金融发展、资本配置效率与经济高质量发展——基于我国城市数据的实证研究  

Financial Development, Capital Allocation Efficiency and High-quality Economic Development:An Empirical Study Based on Chinese Urban Data

作　　者：赵玉龙[1] Zhao Yulong

机构地区：[1]中国人民银行郑州中心支行

出　　处：《金融理论与实践》2019年第9期17-25,共9页Financial Theory and Practice

摘　　要：立足于经济高质量发展,基于2003 2015年279个地级及以上城市的数据,采用系统GMM模型和中介效应分析了金融发展、资本配置效率与经济高质量发展之间的关系。研究发现:金融发展对经济高质量发展具有显著的促进作用,银行信贷扩张为主的金融发展对不同区域城市的影响存在差异;资本配置效率是影响经济发展质量的显著因素,我国东部和东北部城市资本配置效率对经济发展质量的影响程度高于中西部;资本配置效率是金融发展影响城市发展质量的中介因素,但中介效应占总效应的比重仅为9.6%;经济高质量发展的影响因素在不同区域间存在较大差别;政府研发投入和互联网普及率的提高有助于促进城市经济高质量发展。Based on the data of 279 cities from 2003 to 2015,this paper studies the relationship among the financial development, the efficiency of capital allocation and the high quality development of the economy using the system GMM model and the intermediary effect model. The results show that financial development has a significant role in promoting the high quality of the economy, and the impact of the banking credit expansion on the different regional cities is different. The efficiency of capital alloca- tion is a significant factor affecting the quality of economic development. The efficiency of capital allocation is the intermediary factor that financial development affects the quality of urban economic development, but the proportion of the intermediary effect is only 9.6%. The factors affecting the development of high quality economy are quite different in different regions.The increase of Government R & D investment and Internet penetration rate will help to promote the high quality development of urban economy.

关 键 词：金融发展 资本配置效率 经济高质量发展 中介效应模型 

分 类 号：F832.1[经济管理—金融学]