城市信用体系建设对金融服务实体经济效率的影响研究——基于三维信用论视角  

A Study on the Impact of Urban Credit System Construction on the Efficiency of Financial Services to the Real Economy:Based on a Three-dimensional Credit Theory Perspective

作　　者：吴晶妹[1] 崔智斌 林珊 Wu Jingmei;Cui Zhibin;Lin Shan

机构地区：[1]中国人民大学财政金融学院

出　　处：《宏观经济研究》2023年第8期45-62,共18页Macroeconomics

基　　金：国家社会科学基金项目“政府公信力的影响机制、评价维度及提升对策研究”(18BGL056)的资助。

摘　　要：如何更好地发挥信用在金融服务实体经济发展过程中的作用是亟待解决的难题之一,而良好的信用体系建设可以缓解信息不对称,为实体经济发展提供保障。本文基于三维信用论视角,从诚信度、合规度和践约度三个维度分析中国2011—2019年247个地级市的信用体系建设水平,通过DEA-Malmquist方法计算出对应的金融服务实体经济效率,实证检验城市信用体系建设对金融服务实体经济的影响效应和作用路径。研究结果发现:(1)城市信用体系建设能够正向提升金融服务实体经济效率,该结论在经过一系列稳健性检验和考虑内生性问题后仍然成立。(2)城市信用体系建设通过提升社会信任、减少银行违规风险和优化市场环境来促进金融服务实体经济。(3)进一步分析发现,城市信用体系建设在东中部、大型规模以上和资源型城市分组中的促进作用更加明显。城市信用体系建设还存在空间外溢效应,能够正向提升邻近城市的金融服务实体经济效率。本文不仅拓展了金融服务实体经济在信用层面的研究范畴,而且推进了社会信用体系赋能经济高质量发展的机制理解。How to better play the role of credit in the development of finance in supporting the real economy is one of the urgent challenges to be solved,and good credit system construction can alleviate information asymmetry and provide guarantee for the development of the real economy.Based on the perspective of three-dimensional credit theory,this article analyzes the level of credit system construction of 247 prefecture-level cities in China from 2011-2019 in terms of integrity,compliance and performance,and calculates the corresponding efficiency of finance in supporting the real economy through the DEA-Malmquist method to empirically test the impact and channels of urban credit system construction on the efficiency of finance in supporting the real economy.The results of the study reveal that:(1)Urban credit system construction can positively enhance the efficiency of finance in supporting the real economy.This conclusion still holds after a series of robustness tests and consideration of endogeneity issues.(2)Urban credit system construction promotes the efficiency of finance in supporting the real economy by enhancing social trust,reducing the risk of bank irregularities and optimizing the market environment.(3)Further analysis reveals that the promotion effect of urban credit system construction is more obvious in the east-central,above-large-scale and resource-based city groupings.There is also a spatial spillover effect of urban credit system construction,which can positively enhance the efficiency of finance in supporting the real economy in neighboring cities.This article not only expands the research scope of finance in supporting the real economy at the credit level,but also advances the understanding of the mechanism of social credit system empowering high-quality economic development.

关 键 词：城市信用体系建设 三维信用论 金融服务实体经济效率 空间外溢效应 

分 类 号：F832[经济管理—金融学] F124[政治法律—政治学] D64[政治法律—中外政治制度]