摘要
本文基于1997—2012年间中国省级面板数据和小额贷款公司样本,在随机前沿模型下研究了非正规金融活跃程度对省际经济增长效率的影响。实证发现:样本期内,催生于中国经济增长与金融抑制并存环境下的非正规金融,对中国经济增长效率有显著的正面影响;以金融中介为代表的金融发展对经济增长效率有促进作用,但力度不大;金融市场直接融资对经济增长效率影响不显著;新型金融机构的出现有利于民间金融阳光化,并显著地促进中国经济增长效率。研究结果支持引导民间金融以规范化形式参与经济建设。
Based on Panel Data at provincial - level and samples of micmfinance companies from 1997 to 2002, this thesis adopt Stochastic Frontier Models, which are superior to the logarithmic production, to research in the effect of informal finance on economic growth at provincial level. The empirical study shows that informal finance, promoted in the environment coexisting of china＇s economic growth and financial repression, has remarkable positive impacts on the efficiency of china＇s economic growth; financial development, represented by fman- cial intermediation, slightly promotes economic growth efficiency; while the direct financing has few effects on china＇s economic growth. The emergence of new financial institutions is conducive to transparency of non - governmental finance and will further speed up the efficiency of economic growth. The results are in supportive of nongovernmental financing＇s participation in economic development in a standardized way.
出处
《财经科学》
CSSCI
北大核心
2014年第3期11-20,共10页
Finance & Economics
基金
中央高校基本科研业务费专项资金项目(JBK130128、JBK130401、JRXT201309、JBK1207001)
西南财经大学211四期建设项目
关键词
非正规金融
经济增长效率
新型金融机构
Informal Finance
Efficiency of Economic Growth
New Financial Institutions
