金融监管结构与制造业全要素生产率

Financial Regulatory Structure and Manufacturing TFP

厘清金融监管结构如何配置金融资源从而提升制造业TFP的内在逻辑,对于中国打赢防控重大风险攻坚战、推动经济高质量发展意义重大。文章手工搜集了1999~2017年97个国家(地区)金融监管结构实践的准自然实验数据和23 610家制造业企业数据集,考察监管结构对制造业TFP的影响。研究发现,监管结构能够显著提升制造业TFP,由独立于央行的监管机构负责的混业监管结构最有利于提升制造业TFP,央行负责银行业监管的分业监管结构次之;上述效果显著受到金融监管模式和机构协调效应的制约,并随着经济体收入水平、金融结构以及企业所属行业与规模的差异呈现出较强异质性。机制检验表明,最优金融监管结构通过金融发展的深度、效率和稳定3个维度提升制造业TFP,金融可及性维度的路径尚不明朗。文章从服务实体经济视角为中国寻求最优金融监管结构的体制改革提供了理论支撑和经验证据。

Exploring the inherent logic of how financial regulatory structure(FRS)allocates financial resources to improve the manufacturing TFP is of great significance for China to prevent and control major risks and promote high-quality economic development.This paper manually collects the"quasi-natural experiment"data of FRS practice in 97 countries(regions)from 1999 to 2017 and the data set of 23,610 manufacturing enterprises to examine the impact of regulatory structure on manufacturing TFP.The conclusion reveals that the regulatory structure may significantly improve the manufacturing TFP,and the Mixed Regulatory Structure with an independent regulatory authority of the central bank is the most optimal one,followed by the Separate Regulatory Structure with the central bank responsible for the supervision of the banking sector.Both the effects depend on the coordination of regulatory model and regulatory authority,demonstrating strong heterogeneity with the different income level,financial structure of the economy,the industry that the enterprise belongs to and enterprise scale.The mechanism test shows that the optimal FRS improves manufacturing TFP via the three dimensions of financial development depth,efficiency and stability,while the path of financial accessibility remains unclear.This paper provides theoretical support and empirical evidence for China's supervision reform in seeking the optimal financial regulatory structure from the perspective of serving the real economy.