实体经济融资效率的区域差异性研究——基于社会融资规模视角  

Research on regional Differences of Financing Efficiency of Real Economy——Based on the Perspective of Social Financing Scale

作　　者：南雁 周琼[2] NAN Yan;ZHOU Qiong(Xi'an Branch of The People's Bank of China,Xi'an Shaanxi 710075;Weinan Municipal Sub-branch PBC,Weinan Shannxi 714000)

机构地区：[1]中国人民银行西安分行,陝西西安710075 [2]中国人民银行渭南市中心支行,陕西渭南714000

出　　处：《西部金融》2019年第9期66-72,共7页West China Finance

摘　　要：本文基于社会融资规模视角,研究不同地区实体经济融资效率的差异性以及影响因素,分别从东、中、西部选取广东、河南和陕西作为代表省份,利用2011年到2018年的季度数据进行实证分析,通过协整检验,建立误差修正模型来验证融资结构、产业结构和投资结构对广东、河南和陕西三省融资效率的影响-研究表明:陕西省相比其他两省,直接融资占比、第三产业占比均较低,而同时国有企业投资占比过高,导致融资效率较低。本文以进一步提高实体经济融资效率为出发点,提出保持社会融资规模平稳增长,提高直接融资占比,优化产业结构,提高非国有企业尤其是民营企业投资占比的政策建议。This paper studies the differences and influencing factors of real economic financing efficiency in different regions from the perspective of social financing scale.Guangdong,Henan and Shaanxi are selected as representative provinces from the east,middle and west respectively,using the quarterly data from 2011 to 2018 to analyze the financing structure.Through co-integration test,establishing the error correction model to analyze the influence of financing structure,industrial structure and investment structure on financing efficiency of Guangdong,Henan and Shaanxi provinces.The results show that compared with the other two provinces,the proportion of direct financing in Shaanxi Province is lower than that in the other two provinces,while the proportion of investment in state-owned enterprises is too high,resulting in low financing efficiency.This paper aims to further improve the financing efficiency of the real economy,puts forward some policy suggestions to maintain the steady growth of the scale of social financing,increase the proportion of direct financing,optimize the industrial structure and increase the proportion of investment in non-state-owned enterprises,especially private enterprises.

关 键 词：社会融资规模 实体经济 融资效率 区域经济 

分 类 号：F832.2[经济管理—金融学]