经济与管理研究2017，Vol.38Issue(6)：23-34,12.DOI:10.13502/j.cnki.issn1000-7636.2017.06.003
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
Effect of Financial Development on Total Factor Productivity ——From the View of Aggregate Financing to the Real Economy
摘要
Abstract
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.关键词
社会融资规模/全要素生产率/金融发展Key words
aggregate financing to the real economy/total factor productivity(TFP)/financial development分类
管理科学引用本文复制引用
唐婍婧,韩廷春..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[J].经济与管理研究,2017,38(6):23-34,12.基金项目
清华大学自主科研计划课题 "金融生态环境、金融发展与经济增长质量的非线性关系研究"(2015THZWSH06) （2015THZWSH06）
