“金融结构-技术水平”匹配度与经济发展——基于跨国面板数据的研究

Financial Structure-Technical Level Coordination and Economic Development——Based on a Cross-Countries Panel Data Analysis

金融如何更好地服务实体经济?什么才是最优的金融结构?新结构金融学理论指出,没有普适性的最优金融结构,当金融结构与其服务的实体经济相匹配时便达到最优,从而最有效地推动经济发展。本文选取实体经济的技术水平作为代表性特征,构建金融结构与技术水平的匹配度指标,利用跨国面板数据对该理论进行实证检验。结果表明,金融结构-技术水平匹配度越高越能够推动经济发展,且这种效应在中低收入国家更为显著。进一步变换金融结构指标、运用工具变量对内生性问题进行处理,实证结果保持稳健。本文的匹配度指标与Demirgü觭-Kunt et al.(2011)以OECD国家为最优基准得到的最优金融结构缺口指标相比,更为显著和稳定。在作用机制方面,本文发现金融结构-技术水平匹配度可以通过提升TFP来提升经济发展质量。

The essence of finance is to serve the real economy. The new structural finance theory points out that there is no universal optimal financial structure. When the financial structure matches the real economy, it will promote economic development most effectively. This paper selects the technical level of the real economy as the main feature, constructing the matching index of the financial structure to the technical level, and using the cross-country panel data to test the theory hypothesis. The results show that there is a significant positive correlation between the 'financial structure-technical level matching degree'and economic development. Furthermore, this effect is more pronounced in developing countries. While changing the financial structure indicators or using instrumental variables to deal with endogenous problems, the empirical results have remained robust.Compared with the optimal financial structure gaps in Demirgü觭-Kunt et al.(2011) obtained by taking the OECD countries as the optimal benchmarkk, the indicators constructed in this paper are more pronounced and statble. The results show that the degree of matching between the financial structure of each country and its own technical level has a greater impact on economic development. In terms of the mechanism of action, the higher degree of matching, the more conducive it will be to promoting economic development through the promotion of TFP.