金融监管背景下中国金融效率及优化

China’s Financial Efficiency and Optimization under the Background of Financial Supervision

研究目标:探究在当前环境下金融监管对中国金融效率的影响、推动中国金融效率的进一步优化。研究方法:采用系统GMM模型验证金融监管、宏观杠杆率对中国金融效率的作用;运用面板门槛效应模型检验金融监管提升金融效率中的门槛效应。研究发现:金融监管是金融效率提升的先决条件;宏观杠杆率和金融效率之间存在显著倒U形关系;目前大多数省份宏观杠杆率低于门槛值2.0699,各省份金融效率偏低,适度的金融监管,有利于提高宏观杠杆率对金融效率的贡献。研究创新:综合我国“货币政策、宏观审慎和微观审慎”的金融监管实践构建金融监管指数,基于宏观杠杆率对金融效率影响的数理推导,探究以宏观杠杆率为门槛变量,金融监管提升中国金融效率的门槛效应。研究价值:延续金融强监管态势是金融效率的重要保障;充分发挥宏观杠杆率作用、增强金融监管有效性是金融效率提升的关键;增进金融科技发展及监管是金融效率优化的稳定阀;用好金融政策振兴后发展地区是金融效率的助推器。

Research Objectives: Explore the influence of financial supervision on China’s financial efficiency in the current environment and promote the further optimization of China’s financial efficiency. Research Methods: Using systematic GMM model to verify the effects of financial supervision and macro leverage ratio on China’s financial efficiency;Using panel threshold model to test the threshold effect of financial supervision in improving financial efficiency. Research Findings: Financial supervision is the prerequisite for improving financial efficiency. There is a significant inverted U-shaped relationship between macro leverage ratio and financial efficiency;At present, the macro leverage ratio of most provinces is lower than the threshold of 2.0699, and the financial efficiency of each province is low. Appropriate financial supervision is conducive to improving the contribution of macro leverage ratio to financial efficiency. Research Innovations: Combining China’s financial supervision practice of “monetary policy, macro-prudential and micro-prudential”,this paper constructs a financial supervision index, and based on the mathematical deduction of the influence of macro leverage ratio on financial efficiency, explores the threshold effect of financial supervision on improving China’s financial efficiency with macro leverage ratio as the threshold variable. Research Values: Continued strong financial supervision is an important guarantee of financial efficiency;Giving full play to the macro leverage ratio and enhancing the effectiveness of financial supervision are the key to improving financial efficiency;Promoting the development and supervision of financial technology is the stable valve of financial efficiency optimization;Revitalizing developed areas with good financial policies is the booster of financial efficiency.