信贷资金对区域产业经济配置效率实证分析
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摘要
我国是典型的银行主导型金融体制国家,信贷在推动现代经济发展方面具有"天然"优势。通过理论推导得出,当信贷资金投入于非劳动力密集型生产方式的新兴规模经济区域时,资金在促进产业发展方面具有正向促进作用。选取天津滨海新区为实证案例,使用Jeffrey-Wurgler模型研究了区域产业结构与信贷投入的效率问题。结果表明,第二产业的信贷资本配置内生性强,间接融资程度低;第三产业具有非对称性,传统服务业的配置效率高,现代服务业效率低。在经济新常态下,应致力于通过科学、合理的资金配置机理,引导信贷资金真正流入实体经济和主导产业亟需的关键环节。
China's financial system is bank-dominated,thus credit funds have natural advantages in improving the development of modern economy. Through the theoretical deduction,credit funds are found to play an active role in industrial development when funds are invested into emerging economic area with non-labor intensive production mode. Based on Jeffrey-Wurgler model,the thesis conducted the research on the capital allocation relationship between industrial structure and loan efficiency in Tianjin Binhai New Area. The result shows that: The endogenous of capital configuration of the second industry is obvious,and undirected financing of it is low. The third industry exists "non-symmetry". The loan efficiency of traditional service industry is high while modern service industry is low. Therefore,credit funds should be invested into the key part of real economy and leading industry through scientific and reasonable capital allocation.
China's financial system is bank-dominated,thus credit funds have natural advantages in improving the development of modern economy. Through the theoretical deduction,credit funds are found to play an active role in industrial development when funds are invested into emerging economic area with non-labor intensive production mode. Based on Jeffrey-Wurgler model,the thesis conducted the research on the capital allocation relationship between industrial structure and loan efficiency in Tianjin Binhai New Area. The result shows that: The endogenous of capital configuration of the second industry is obvious,and undirected financing of it is low. The third industry exists "non-symmetry". The loan efficiency of traditional service industry is high while modern service industry is low. Therefore,credit funds should be invested into the key part of real economy and leading industry through scientific and reasonable capital allocation.
引文
[1]中国经济增长前沿课题组.中国经济增长的低效率冲击与减速治理[J].经济研究,2014(12):4-32.
[2]中国经济增长与宏观稳定课题组.资本化扩张与赶超型经济的技术进步[J].经济研究,2010(5):4-20.
[3]张国富.中国资本配置效率及其影响因素研究[D].大连:东北财经大学数学与数量经济学院,2011.
[4]张少华,张天华.中国工业企业动态演化效率研究:所有制视角[J].数量经济技术经济研究,2015(3):22-38.
[5]顾铭德,吴培新.我国区域间贷款效率、资金配置和经济增长比较:1978—2007[J].科学发展,2009(8):18-23.
[6]刘波.中国贷款效率问题研究[D].武汉:华中农业大学经济管理学院国际商学院,2011.
[7]中国人民银行营业管理部课题组.北京市金融机构信贷资金配置效率研究:对26个主要行业贷款情况的实证分析[J].金融研究,2005(2):69-81.
[8]Philip C C,Jia Chunxin,Wang Zhicheng.Bank fund reallocation and economic growth:Evidence from China[J].Journal of Banking and Finance,2010(34):2753-2766
[9]Manouchehr N,Ahmad J S.Impact of monetary policy on economic growth in iran[J].Journal of Scientific research,2011(9):740-743.
[10]Michael F,Lin Chen,Liu Ping,et al.Inside the black box:Bank credit allocation in China’s private sector[J].Journal of Banking and Finance,2009(33):1144-1155.
[11]Liu Yong,Li Weiping.Regional financial development and regional economic growth:An empirical analysis of Suzhou city[J].Chinese Geographical Science,2010(203):269-274
[12]李青原,李江冰,江春.金融发展与地区实体经济资配置效率:来自省级工业行业数据的证据[J].经济学,2013(1):528-547.
[13]白仲林,汪玲玲.两类DSGE模型的动态因子模型表示[J].数量经济技术经济研究,2014(6):117-130.
[14]Jeffrey W.Financial market and the allocation of capital[J].Journal of Financial Economics,2000(58):187-214.
[15]李扬.完善金融的资源配置功能:十八届三中全会中的金融改革议题[J].经济研究,2014(1):8-11.
1数据溯源至2000年,来源于《滨海新区统计年鉴》。
[2]中国经济增长与宏观稳定课题组.资本化扩张与赶超型经济的技术进步[J].经济研究,2010(5):4-20.
[3]张国富.中国资本配置效率及其影响因素研究[D].大连:东北财经大学数学与数量经济学院,2011.
[4]张少华,张天华.中国工业企业动态演化效率研究:所有制视角[J].数量经济技术经济研究,2015(3):22-38.
[5]顾铭德,吴培新.我国区域间贷款效率、资金配置和经济增长比较:1978—2007[J].科学发展,2009(8):18-23.
[6]刘波.中国贷款效率问题研究[D].武汉:华中农业大学经济管理学院国际商学院,2011.
[7]中国人民银行营业管理部课题组.北京市金融机构信贷资金配置效率研究:对26个主要行业贷款情况的实证分析[J].金融研究,2005(2):69-81.
[8]Philip C C,Jia Chunxin,Wang Zhicheng.Bank fund reallocation and economic growth:Evidence from China[J].Journal of Banking and Finance,2010(34):2753-2766
[9]Manouchehr N,Ahmad J S.Impact of monetary policy on economic growth in iran[J].Journal of Scientific research,2011(9):740-743.
[10]Michael F,Lin Chen,Liu Ping,et al.Inside the black box:Bank credit allocation in China’s private sector[J].Journal of Banking and Finance,2009(33):1144-1155.
[11]Liu Yong,Li Weiping.Regional financial development and regional economic growth:An empirical analysis of Suzhou city[J].Chinese Geographical Science,2010(203):269-274
[12]李青原,李江冰,江春.金融发展与地区实体经济资配置效率:来自省级工业行业数据的证据[J].经济学,2013(1):528-547.
[13]白仲林,汪玲玲.两类DSGE模型的动态因子模型表示[J].数量经济技术经济研究,2014(6):117-130.
[14]Jeffrey W.Financial market and the allocation of capital[J].Journal of Financial Economics,2000(58):187-214.
[15]李扬.完善金融的资源配置功能:十八届三中全会中的金融改革议题[J].经济研究,2014(1):8-11.
1数据溯源至2000年,来源于《滨海新区统计年鉴》。