【作者】 郑文；

【导师】 张建华；

【作者基本信息】 华中科技大学 ， 西方经济学， 2013， 博士

【摘要】 在严峻的国内外形势下，加快推动全要素生产率增长是中国经济实现可持续发展的关键所在。一国全要素生产率的增长离不开金融的支持，特别是随着金融体制改革的日益深化，中国金融体系在现代经济体系中的支撑地位日益凸显，对全要素生产率的演变产生了越来越重要的作用。因此，在中国亟需实现经济增长方式转型和金融体制改革持续深化的双重背景下，系统研究金融发展对全要素生产率的影响及其作用机制具有重要的理论和实践意义。本文首先从理论上探索金融发展对全要素生产率的影响及其作用机制，其次采用地区金融相关比率和私人信贷占比等指标，对当前中国金融发展现状进行了描述及统计性分析；运用随机前沿函数SFA的扩展方法度量中国各地区的全要素生产率并从统计上描述两者关系；最后利用中国省级层面的面板数据对金融发展的生产率效应及各个作用机制进行实证检验。在理论研究中，基于金融功能论的主要思想，本文将金融发展纳入熊彼特增长模型框架，并利用数理推导的方法探索金融发展对全要素生产率的影响及作用机制。模型表明，金融发展通过缓解技术升级投资项目的融资约束，提升了该类项目内生的成功概率，并促进资本优先流向发展前景更大的产业，从而从促进技术进步和优化资本配置两个方面，推动全要素生产率增长。论文利用中国省级层面的面板数据，对理论模型推导结果进行实证检验，得到的结论如下：第一，金融效率发展显著促进了中国全要素生产率的增长，但金融规模发展对中国全要素生产率的促进效应不明显。在影响全要素生产率增长的其他变量中，基础设施，人力资本、城市化水平将显著促进全要素生产率的增长，但国际贸易和FDI对全要素生产率产生了不显著的负面影响。第二，金融发展加快了全要素生产率的增长速度，但这种促进效应呈现明显的递减趋势，当金融发展水平超过一定临界值时，这种促进效应趋近于0。在完全信贷环境下，全要素生产率的增长速度将等于外生技术进步速度，不再受到金融发展水平的影响。第三，金融发展促进全要素生产率的渠道之一在于促进了经济体的技术进步。金融发展对国际技术外溢的影响存在显著的门槛效应。当金融发展低于某一门槛值时，FDI和国际贸易对国内全要素生产率将产生显著为负的影响；当金融发展高于某一门槛值时，FDI对国内全要素生产率产生显著为正的影响，国际贸易的影响不显著。另外，金融发展显著促进了地区创新能力的提升。在影响创新能力建设的其他变量中，研发人员的贡献显著为正。研发经费投入的系数为正但不显著；国际贸易显著促进了地区创新产出增长、FDI的流入显著抑制了地区创新能力；人力资本、专业化和对地区创新产出的促进作用不明显。第四，金融发展促进全要素生产率的渠道之二在于优化经济体的资本配置状况。利用Wurgler(2000)提出的行业投资反应系数法对当前中国地区的资本配置效率进行度量，结论发现我国地区实体经济资本配置效率较低。实证研究结果表明金融发展将显著促进地区资本配置效率的提升。另外，国有企业份额占比和FDI对地区资本配置效率产生显著为负的影响，政府干预的影响不显著，基础设施、人力资本和国际贸易的影响显著为正。第五，将金融发展区分为金融规模发展和金融效率发展两个维度进行实证研究，估计结果表明，无论是在全要素生产率及其增长率的演变路径中，还是在对技术外溢效应、创新能力建设及资本配置效应的作用路径中，金融效率发展的促进作用总是大于金融规模发展的促进作用。更多还原

【Abstract】 In the harsh domestic and international economic situation, accelerate the growth oftotal factor productivity (TFP) is the key to achieve sustainable development in china. Inone country, Total factor productivity can’t achieve growth without financial support.Especially, along with the deepening of financial system reform in China, the importantposition of financial system in the modern economic system has become increasinglyprominent, and financial system has played a more and more important role in the evolutionroute of total factor productivity. Thus, under the double background of economic growthmode transformation and financial system reform deepens, it has important theoretical andpractical significance to study systematically the impact and its mechanisms of financialdevelopment on TFP.In this paper, the impact effect and its mechanism of financial development on TFP areexplored from the aspect of theoretic analysis firstly. Then, the current status quo of China’sregional financial development are described and analyzed statistically using the indicatorsof financial interrelation ratio and private credit ratio and others; China regional TFP aremeasured based on stochastic frontier function (SFA) extension methods, and therelationship between financial development and TFP is described statistically. Finally, theproductivity effect of financial developpment and its mechanisms are studied by usingempirical researches based on the China’s provincial panel data. In the theoretical study,following the main idea of the financial functional view, the financial development variableis included the Schumpeterian growth model, and the impact effect and its mechanisms offinancial development on TFP are explored in this model by mathematical induction. Themodel suggests that financial development eases the financing constraints problem of thetechnological upgrading projects, and enhances the endogenous success probability of theseprojects, at the same time, promotes capital flow to the industries which have better development prospects. In one word, financial development promotes the total factorproductivity by inspiring technical progress and optimizing the capital allocation. Based onthe China’s provincial-level panel data, the derivation results of the theoretical model aretested by empirical research, and the following conclusions are achieved:Firstly, the financial efficiency development significantly contributed to the growth oftotal factor productivity in China, but the financial scale development’s effect is notobvious. Other variables that affect the total factor productivity growth, such asinfrastructure, human capital, urbanization will significantly promote the growth of totalfactor productivity, but international trade and FDI have negative impact on TFP, but notsignificantly.Secondly, financial development speeds up the growth rate of total factor productivity,but this promotion effect present significant decreasing trend. When the level of financialdevelopment exceeds a certain critical value, this promotion effect will get to zero. In theperfect credit environment, total factor productivity growth rate will be equal to theexogenous rate of technological progress, can’t be impacted by the financial developmentlevel.Thirdly, promoting technological progress is one of the channels which financialdevelopment promotes one country’s total factor productivity. The impact of financialdevelopment on international spillover exist significant threshold effect. When the level offinancial development below the certain threshold, the impacts of FDI and internationaltrade on the domestic total factor productivity are significant negative; when the level offinancial development exceeds the certain threshold, the FDI on domestic total factorproductivity is significantly positive, the impact of international trade is not significant. Inaddition, financial development promotes significantly regional innovation capability. Inother variables that affect the innovation capacity-building, the contribution of R&D staffis significantly positive. R&D expenditure’s coefficient is positive but not significant;international trade significantly promote regional innovation output growth, FDI significantly inhibits the regional innovation capability; the variables such as human capital,specialization have no significant effect.Fourthly, optimizing the capital allocation is the other channel which financialdevelopment promotes one country’s total factor productivity. The efficiency of China’sregional capital allocation is measured by the industry investment reaction coefficientmethod,which is developed by Wurgler (2000), The measure results show that theefficiency of capital allocation is very low in our real economy. The empirical results showthat the financial development will significantly contribute to the enhancement of theefficiency of capital allocation. In addition, the share of state-owned enterprises and FDIwill have negative significantly impact on the efficiency of capital allocation, the impact ofgovernment intervention is not significant, the effect of infrastructure, human capital andinternational trade are significantly positive.Fifthly, the financial development is divided into two dimensions: financial scaledevelopment and financial efficiency development. The estimated results in empiricalresearches show that the effects of financial efficiency development are obvious than theeffect of the financial scale development, wherever in the path of the evolution of totalfactor productivity growth rate, or in the process of promoting technology spillover effects,ability construction of innovation and capital allocation effect.更多还原