金融相关比率、证券化率与全要素生产率的关系研究——以山东省数据为例

发布时间：2018-07-25 08:04

【摘要】：本研究利用Pagano模型和金融功能理论分析了金融发展与全要素生产率增长的内在作用机制,并通过建立VAR模型对山东金融相关比率、证券化率与全要素生产率的关系进行实证检验。结果发现,金融相关比率与全要素生产率之间存在正相关关系,而证券化率与全要素生产率之间存在负相关关系;金融相关比率与全要素生产率之间存在双向Granger因果关系,而证券化率是全要素生产率的单向Granger原因。研究表明,山东金融业的整体发展与全要素生产率的增长形成相互促进的关系,但资本市场的发展却抑制了全要素生产率的提高。据此,在推进供给侧结构性改革中,把金融供给侧改革作为一个重要的突破口具有深远的影响,应采取有针对性的措施提高全要素生产率。
[Abstract]:This study analyzes the internal mechanism of financial development and total factor productivity growth by using Pagano model and financial function theory, and establishes the VAR model to Shandong financial correlation ratio. The relationship between securitization rate and total factor productivity is tested empirically. The results show that there is a positive correlation between financial correlation ratio and total factor productivity, while a negative correlation exists between securitization rate and total factor productivity, and a two-way Granger causality relationship exists between financial correlation ratio and total factor productivity. The securitization rate is one-way Granger cause of total factor productivity. The study shows that the overall development of Shandong financial industry and the growth of total factor productivity form a mutually reinforcing relationship, but the development of capital market inhibits the improvement of total factor productivity. Therefore, in the process of promoting supply-side structural reform, taking the financial supply-side reform as an important breakthrough has far-reaching influence, and some targeted measures should be taken to improve the total factor productivity.
【作者单位】：青岛大学经济学院;济南大学商学院;
【分类号】：F832.7;F127;F224

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