自由贸易试验区设立提高了金融服务实体经济效率吗?:来自沪津粤闽四大自贸区的经验证据

Does the Establishment of the Pilot Free Trade Zone Improve the Efficiency of Financial Services For The Real Economy?

如何加强金融服务实体经济能力,提高金融运行效率是中国经济高质量转型发展过程中亟待解决的难题之一。作为制度创新的高地,自贸区为中国深化金融供给侧改革和提高金融服务实体经济效率提供了天然试验场。基于此,文章探讨了中国情境下自贸区金融改革提高金融服务实体经济效率的政策效果及传导渠道。研究发现:(1)中国自贸区的金融改革不仅明显提高了金融服务实体经济的效率,而且存在"持续性效果",即随着自贸区建设时间延续和金融改革举措的逐渐落地,区域金融服务实体经济效率呈现逐年提高的趋势;(2)自贸区金融改革带来的金融集聚效应、金融开放效应和金融结构优化效应在自贸区提高金融服务实体经济效率过程中均发挥了明显的调节作用;(3)中国自贸区金融改革效果存在明显的区位异质性,且传导机制的差异是其政策效果存在异质性的重要原因。文章的研究结论不仅拓展了评估自贸区政策效果相关文献的研究维度,同时也为中国深化金融供给侧改革和提高金融服务实体经济效率提供了来自自贸区金融改革视角的政策参考。

How to strengthen the ability of financial services to the real economy and improve the efficiency of financial operation is one of the problems to be solved in the process of high-quality economic transformation and development in China.As the highland of institutional innovation,FTZs provide a natural test ground for China to deepen the financial supply-side reform and improve the efficiency of financial services to the real economy.Based on this,this paper discusses the policy effects and transmission channels of financial reform in FTZs to improve the efficiency of financial services for the real economy in China.The results show that,firstly,the financial reform of China’s free trade zone not only significantly improves the efficiency of financial services to the real economy,but also has a"time expansion effect",that is,with the extension of the construction time of the free trade zone and the gradual implementation of financial reform measures,the efficiency of regional financial services to the real economy shows a trend of increasing year by year.Secondly,the financial agglomeration effect,financial opening effect and financial structure optimization effect brought by the financial reform of the free trade zone have played a significant regulatory role in the process of improving the efficiency of financial services for the real economy.Lastly,the effect of financial reform in China’s free trade zone has obvious location heterogeneity,and the difference of transmission mechanism is an important reason for the heterogeneity of policy effect.The conclusion of this paper not only expands the research dimension of the literature on the evaluation of the policy effect of the free trade zone,but also provides policy reference from the perspective of the financial reform of the free trade zone for deepening the financial supply-side reform and improving the efficiency of financial services to the real economy.