金融包容性发展的产业结构优化效应及区域异质性
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摘要
本文从金融服务可获得性、使用效用、可持续性、创新性和经济金融协同性5个维度构建金融包容性发展的评价指标体系,利用中国2005—2015年的省际面板数据测算金融包容性发展指数,并实证研究金融包容性发展的产业结构优化效应及其异质性。研究结果表明:中国金融包容性发展对产业结构合理化和高级化的作用效应存在明显的区域异质性,在全国和东部地区显著为正,而在中、西部地区显著为负,主要原因是金融包容性发展的产业结构优化效应存在基于自身水平、政府干预和市场化程度的门槛效应;金融包容性发展的产业结构优化效应主要通过金融服务的可获得性、使用效用和可持续性来实现。
This paper builds a financial inclusive development evaluation system from five dimensions,namely financial service availability,effectiveness,sustainability,innovation and synergy of economy and finance,then calculates the level of financial inclusive development based on the panel data from 31 provinces in China between2005 and 2015. Then,this paper empirically studies the industrial structure optimization effect and its heterogeneity of financial inclusive development by using the dynamic panel data model and the panel threshold model. The results indicate that the effect of financial inclusive development on industrial structure rationalization and advancement has significant regional differences,which is positive in eastern areas and the whole national but negative in middle and western areas because of the threshold effect based on financial inclusive development,government intervention and marketization. Besides,the industrial structure optimization effect of financial inclusive development is realized by the availability,utility and sustainability of financial services.
This paper builds a financial inclusive development evaluation system from five dimensions,namely financial service availability,effectiveness,sustainability,innovation and synergy of economy and finance,then calculates the level of financial inclusive development based on the panel data from 31 provinces in China between2005 and 2015. Then,this paper empirically studies the industrial structure optimization effect and its heterogeneity of financial inclusive development by using the dynamic panel data model and the panel threshold model. The results indicate that the effect of financial inclusive development on industrial structure rationalization and advancement has significant regional differences,which is positive in eastern areas and the whole national but negative in middle and western areas because of the threshold effect based on financial inclusive development,government intervention and marketization. Besides,the industrial structure optimization effect of financial inclusive development is realized by the availability,utility and sustainability of financial services.
引文
[1]张彤进.包容性金融发展的城乡收入分配效应研究——基于产业结构升级的视角[J].山西财经大学学报,2016(6):28-40.
[2]谢家智,王文涛,李尚真.包容性金融发展的产业结构升级效应[J].当代经济研究,2017(3):74-83.
[3]王修华,何梦,关键.金融包容理论与实践研究进展[J].经济学动态,2014(11):115-129.
[4]CNAAN R A,MOODITHAYA M S,HANDY F.Financial inclusion:lessons from rural South India[J].Journal of Social Policy,2012,41(1):183-205.
[5]CHAKRAVARTY S R,PAL R.Financial inclusion in Indian:an axiomatic approach[J].Journal of Policy Modeling,2013,35(5):813-837.
[6]SARMA M.Index of financial inclusion—a measure of financial sector inclusiveness[Z].Berlin Working Papers on Money,Finance,Trade and Development No.07/2012,2012.
[7]ZINS A,WEILL L.The determinants of financial inclusion in Africa[J].Review of Development Finance,2016(1):46-57.
[8]BAYERO M A.Effects of cashless economy policy on financial inclusion in nigeria:an exploratory study[J].Procedia—Social and Behavioral Sciences,2015,172:49-56.
[9]KAPOOR A.Financial inclusion and the future of the Indian economy[J].Futures,2014,56:35-42.
[10]ARUN T,KAMATH R.Financial inclusion:policies and practices[J].IIMB Management Review,2015,27(4):267-287.
[11]范香梅,张晓云,辛兵海.中国金融包容性发展与收入公平分配的因果关系研究[J].当代经济研究,2015(9):60-68.
[12]张彤进,任碧云.包容性金融发展与劳动收入份额的关系:来自中国的经验证据[J].南开经济研究,2016(3):90-105.
[13]GUPTE R,VENKATARAMANI B,GUPTA D.Computation of financial inclusion index for india[J].Procedia—Social and Behavioral Sciences,2012,37:133-149.
[14]AROMA R U.Measuring financial access[Z].Griffith University Discussion Paper in Economics,2010.
[15]FUNGACOVA Z,WEILL L.Understanding financial inclusion in China[J].China Economic Review,2015,34:196-206.
[16]RAHMAN Z.Developing a financial inclusion indicators:quality dimension[Z].The 2013 AFI Global Policy Forum,2013.
[17]焦瑾璞,黄亭亭,汪天都,等.中国普惠金融发展进程及实证研究[J].上海金融,2015(4):12-22
[18]张林.中国双向FDI、金融发展与产业结构优化[J].世界经济研究,2016(10):111-124,137.
[19]李梅.金融发展、对外直接投资与母国生产率增长[J].中国软科学,2014(11):170-182.
[20]樊纲,王小鲁,朱恒鹏.中国市场化指数:各地区市场化相对进程2011年报告[M].北京:经济科学出版社,2011.
(1)无量纲化处理得到的标准化数据存在部分零值,会影响熵值取对数的计算,因此采用平移的办法解决。
(1)限于篇幅,稳健性检验的估计结果未予列出,感兴趣的读者可以向作者索要。
[2]谢家智,王文涛,李尚真.包容性金融发展的产业结构升级效应[J].当代经济研究,2017(3):74-83.
[3]王修华,何梦,关键.金融包容理论与实践研究进展[J].经济学动态,2014(11):115-129.
[4]CNAAN R A,MOODITHAYA M S,HANDY F.Financial inclusion:lessons from rural South India[J].Journal of Social Policy,2012,41(1):183-205.
[5]CHAKRAVARTY S R,PAL R.Financial inclusion in Indian:an axiomatic approach[J].Journal of Policy Modeling,2013,35(5):813-837.
[6]SARMA M.Index of financial inclusion—a measure of financial sector inclusiveness[Z].Berlin Working Papers on Money,Finance,Trade and Development No.07/2012,2012.
[7]ZINS A,WEILL L.The determinants of financial inclusion in Africa[J].Review of Development Finance,2016(1):46-57.
[8]BAYERO M A.Effects of cashless economy policy on financial inclusion in nigeria:an exploratory study[J].Procedia—Social and Behavioral Sciences,2015,172:49-56.
[9]KAPOOR A.Financial inclusion and the future of the Indian economy[J].Futures,2014,56:35-42.
[10]ARUN T,KAMATH R.Financial inclusion:policies and practices[J].IIMB Management Review,2015,27(4):267-287.
[11]范香梅,张晓云,辛兵海.中国金融包容性发展与收入公平分配的因果关系研究[J].当代经济研究,2015(9):60-68.
[12]张彤进,任碧云.包容性金融发展与劳动收入份额的关系:来自中国的经验证据[J].南开经济研究,2016(3):90-105.
[13]GUPTE R,VENKATARAMANI B,GUPTA D.Computation of financial inclusion index for india[J].Procedia—Social and Behavioral Sciences,2012,37:133-149.
[14]AROMA R U.Measuring financial access[Z].Griffith University Discussion Paper in Economics,2010.
[15]FUNGACOVA Z,WEILL L.Understanding financial inclusion in China[J].China Economic Review,2015,34:196-206.
[16]RAHMAN Z.Developing a financial inclusion indicators:quality dimension[Z].The 2013 AFI Global Policy Forum,2013.
[17]焦瑾璞,黄亭亭,汪天都,等.中国普惠金融发展进程及实证研究[J].上海金融,2015(4):12-22
[18]张林.中国双向FDI、金融发展与产业结构优化[J].世界经济研究,2016(10):111-124,137.
[19]李梅.金融发展、对外直接投资与母国生产率增长[J].中国软科学,2014(11):170-182.
[20]樊纲,王小鲁,朱恒鹏.中国市场化指数:各地区市场化相对进程2011年报告[M].北京:经济科学出版社,2011.
(1)无量纲化处理得到的标准化数据存在部分零值,会影响熵值取对数的计算,因此采用平移的办法解决。
(1)限于篇幅,稳健性检验的估计结果未予列出,感兴趣的读者可以向作者索要。