金融膨胀对经济增长的抑制效应及缓释机制检验

The Inhibition Effect of Financial Expansion on Economic Growth and the Test of the Alleviation Mechanism

本文从人才竞争的角度切入,构建数理模型,分析金融部门和实体经济部门之间的竞合关系及其对经济增长的影响,结合中国2002-2018年省际层面的面板数据进行实证检验,发现金融相对于实体经济的过度膨胀会抑制经济增长。机制检验结果表明,全社会人力资本水平的上升和直接融资途径的完善,分别会通过降低金融部门与实体经济部门之间的人才竞争程度、增加实体经济部门的筹资渠道而改善上述负面效应。

From the perspective of talent competition, this paper constructs a mathematical model to analyze the competition and cooperation relationship between financial and real economy sectors and its impact on economic growth. Based on China’s inter-provincial panel data during 2002-2018, the empirical test shows that the excessive expansion of finance relative to the real economy will inhibit economic growth;the mechanism test results show that the increase in the level of human capital in the whole society and the improvement in direct financing channels will diminish the above negative effects by reducing the talent competition between financial and the real economy sectors and increasing the financing channels of the real economy sector.