我国金融资源错配是否抑制了生态效率的提升?——基于产业结构升级视角  

Does the Misallocation of Financial Resources Inhibit the Improvement of Ecological Efficiency?――From the Perspective of Industrial Structure Upgrading

作　　者：王书华[1] 薛晓磊 范瑞[1] WANG Shuhua;XUE Xiaolei;FAN Rui(School of Finance,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学金融学院,山西太原030006

出　　处：《西安交通大学学报（社会科学版）》2022年第3期71-82,共12页Journal of Xi'an Jiaotong University：Social Sciences

基　　金：国家自然科学基金项目(71303142);山西省高等学校科学研究优秀成果培育项目(2019SK024);山西省哲学社会科学规划课题(2019B191);山西省高等学校哲学社会科学研究项目(2021W072)。

摘　　要：金融资源的合理配置对中国绿色发展的重要性不言而喻。基于Cobb-Douglas生产函数与成本函数,构建包含金融资源错配、产业结构升级与生态效率的数理模型,结合中国2004—2019年省级面板数据,分析了金融资源错配对生态效率的影响,并分别检验产业结构高级化和产业结构合理化对二者关系的作用。研究发现:(1)金融资源错配对生态效率存在显著的抑制作用,且这种抑制作用具有较强的稳健性;(2)金融资源错配对生态效率的抑制作用存在显著的区域异质性,其中,东部地区高于中西部地区,低市场化程度地区高于高市场化程度地区;(3)对金融资源错配抑制生态效率的机制检验显示,金融资源错配通过阻碍产业结构高级化与产业结构合理化,抑制生态效率的提升。因此,应深化金融供给侧结构性改革,提升金融资源在产业间的配置效率,着力培养金融与环境友好复合型人才,推动产业结构的优化升级,因地制宜制定金融支持绿色高质量发展的政策,促进区域生态效率的提升。The rational allocation of financial resources is of self-evident importance to China’s green development. Based on the CobbDouglas production function and cost function, a mathematical model including financial resource misallocation, industrial structure upgrading and ecological efficiency is constructed, using China’s provincial panel data from 2004 to 2019, the impact of financial resource misallocation on ecological efficiency is analyzed, and the effects of industrial structure optimization and industrial structure rationalization on the relationship between the two are tested. The study found that:(1)There is a significant inhibition effect on ecological efficiency of financial resource misallocation, and this inhibition effect has strong robustness;(2)There is significant regional heterogeneity in the inhibition of financial resource misallocation on ecological efficiency, among which the eastern region is higher than the central and western regions in China, and the low marketization degree area is higher than the high marketization degree area;(3)The test of the mechanism of financial resource misallocation to inhibit ecological efficiency shows that financial resource misallocation inhibits the improvement of ecological efficiency by hindering the optimization of industrial structure and the rationalization of industrial structure. Therefore, we should deepen the structural reform of the financial supply side, improve the allocation efficiency of financial resources between industries, focus on cultivating financial and environmentally friendly composite talents, promote the optimization and upgrading of the industrial structure, formulate financial policies to support green and high-quality development according to local conditions, and promote the improvement of regional ecological efficiency.

关 键 词：金融资源错配 生态效率 高质量发展 产业结构升级 产业结构高级化 产业结构合理化 

分 类 号：X196[环境科学与工程—环境科学] F832[经济管理—金融学]