科技金融的高质量发展和金融稳定效应研究  

Technological Finance,High-Quality Economic Growth and Financial Stability

作　　者：何国华[1] 沈露 HE Guo-hua;SHEN Lu(Economics and Management School,Wuhan University,Wuhan 430072,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《经济体制改革》2022年第3期134-141,共8页Reform of Economic System

基　　金：国家社会科学基金一般项目“‘双支柱调控框架’下金融稳定政策设计研究”(18BJY249)。

摘　　要：基于2006~2019年30个省份的数据,采用因子分析方法构建科技金融和金融稳定综合指标,采用CRS乘数模型测算绿色全要素生产率作为经济高质量发展指标;构建空间SAC模型和PVAR模型,从全国总样本和东部、中部、西部分样本对科技金融与经济高质量发展、金融稳定的关系进行了分析。研究发现:总样本和分样本的结果都表明,科技金融对经济高质量发展均有着显著的正向影响且存在显著的空间溢出效应;从影响系数大小来看,东部地区大于中部地区,中部地区大于西部地区。同时,总样本结果显示,科技金融在短期内对金融稳定有显著的负向冲击效应,但随着时间推移,负向冲击逐渐减弱;从分样本结果来看,东部地区样本结果与总样本基本一致,尚未发现中部和西部地区科技金融对金融稳定有显著冲击。鉴于此,应进一步优化金融产品和服务,完善金融体系,针对区域实际制定差异化的科技金融政策,充分发挥科技金融对经济高质量发展的促进作用和溢出效应。Based on the data of 30 provinces from 2006 to 2019,using the factor analysis method,a comprehensive index of technological finance and financial stability is constructed,the green total factor productivity is calculated by CRS multiplier model and taken as an index of the high-quality economic development.Furthermore,the spatial SAC model and PVAR model are constructed.Technological finance’s correlations with high-quality economic development and financial stability are analyzed from the national total sample,and the eastern,central and western samples.According to the research findings,the results of total sample and sub-samples show that technological finance has a significant positive impact on the high-quality economic development,and there is a significant spatial spillover effect.In term of the influence coefficient,the eastern region is larger than the central region,and the central region is larger than the western region.Meanwhile,the total sample results indicate that technological finance has a significant negative impact on financial stability in a short period of time,but the negative impact gradually weakens as time goes by.In terms of the sub-sample results,the sub-sample results in the eastern region is basically consistent with the total sample results.In addition,it has not been found that technological finance in the central and western regions has a significant impact on financial stability.In view of this,it is necessary to further improve the financial products and services,enhance the financial system,formulate differentiated technological finance policies in accordance with the actual situation of the region,and give full play to the promotion and spillover effects of technological finance on the high-quality economic development.

关 键 词：科技金融 经济高质量发展 金融稳定 

分 类 号：F832[经济管理—金融学]