金融发展、实体部门与全要素生产率增长——基于中国省级面板数据分析

发布时间：2018-01-15 09:06

本文关键词：金融发展、实体部门与全要素生产率增长——基于中国省级面板数据分析　出处：《经济科学》2017年05期 　论文类型：期刊论文

【摘要】：基于1998—2014年期间中国30个地区的平衡面板数据,本文采用DEA—Malmquist指数法对中国及各地区的全要素生产率增长率(TFP)进行测算以及对其进行分解研究,在此基础上构建动态面板模型,将金融发展和实体部门经济之间的增长差异与金融发展的交互项纳入到实证模型中,检验金融发展与TFP增长之间的非线性关系。研究结果表明:样本期间中国的全要素生产率呈现出正增长,年均增速为1.6%。中国的TFP增长动力源泉为技术进步(2.2%)而非技术效率的改善(-0.6%)。金融发展和TFP增长之间具有非线性关系,即金融发展对TFP增长的影响取决于金融发展和实体部门经济发展之间的增长差异。当金融发展增速超过实体部门经济增速的54.5%时,金融发展抑制TFP的增长;当金融发展增速与实体部门经济增速之间的差异低于54.5%时,金融发展会促进TFP的增长。
[Abstract]:Based on balanced panel data from 30 regions in China from 1998 to 2014. In this paper, the total factor productivity (TFP) growth rate of China and other regions is measured by DEA-Malmquist index method and its decomposition is studied. On this basis, the dynamic panel model is constructed, and the interaction between the financial development and the real sector economy is incorporated into the empirical model. The nonlinear relationship between financial development and TFP growth is tested. The results show that the total factor productivity of China shows positive growth during the sample period. The average annual growth rate is 1.6.China 's TFP growth is driven by technological progress (2.2%), and not the improvement of technical efficiency. There is a nonlinear relationship between financial development and TFP growth. That is, the impact of financial development on TFP growth depends on the growth difference between financial development and real sector economic development. Financial development inhibits the growth of TFP; When the difference between financial growth and real sector economic growth is lower than 54.5, financial development will promote the growth of TFP.
【作者单位】：渤海大学经法学院;复旦大学中国研究院;
【基金】：辽宁省社科青年基金“基于全要素生产率视角的辽宁省城市经济增长动力研究”(L16CJL001)课题的资助
【分类号】：F124;F224;F832
【正文快照】： 一、问题的提出新古典经济增长理论认为全要素生产率(TFP)增长才是经济可持续增长的唯一动力源泉。如何识别影响全要素生产率增长的因素,已经成为国内外学者的关注焦点。国外大量的研究表明,金融发展对全要素生产率增长产生了显著的正面影响(Beck et al.,2000;Benhabib和Spieg

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