已由高速增长阶段转向高质量发展阶段,传统金融发展模式已难以为继,需积极推进金融供给侧结构性改革以满足经济高质量发展要求。本文在对相关文献加以述评基础上,从金融结构和金融效率视角分析了金融供给侧结构性改革对我国经济高质量发展的影响机理,按照创新、协调、绿色、开放和共享五个维度构建经济高质量发展指标体系,据此测算全国及30个省份2010-2019年经济高质量发展水平,进而运用动态面板数据模型实证检验金融供给侧结构性改革对经济高质量发展的影响作用。研究发现:(1)2010-2019年我国经济高质量发展水平总体上呈稳步提升态势,但提升幅度较小且总体上仍处于较低的水平;(2)金融结构优化能够显著推动我国经济高质量发展水平的提高,具体表现为金融结构上升1个单位,则我国经济高质量发展水平指数提高约0.03个单位,标准化后金融结构的变化对我国经济高质量发展水平变动的解释力约为7%;(3)金融效率提高能够显著促进我国经济高质量发展水平的提升,具体表现为金融效率上升1个单位,则我国经济高质量发展水平指数将提高约0.04个单位,标准化后金融效率的变化对我国经济高质量发展水平变动的解释力约为6%;(4)经济高质量发展水平具有很强的惯性,科技发展进步和劳动力素质提高将显著地推动经济高质量水平发展,但政府过多的干预反而对该经济体(地区)经济高质量发展具有抑制性。

China's economy has shifted from a stage of rapid growth to a stage of high-quality development.The tra‐ditional financial development model is no longer sustainable.It is necessary to actively promote financial supply-side structural reforms to meet the requirements of high-quality economic development.Based on the review of relevant litera‐ture,this paper analyzes the mechanism of the impact of financial supply-side structural reforms on the high-quality devel‐opment of my country’s economy from the perspective of financial structure and financial efficiency,and then constructs it in accordance with the five dimensions of innovation,coordination,green,openness,and sharing.The high-quality eco‐nomic development indicator system is used to calculate the high-quality economic development level of the country and 30 provinces from 2010 to 2019,and then use the dynamic panel data model to empirically test the impact of financial supply-side structural reforms on the high-quality economic development.The research found that:(1)The level of high quality economic development in China from 2010 to 2019 has been steadily increasing,but the improvement is small and generally still at a low level;(2)The optimization of financial structure can significantly promote China’s economic growth.The improvement of the level of quality development is specifically manifested as an 1 unit increase in the finan‐cial structure,an increase of about 0.03 units in China’s high-quality economic development index.After standardization,changes in the financial structure can explain the changes in China’s high-quality economic development by about 7%;(3)The improvement of financial efficiency can significantly promote the improvement of the high-quality development level of China's economy.Specifically,if the financial efficiency increases by 1 unit,the high-quality development index of China's economy will increase by about 0.04 units.After standardization,the financial efficiency will be improved.The explanatory power of changes to the changes in China’s high-quality economic development level is about 6%;(4)The high-quality economic development level has strong inertia.The advancement of science and technology and the im‐provement of labor quality will significantly promote the high-quality economic development,but the government Too much intervention has inhibited the high-quality economic development of the economy(region).