金融与实体利益协调机制研究——基于动态面板门槛模型的实证检验  

Study on Interest Coordination Mechanism of Financial and Entity:Empirical Test Based on Dynamic Panel Threshold Model

作　　者：牟爽 文书洋[2] 何美玲 MU Shuang;WEN Shuyang;HE Meiling(Department of Economics Teaching and Research,Party School of Hainan Provincial Committee of C.P.C,Haikou 571126,China;Institute of Chinese Financial Studies,Southwestern University of Finance and Economics,Chengdu 610000,China;School of Economics,Nanjing University of Posts and Telecommunications,Nanjing 210013,China)

机构地区：[1]中共海南省委党校经济学教研部,海南海口571126 [2]西南财经大学中国金融研究中心,四川成都610000 [3]南京邮电大学经济学院,江苏南京210013

出　　处：《华东经济管理》2023年第3期77-85,共9页East China Economic Management

基　　金：国家社会科学基金重大项目“中国地方政府债务与金融稳定性研究”(20&ZD081);全国党校(行政学院)系统重点调研课题“海南自由贸易港背景下金融—实体利益协调机制助力共同富裕的实现路径”(2022DXXTZDDYKT071)。

摘　　要：利益协调是金融同实体经济均衡发展的关键。文章以2007—2019年我国245个城市为样本,利用动态面板门槛模型,检验金融利润占比与经济增长率的关系。研究发现:金融利润占比对经济增长率具有非线性影响,且存在最优的金融利润占比;进一步研究发现,最优金融利润占比以及不同区制内金融与实体利润分配的影响效应,随各地区经济结构的不同而变化。研究结论为金融与实体利益协调机制的中长期规划和顶层设计提供了一定参考。Interest coordination is the key to the balanced development of finance and the real economy.Taking 245 cities in China from 2007 to 2019 as samples,this paper uses the dynamic panel threshold model to test the relationship between the proportion of financial profits and economic growth rate.It is found that the proportion of financial profits has a nonlinear effect on the economic growth rate,and there is an optimal proportion of financial profits;further research finds that the optimal proportion of financial profits and the effect of financial and entity profit distribution in different regions vary with the economic structure of different regions.The research conclusion provides some reference for the medium and long-term planning and top-level design of the coordination mechanism between financial and entity interests.

关 键 词：利益协调 产融分配 金融利润 经济增长 

分 类 号：F832[经济管理—金融学] F124