中国金融的实体中介规模、中介质量与经济增长——基于区域异质性分析

China's Financial Real Intermediary Scale,Intermediary Quality and Economic Growth:Based on Regional Heterogeneity Analysis

文章基于2011—2020年31个省份金融机构面板数据的固定效应模型,分析了不同金融机构的实体中介规模(量)与中介质量(质)对经济增长的影响。全国样本显示整体金融机构和城市商业银行的中介对经济增长有促进作用;沿海地区显示整体金融机构的中介对沿海地区的经济增长具有积极影响,而城市商业银行则相反;内陆地区显示整体金融机构的中介质量与城市商业银行的实体中介规模对经济增长有促进影响。该结果反映中国不同金融机构的中介(量与质)对经济增长的效应存在区域异质性问题,可为不同金融机构在制定以金融中介促进区域经济高质量发展的策略上提供依据。

Based on a fixed-effects model of panel data of financial institutions from 31 provinces from 2011 to 2020,this paper explores the impact of the scale(quantity)and quality(quality)of intermediation in different financial institutions on economic growth.The national sample shows that the overall intermediary of financial institutions and city commercial banks has a positive effect on economic growth.The sample from the coastal region shows that the intermediation of financial institutions has a positive impact on economic growth in the coastal area,while the situation of city commercial banks is just the opposite.The intermediary quality of the overall financial institutions and the scale of entity intermediary of city commercial banks have a positive effect on economic growth in the inland areas.The research results reflect that there is regional heterogeneity of the intermediary role(quantity and quality)of differ-ent financial institutions on economic growth in our country,and can provide a basis for different financial organizations to formulate strategies to promote high-quality development of regional economy through financial intermediation.