金融发展对全要素生产率的影响——基于社会融资规模的视角

摘要

This paper investigates the relationship between aggregate financing to the real economy(AFRE)and total factor productivity(TFP)using the GMM method with Chinese province-level data.The results show that the increase of AFRE promotes the increase of TFP.By comparing the model of aggregate financing to the whole economy,this paper also analyses different financial capital allocations.On one hand,from the aggregate scale level,similar with other findings,financial development is negatively correlated or irrelative with economic growth.On the other hand,it explains the reason from the aspect of capital allocation.The financial capital floating to the real economy improves the level of TFP,while the whole economy financing does not always lead to an increase of TFP,sometimes may have negative effects.%本文利用中国省级面板数据,运用广义矩估计GMM的方法,对社会融资规模与全要素生产率的关系进行实证研究.研究发现,社会融资规模的提升对于全要素生产率的提高具有显著的促进作用.通过对总融资规模作用的比较,分析资本配置效率差异的影响,既从总量层面呼应了既有研究中关于金融发展与经济增长不相关或负相关的发现,又从资本配置结构层面给予了解释和回应,即金融发展在总量层面不必然带来全要素生产率的提升,甚至可能起阻碍作用,但是实体经济所获资本规模的提升,则会显著提升全要素生产率.