Research on the Impact of Financial Development on TFP—— DEA-Malmquist Index and Hansen Threshold Model Based on Panel Data of Shandong Province, China  

作　　者：Fushuai Wang Ruichao Xi Wenxia Cai 

机构地区：[1]School of Economics,Shandong University of Technology,Zibo,Shandong,255022,China

出　　处：《Journal of Finance Research》2020年第2期71-79,共9页财经研究杂志（英文）

基　　金：This paper was supported by The National Social Science Fund of China-Research on the Quality Improvement Mechanism of Heterogeneous Enterprises’Export Products under the Global Value Chain Division of Labor System(Project No.:18BJL100);Shandong Province Social Science Planning Research Project-Research on Optimizing Operation Mechanism of Shandong Equity Investment Guidance Fund(Project No.:17CJRJ10).

摘　　要：Shandong’s TFP growth is higher than Chinese average,but the growth rate has slowed in recent years,appearing the phenomenon that the growth momentum of Shandong’s TFP is insufficient.Using DEA-Malmquist Index to measure Shandong’s TFP growth rate,empirical research from the perspective of financial development finds that financial scale,efficiency of financial institutions,fiscal intervention,and scale of foreign capital utilization have significant nonlinear effects on the growth of TFP.Furtherly,through threshold analysis,the efficiency of financial institutions has a significant threshold effect on TFP growth.Financial scale and fiscal intervention are the main core variables that affect the growth of TFP under the threshold effect,and they have the same effect direction on TFP before and after the threshold value.However,the effect intensity of these two core variables on TFP is different.

关 键 词：TFP Financial development Economic growth Threshold effect 

分 类 号：F42[经济管理—产业经济]