金融资源错配对虚拟和实体经济的影响研究

Research on the impact of financial resource mismatching of virtual and real economy

金融是现代经济的核心和社会资源配置的枢纽。在金融行业高速发展而虚实经济结构失衡的大环境下,金融资源错配对我国经济结构产生的重要影响,制约着我国虚实经济结构的调整。文章基于2010-2019年中国省级面板数据,测度地区金融技术效率,以侧面衡量其金融错配状况以及虚拟经济与实体经济总量,进而建立面板固定效应模型,分析金融错配对于虚拟经济与实体经济的动态影响,并就我国金融资源错配情况的区域差异进行讨论。研究结果显示,金融业技术效率与虚拟经济、实体经济存在显著正向关系,并在总体上对虚实经济背离存在显著抑制效应,但这一效应存在地区异质性。基于以上结论,文章提出以服务实体经济发展为导向,进一步深化金融供给侧结构性改革,强化区域金融监管和完善区域金融体系稳定保障制度等方面的对策建议。

Finance is the core of the modern economy and the hub of social resource allocation.In the environment of rapid development of the financial sector and imbalance between the structure of the virtual and real economies,financial resource misallocation has a significant impact on the structure of China's economy and constrains the restructuring of the real and virtual economies.Based on provincial panel data from 2010-2019,this paper measures regional financial technical efficiency to characterize the financial misallocation status,and the total virtual and real economies in each province.Then,we set up a panel fixed-effects model to analyze the dynamic impact of financial misallocation on the virtual economy and real economies and discuss regional differences in the misallocation of financial resources at the province level.The results show that there is a significant positive relationship between the technical efficiency of the financial sector and the virtual and real economies,and a significant inhibitory effect on the divergence between the virtual and real economies in general,but there is regional heterogeneity in this effect.Based on these,this paper proposes countermeasures to further deepen the structural reform on the supply side of finance,strengthen regional financial supervision and improve the stability guarantee system of the regional financial system,oriented towards serving the development of the real economy.