金融结构促进实体经济发展的内在优化选择研究

Research on the Intrinsic Optimization Choice of Financial Structure Promoting the Development of Real Economy

新发展格局下畅通金融与实体经济的良性循环是实现经济高质量发展的重要保障。本文从金融规模、金融行为以及内在特征三个方面入手,探究金融结构促进经济发展的内在优化选择。研究发现:中国金融结构与经济发展存在“倒U型”关系,呈现出显著正向效应,且东部地区明显高于中西部地区。具体来看,金融中介规模和行为、金融市场行为与股票流通率的提升对经济发展具有负向效应,而银行集中度和金融市场规模的提升则呈现正向效应;金融中介规模、金融市场行为与银行集中度的提升对金融结构促进经济发展上呈现负向效应,但金融市场规模、金融中介行为与股票流通率则呈现正向效应。

A virtuous circle of unimpeded finance and the real economy is an important guarantee for high-quality economic development under the new development pattern.This paper starts from three aspects of financial scale,financial behavior and internal characteristics to explore the internal optimization of financial structure to promote economic development.The results show that there is an inverted U-shaped relationship between China’s financial structure and economic development,showing a significant positive effect,and the eastern region is significantly higher than the central and western regions.Specifically,the increase of financial intermediary scale and behavior,financial market behavior and stock circulation rate has a significant negative effect on economic development,while the increase of bank concentration and financial market size has a significant positive effect.The increase of financial intermediation scale,financial market behavior and bank concentration has a significant negative effect on financial structure promoting economic development,but the increase of financial market size,financial intermediation behavior and stock circulation rate has a significant positive effect.