金融发展服务实体经济过程中的政府作用:增进还是抑制?  

The Role of Government in Financial Development Serving the Real Economy:Enhancement or Suppression?

作　　者：樊羚 韩廷春[1] FAN Ling;HAN Tingchun(Tsinghua University,Beijing 100084)

机构地区：[1]清华大学公共管理学院,北京100084

出　　处：《经济与管理研究》2020年第8期104-114,共11页Research on Economics and Management

摘　　要：本文关注中国金融发展服务实体经济过程中的政府作用,研究政府干预究竟是增进还是抑制金融发展服务实体经济的功能。从理论上分析,金融发展通过资本积累和全要素生产率两个渠道影响实体经济,政府干预影响金融功能也从这两个渠道展开。从实证上分析,基于2001—2018年省级面板数据,发现金融发展对实体经济以及两个渠道都具有显著的促进作用,而金融发展与财政支出的交叉项对实体经济以及两个渠道产生了显著的抑制作用,表明政府干预抑制了金融功能的有效发挥。This paper focuses on the role of government in the process of China s financial development serving the real economy:whether government intervention has enhanced or inhibited the function of financial development serving the real economy?Theoretically,the government affects the function of financial allocation of resources through two channels:capital accumulation and to tal factor productivity(TFP),and then affects the real economy.Through the panel data from 2001 to 2018,it is found that financial development has a significant role in promoting the real economy and both channels,and the cross-terms of financial development and fiscal expenditure produce a significant negative effect,indicating that government intervention suppressed the financial functions.

关 键 词：金融发展 政府干预 实体经济 资本积累 全要素生产率 

分 类 号：F832[经济管理—金融学] F124