金融自由化与中国的全要素生产率：理论分析与经验证据

提高投资效率、优化资本配置和促进技术创新等也是全要素生产率的基本源泉。金融自由化使金融中介上述三大潜能得以充释放，因而也能提高全要素生产率。本文对中国金融自由化的过程和进展进行了定量分析，并以政府干预、人力资本、对外开放度等为控制变量，就金融自由化对全要素生产率的影响问题进行了实证分析。研究发现，中国金融自由化对全要素生产率的增长的促进作用，效果显著且具有统计意义。金融自由化也因此成为推动宏观经济集约式增长的积极因素。

The Liberalization of Finance and China's Total Factor Productivity——From Theoretical and Empirical Analysis

The liberalization of finance helps the financial system promote the innovation,improve the allocation of capital and increase the efficiency,which is also the resources of TFP.The liberalization of finance can increase the TFP.We give a quantity analysis on the progress of the liberalization of finance in China and study the effect of liberalization of finance on TFP by setting the variables of degree of openness,intervention of government,human capital.We give a positive result and find that the liberaliz...