财政支持与政策意愿对当地金融市场发展的影响研究

Study on Financial Support and Policy Willingness’Impact on the Development of Local Financial Markets

为促进县域金融高质量发展,地方政府采取了一系列支持措施。基于全国1914个县域地区2018—2020年的短面板数据构建双向固定效应模型,从地方政府财政支持和政策意愿两个政府维度对金融市场发展的深度和广度展开研究,并进一步以是否为乡村振兴的重点帮扶县进行分类回归。研究结果表明:大部分县域金融发展水平偏低,且地方政府对县域金融发展的支持水平存在不均衡的现象;地方政府通过提高财政支持和增强政策意愿,会提高当地资本配置效率,总体来说可以促进当地金融市场发展,具体对金融发展深度与广度产生的效果并不一致;进一步而言,非重点帮扶县政府通过提高财政支持的方式支持金融市场,会促进当地金融发展的深度和广度,而通过制定政策的方式,仅会促进当地金融发展的深度;对重点帮扶县来说,政府支持的促进作用并不显著,甚至政府财政支持对重点帮扶县金融发展广度起到抑制作用。基于上述结论,提出以下建议:县域政府应高度重视当地金融发展,完善县域金融制度,促进财政支持与金融政策协同发展,构建良好的竞争机制,激发县域金融发展潜力。

In order to promote the high-quality development of county finance,local governments have adopted a series of supporting measures.Based on the short panel data of 1914 county-level regions in China from 2018 to 2020,this paper constructs a two-way fixed effect model,studies the depth and breadth of financial market development from two government dimensions:local government financial support and policy will,and further classifies and regresses whether it is the key county for rural revitalization.The research results show that:The financial development level of most counties is low,and the support level of local governments to the financial development of counties is unbalanced;By increasing financial support and policy will,local governments will improve the efficiency of local capital allocation,promote the development of local financial markets in general,and have different effects on the depth and breadth of financial development.Furthermore,supporting the financial market by improving financial support for non-key counties will promote the depth and breadth of local financial development,while by formulating policies,it will only promote the depth of local financial development,but it will not promote the support of key counties,and even the financial support of the government will inhibit the breadth of financial development for key counties.Based on the above conclusions,the following recommendations are proposed:County governments should pay high attention to local financial development,improve county financial systems,promote the coordinated development of fiscal support and financial policies,build a good competitive mechanism,and stimulate the potential for financial development in counties.