中国金融效率促进经济增长效应的区域差异及地方政府宏观调控的异质需求

把金融效率分为资金聚集效率和资金分配效率,采用2001—2015年中国八大经济区域的面板数据,实证检验了资金聚集效率和资金分配效率与经济增长的关系,分别验证了政府干预对上述相关性的影响。全国整体层面的检验结果显示:资金聚集效率对经济增长具有促进作用;资金分配效率对经济增长具有抑制作用。分区域检验结果显示:资金聚集效率和资金分配效率对经济增长具有不同的作用效果,且存在明显的区域差异。加入政府干预变量后的检验结果显示:地方政府影响了区域金融效率促进经济增长效应的释放,且这种影响同样存在区域差距。这表明,具有不同发展初始条件的区域对金融政策的实施和调控具有异质需求,地方政府应根据区域发展的实际需求,结合经济增长转型及政府职能转变,选择合适的金融领域实施相应政策,有效提高区域金融效率,支持经济长期良性增长。

Regional Diversity in Promoting Effect of Finance Efficiency on Economic Growth and Local Government's Heterogeneous Demand for Macro-control

This paper studies financial efficiency from two aspects,namely capital collection efficiency and capital allocation efficiency.It uses the panel data of eight economic areas from 2001 to 2015 to study empirically the relevance between economic growth and capital collection efficiency and allocation efficiency,and further focuses the influence of local government intervene on the above relevance.The result at national level shows that capital collection efficiency promotes economic growth,but capital allocation efficiency hinders it.The result at regional level shows the effects of capital collection efficiency and capital allocation efficiency on economic growth are different,and the government imposed improper influence on finance efficiency and economic growth,and there is the regional difference in theses effect.The result after introducing the variable of government intervene shows that regional government influences the effect of regional financial efficiency on promoting economic growth,and there is the regional difference in this influence.It points out the areas with different original conditions have heterogeneous demands for finance policy and macro-control.It is urgent to choose appropriate finance contents to apply the corresponding policy to enhance finance efficiency in a-bove areas,so to bring about economic growth in long-run.