金融深化与全劳动生产率——基于30省市投入产出表的研究

Financial Deepening and Total Labor Productivity-Research Based on Input-output Tables of 30 Provinces and Cities

金融深化改革是提高我国产业经济效率、实现高质量发展的重要政策。从国民经济核算视角,基于投入产出法开展地区生产效率研究,通过引入全劳动生产率来衡量产业经济效率的提升效应,利用2002—2017年全国30个省(市、区、自治区)的面板数据,采用固定效应模型进行实证检验,结果发现:金融深化政策能显著提升我国经济效率水平,提升路径为改善各工业产业的全劳动生产率。机制检验表明,金融深化政策发挥了“改善资本配置”效应和“促进技术进步”效应,通过提高社会劳动的产出效率推动经济效率提升。金融深化在不同发展阶段对经济效率的影响存在差异,进一步研究表明,金融深化与全劳动生产率存在非线性关系,具有门限效应,当金融深化跨越门限值后,能进一步推动全劳动生产率提高。此外,金融深化对全劳动生产率的促进效应表现为东部最强,西部次之,中部最弱。因此,应因地制宜地推进金融深化,改善融资方式,优化金融功能,防范金融风险,持续推进市场化改革,突破“门限效应”制约,努力改善社会资本配置效率并提高企业技术水平,从而推动中国经济发展的效率变革进程。

Deepening financial reform is an important policy to improve China’s industrial economic efficiency and achieve high-quality development.Attempting from the perspective of national economic accounting,based on input-output method,this paper carried out the regional production efficiency research.By introducing the labor productivity measure to evaluate the efficiency of industrial economy effect,the paper used panel data of 30 provinces(cities,districts,and autonomous regions)in China from 2002 to 2017 as the sample,and carried out empirical test by using fixed effect model.The paper found that financial deepening policy can significantly improve the level of economic efficiency in China,which can be achieved by improving the total labor productivity of various industries.The mechanism test shows that financial deepening policy brings into play the effect of“improving capital allocation”and“promoting technological progress”,and promotes economic efficiency by improving the output efficiency of social labor.Financial deepening has different influences on economic efficiency at different stages of development.Further research shows that financial deepening has a non-linear relationship with total labor productivity,which has a threshold effect.When financial deepening crosses the threshold value,it can further promote the improvement of total labor productivity.In addition,the promotion effect of financial deepening on total labor productivity is the strongest in eastern China,the second in western China,and the weakest in central China.Therefore,we should promote financial deepening according to local conditions,improve financing methods,optimize financial functions,guard against financial risks,continue to promote market-oriented reform,break through the“threshold effect”restriction,and strive to improve the efficiency of social capital allocation and improve the technical level of enterprises,so as to promote the efficiency reform process of China’s economic development.