国家金融改革试验区设立能否提升金融服务实体经济效率?——来自准自然实验的经验证据  

Can the Establishment of National Financial Reform Pilot Zone Improve the Efficiency of Finance Services to the Real Economy?——Empirical Evidence From Quasi Natural Experiments

作　　者：李晓龙 郝晓婧 LI Xiao-long;HAO Xiao-jing

机构地区：[1]贵州财经大学应用经济学院

出　　处：《农村金融研究》2024年第12期54-66,共13页Rural Finance Research

基　　金：国家社会科学基金青年项目“数字普惠金融缓解城乡资本错配的机理、效应与路径研究”(编号:21CJY004)的阶段性研究成果。

摘　　要：如何提升金融服务实体经济效率成为现实背景下亟须解决的重要课题。论文基于2008—2021年中国277个地级城市的面板数据,通过DEA-Malmquist指数测算出金融服务实体经济效率,并采用多期双重差分模型实证检验了国家金融改革试验区设立对金融服务实体经济效率的影响。研究发现:国家金融改革试验区设立能够显著提升金融服务实体经济效率水平,且该结论在考虑内生性问题并经过稳健性检验之后依然成立;异质性检验发现,国家金融改革试验区设立对金融服务实体经济效率的提升作用在规模较小、市场化程度较低的城市更为显著;机制检验发现,国家金融改革试验区设立可以通过推动金融集聚、优化金融竞争来改善金融服务实体经济效率;空间效应检验发现,国家金融改革试验区设立能够显著提升地理邻近和经济相似地区的金融服务实体经济效率。以上结论为中国持续深化金融供给侧结构性改革、强化金融服务实体经济效能提供了现实依据及有益借鉴。How to improve the efficiency of financial services to the real economy has become an important issue that needs to be solved under the realistic background.Based on the panel data of 277 prefecture level cities in Chinese Mainland from 2008 to 2021,this paper calculates the efficiency of finance in supporting the real economy through DEA-Malmquist index,and empirically tests the impact of the National Financial Reform Pilot Zone on the financial service entity economic efficiency using a multi period double difference model.The results show that:(1)the financial reform pilot zone can significantly improve the eficiency of financial services to the real economy,and this conclusion is still valid after considering the endogeneity issues and robustness tests;(2)Heterogeneity test found that the effect of financial reform pilot zones on the eficiency of financial services in the real economy was more significant in smaller and less market-oriented cities;(3)The transmission mechanism test found that the financial reform pilot zone can improve the efficiency of financial services to the real economy by promoting financial agglomeration and optimizing financial competition;(4)The spatial effect test found that the financial reform pilot zone would have a positive spatial spillover effect on the real economy efficiency of financial services in geographically adjacent and economically similar regions.The above conclusions provide a practical basis and useful reference for China to continue deepening the structural reform of the financial supply side and strengthening the efficiency of financial services for the substantial economy.

关 键 词：国家金融改革试验区 金融服务实体经济效率 双重差分模型 空间溢出效应 

分 类 号：F832[经济管理—金融学]