效率创新冲突、金融粘性与实体经济生产率困境的形成

The Conflict of Efficiency-innovation,Financial Rigidity and the Formation of Real Economy Productivity Dilemma

以2000—2020年30个省份的实体经济数据为样本,利用四成分随机前沿模型检验了我国实体经济生产率困境的客观存在、形成机制及金融粘性在其中发挥的调节效应。结果表明:(1)我国实体经济存在生产率困境,具体表现为短期生产效率远高于长期生产效率,且长期生产效率增长趋于停滞。(2)效率与创新之间的冲突是造成实体经济生产率困境的成因。(3)金融粘性对不同所有制经济体的调节效应存在差异,体现在提高对国有部门的信贷会加剧生产率困境,增加对非国有企业的信贷有助于缓解生产率困境。(4)要突破我国实体经济的生产率困境,不仅需要增强国有部门对新技术高地的攻关和布局,更需要鼓励非国有部门对前沿技术的吸收和引进,并进一步完善金融机构对非国有部门创新企业的激励政策。

This paper took the data of real economies from 30 provinces in China from 2000 to 2020 as a sample,took advantages of a four-component stochastic frontier model to test the existence,formation mechanism and the moderating effect of financial stickiness in China′s real economy productivity dilemma.The results showed that:(1)China′s real economy had a productivity dilemma,which was manifested in that the transient production efficiency was much higher than the persistent production efficiency,with the persistent production efficiency stagnate.(2)Efficiency-innovation conflict was the cause of the productivity dilemma of the real economy.(3)There were differences on the moderating effect of financial stickiness to different ownership economies.Increasing credit to the state sectors exacerbated the productivity dilemma,while increasing credit to non-state-owned enterprises alleviated the productivity dilemma.(4)To break through the productivity dilemma of China′s real economy,it was not only necessary to strengthen the state-owned sectors′research and deployment of new technology highlands,but also essential to promote the non-state-owned sectors′absorption and introduction of cutting-edge technologies,as well as to further improve financial institutions′incentive policies for private innovative enterprises.