最优金融结构测度及其动态收敛特征研究——基于2006—2019年省际面板数据的实证检验  

A Study on Optimal Financial Structure Measures and Their Dynamic Convergence Characteristics: An Empirical Test Based on Inter-provincial Panel Data from 2006-2019

作　　者：王三兴[1] 宋然 Wang Sanxing;Song Ran

机构地区：[1]安徽大学经济学院

出　　处：《宏观经济研究》2022年第1期15-26,90,共13页Macroeconomics

基　　金：国家社科基金项目“利率放开后金融市场间利率传导阻滞的成因、效应与对策研究”(19BJY241)的阶段性研究成果。

摘　　要：本文基于新结构金融学的理论,在创新驱动增长的内生增长框架中引入金融结构,通过求解竞争性均衡提出了最优金融结构的决定方程,进而实现对中国最优金融结构的测度,并进一步研究中国金融结构向最优金融结构的动态收敛特征。选择中国2006—2019年的省际面板数据进行实证分析,实证结果表明中国最优金融结构总体呈现出波动上升趋势;中国金融结构存在着向最优金融结构收敛的特征,但是东部地区的收敛速度要明显快于中西部地区;中国金融结构向下收敛到最优金融结构具有显著性,但向上收敛则在统计上不显著。Based on the theory of new structural finance, this paper introduces financial structure in the endogenous growth framework of innovation-driven growth, proposes the determining equation of optimal financial structure by solving competitive equilibrium, and then realizes the measurement of China’s optimal financial structure, and further investigates the dynamic convergence characteristics of China’s financial structure to the optimal financial structure. The inter-provincial panel data of China from 2006-2019 are selected for empirical analysis, and the empirical results show that China’s optimal financial structure shows a fluctuating upward trend in general;there is a characteristic of convergence of China’s financial structure to the optimal financial structure, but the convergence rate of the eastern region is significantly faster than that of the central and western regions;the downward convergence of China’s financial structure to the optimal financial structure has the downward convergence of China’s financial structure to the optimal financial structure is statistically significant, but the upward convergence is not statistically significant.

关 键 词：新结构金融学 最优金融结构 动态收敛 

分 类 号：F832[经济管理—金融学]