经济金融化与“全要素生产率之谜”:理论机制与实证检验

Financialization of Real Economy and the Puzzle of Total Factor Productivity:Theory and Evidence

人口论、人力资本积累论、技术扩散放缓论、全球贸易摩擦论、金融危机持久伤害论以及统计幻象提供了“全要素生产率之谜”部分解释。然而,“全要素生产率之谜”的剖析不能忽视经济金融化转型的典型事实,实体经济金融化导致金融资本对实体资本的“挤出”而产生负面冲击,引发全要素生产率增长的停滞。这种“挤出”存在资本运动、产业结构和企业金融化的三层次作用机制,表现为金融资本趋强而产业资本趋弱、核心经济由实体部门向虚拟部门的转变、“收入差距”扩大伴随的有效需求不足和企业主营业务的“金融化”行为。进一步利用跨国投入产出数据对此进行了检验,研究发现经济金融化是“全要素生产率之谜”的重要原因。鉴于此,我国高质量发展要关注全要素生产率中的金融化因素,需要深化金融制度改革,坚持制造业是实体经济核心的地位,促使金融业回归资金融通服务中介的本质,提升金融服务新兴经济的能力。

Total factor productivity puzzle had been partly explained by the hypothesis of demography,accumulation of human capital,slowing of technological diffusion,global trade frictions,lasting damage of financial crises and statistical illusions.However,the analysis of it cannot ignore the typical fact of economic financialization transformation.Such“crowd out”macro(capital),medium(economic structure)and micro(enterprise financialization)three level mechanism,show the feasibility of the financial capital operation,the core economic transformation,by to the virtual entity department department“income distribution”deterioration associated with insufficient effective demand and“financialization”of the enterprise business behavior.The financialization of economy is one of the important causes of the total factor productivity puzzle.Financial supply-side structural reform is imperative and the key to overcoming the productivity slowdown in the high-quality economic development.