摘要
利用2003~2013年市场数据,采用主成分分析法对中国金融资源配置效率进行检验。研究结果表明:配置失衡条件下政府主导的总资金利用效率与国有银行资金运用效率是引致金融配置失衡并进而抑制TFP增进的主要因素,对中国经济增长具有明显的减损效应。"全要素生产率支撑型"经济增长模式的实现,需要金融资源由动员式配置向市场化配置转变,消除所有制歧视,提高金融机构运营效率。
The imbalance of financial resource allocation has existed for a long time with the development of Chinese economy,constituting an important factor to TFP and economic growth. Using market data of 2003-2013,this paper adopts a principal component analysis method to analyze the effects of China's financial resource allocation efficiency. The results show that with the background of imbalance of financial resource allocation,government- led total funds utilization efficiency and state- owned banks' efficiency of funds allocation are the main factors causing financial resource misallocation and thus inhibiting the increase of TFP,which leads to the inhibition of China's economic growth. The realization of TFP- support economic growth mode requires the transfer of financial resources from guiding allocation to market allocation,the elimination of ownership discrimination,and the improvement of the operational efficiency of financial institutions.
出处
《金融经济学研究》
CSSCI
北大核心
2015年第3期14-23,共10页
Financial Economics Research
基金
山东省社科规划研究重点项目(14BJJJ04)
济南大学科研基金项目(14YY04)