摘要
哪种金融结构更有利于经济发展在学术界并未达成共识,基于银行和金融市场服务实体经济的不同功能,借助1995—2020年的省级面板数据研究金融结构、产业结构升级和经济增长的关系。结果表明:产业结构升级是通过低风险特征和高风险特征的技术进步实现的;作为金融结构的两方面,基于银行的间接融资有利于促进低风险特征技术推动的产业结构升级,而基于金融市场的直接融资有利于促进高风险特征技术推动的产业结构升级;当金融结构的调整满足产业结构升级的需求时,即金融结构和产业结构升级的匹配度升高时,可通过提升资源配置效率推动经济增长。进一步的拓展研究表明,数字金融的发展和区域市场化程度的加深,有利于促进以上这种匹配度对经济增长的正向推动作用。
Which financial structure is more conducive to economic development is an important topic that has long maintained different opinions in the academic community.Based on the different functions of banks and financial markets serving the real economy,this paper studies the relationship between financial structure,industrial structure upgrading and economic growth with the help of provincial panel data from 1995 to 2020.The results show that:the upgrading of industrial structure is realized through the technological progress of low-risk characteristics and high-risk characteristics.As two aspects of the financial structure,indirect financing based on banks is conducive to promoting the upgrading of industrial structure driven by low-risk technology,while direct financing based on financial markets is conducive to promoting the upgrading of industrial structure driven by high-risk technology.When the adjustment of the financial structure meets the needs of the upgrading of the industrial structure,that is,when the matching degree of the financial structure and the upgrading of the industrial structure increases,economic growth can be promoted by improving the efficiency of resource allocation.Further expansion research shows that the development of digital finance and the deepening of regional marketization are conducive to promoting the positive effect of the above matching degree on economic growth.
作者
王文倩
张羽
Wang Wen-qian;Zhang Yu
出处
《经济学家》
CSSCI
北大核心
2022年第2期118-128,共11页
Economist
基金
教育部人文社会科学基金青年项目“非金融企业部门债务结构与经济增长:基于金融摩擦视角的研究”(20YJC790169)
国家自然科学基金青年项目“金融摩擦、杠杆率与经济增长:基于微观数据和HANK模型的研究”(72003007)。
关键词
技术进步
产业结构升级
金融结构
数字金融
市场化
Technological Progress
Industrial Structure Upgrade
Financial Structure
Digital Finance
Marketization