金融发展、创新异质性与绿色全要素生产率提升——来自“一带一路”的经验证据  

Financial Development, Innovation Heterogeneity and Promotion of Green TFP:Evidence from ‘The Belt and Road’

作　　者：葛鹏飞[1] 黄秀路[2] 徐璋勇[1] 

机构地区：[1]西北大学中国西部经济发展研究中心 [2]西安交通大学金禾经济研究中心

出　　处：《财经科学》2018年第1期1-14,共14页Finance & Economics

基　　金：教育部人文社会科学重点研究基地重大项目“丝绸之路经济带战略背景下西部地区金融资源配置效率提升研究”(16JJD790048);西北大学研究生自主创新项目“金融发展、创新异质性与‘一带一路’全要素生产率提升”(YZZ17010)

摘　　要：随着金融部门对经济影响的日益增大，厘清金融发展与绿色TFP之间的关系，发挥金融对创新的推动作用，成为“一带一路”实现绿色发展的关键。本文使用“一带一路”的跨国面板数据，用金融规模、金融结构、金融效率、金融深化衡量金融发展；将创新分为基础创新和应用创新。探讨金融发展对绿色TFP的作用机制。研究发现，金融发展与绿色TFP负相关，创新异质性的渠道效应显著，基础创新能够缓解金融规模对绿色发展的负作用，基础创新和应用创新虽能有效弱化金融发展对绿色TFP的抑制作用，但会加剧金融深化的不利影响。进一步地，在创新异质性约束下，金融发展与绿色TFP之间呈现较为复杂的非线性关系；随着基础创新能力的提升，金融规模、金融结构扣金融深化均与绿色TFP呈现先负后正的边际递增关系，金融效率则有着U形的抑制作用；而在应用创新能力的调节下，金融规模有着U形的负向作用，金融结构的影响先负后正，金融效率和金融深化则表现出反N形的抑制特征。With the increasing impact of the financial sector on the economy, the keys in achieving green development of ＂The Belt and Road＂ countries are to clarify the relationship between financial development and green TFP and to realize the enhancement effect of finance on innovation. This paper uses ＂The Belt and Road＂ countries＇ panel data to explore the mechanism of financial development on green TFP. Results show that financial development and green TFP are negatively correlated, mainly because it lowers technical efficiency. Innovation heterogeneity significantly re- fleets in the channel effects. That is, basic innovation alleviates the negative influence of financial scale on green TFP, while although both basic and applied innovation weaken the negative impact of t＇mancial development on green TFP, they exacerbate the adverse effect of ~＇mancial deepening on green TFP. Further analysis finds that under the constraint of innovation heterogeneity, a complex and nonlinear relationship exists between financial development and green TFP. Specifically, as basic innovation improves, the marginal effects of fmaneial scale, fmancial structure and finan- cial deepening on green TFP turns from negative to positive, while that of financial efficiency shows U-shaped and negative throughout. Turning to the applied innovation case, the marginal effect of fmancial scale is negatively U- shaped, that of financial structure swifts from negative to positive, while those of financial efficiency and financial deepening are negatively anti-N-shaped. This paper is valuable in providing a new interpretation of the relationship be- tween financial development and green economic progress from multiple perspectives, and in providing an empirical evidence for effectively breaking down or weakening the suppression effects from the perspective of innovation heterogeneity.

关 键 词：金融发展 绿色发展 创新异质性 一带一路 

分 类 号：F832.1[经济管理—金融学]